24/25 BMF Mid Term

What is the definition of a business?

• A person who purchases goods and services

• The aspect of making, selling, and providing products in exchange for money

• A series of documents that serve as a blueprint for building a business

• The performance of a particular task in exchange for money

Who is an entrepreneur?

• A person who purchases goods and services

• A person who organizes, operates, and assumes the risk for a business venture

• A tangible item that is produced and sold to consumers

• A share in ownership and a claim to a portion of a corporation’s profits

What is a business plan?

• A mandatory payment to a local, state, or national government for public services

• A series of documents that serve as a blueprint for building a business

• The value of a business determined by assets minus liabilities

• The way a company’s mission relates to its structure

What is the definition of a market?

• Place where products (goods and services) are bought and sold

• The financial gain calculated by the difference between amount earned and amount spent by a business

• Money earned in exchange for work

• Using money to create wealth over time

What is a product?

• A share in ownership and a claim to a portion of a corporation’s profits

• Anything that can be bought or sold to meet a customer’s want or need

• The science of how individuals, businesses, and governments make decisions

• The way a company’s mission relates to its structure

What is a business owned by stockholders who share in profits and losses called?

• Sole proprietorship

• Partnership

• Corporation

• Non-profit business

Which type of business is owned and operated by a single individual?

• Corporation

• Sole proprietorship

• Partnership

• For profit business

What is a form of business owned by two or more individuals who share management and profits?

• Corporation

• Sole proprietorship

• Partnership

• Non-profit business

What is the term for an organization that generates income for its owners?

• Non-profit business

• For profit business

• Mixed economy

• Traditional economy

What is a company that is created to benefit a public interest called?

• For profit business

• Non-profit business

• Corporation

• Sole proprietorship