Quiz-Foundations of Business

Something that someone must have in order to live and thrive.

• Needs

• Wants

• Monopoly

• Expenses

Something that someone would like to have, but don’t actually need to live.

• Expenses

• Revenue

• Wants

• Profits

The proceeds a company generates from selling goods or services to its customers (sometimes referred to as a company’s “sales”).

• Wants

• Profits

• Monopoly

• Revenue

Things that a business needs to spend money on in order to operate their business.

• Expenses

• Profits

•  Formula

• Monopoly

Money that is earned after expenses are taken out.

• Earnings

• Monopoly

• Profits

• Capitalism

The formula for profit is

• Profit-Revenue=Revenue

• Profit-Expenses=Revenue

• Revenue-Expenses=Profit

• Money-Expenses=Profit

A dominant position of an industry or a sector by one company, to the point of excluding all other viable competitors.

• Monopoly

• Profit Motive

• Capitalism

• Revenue

The objective of a company to make a profit

• Capitalism

• Monarchy

• 
  

  Profit Motive

• Communism

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

• Communism

• Capitalism

• Socialism

• Radicalism

State owns major factors of production, Central Planners determine many of the basic processes, there is an attempt to distribute equally.

• Free Government

• Communism

• Capitalism

• Socialism