WorksheetsAICE Business Ch. 1
Total questions: 13
Worksheet time: 44mins
Increasing the difference between the cost of bought-in inputs (materials) and the selling price of finished goods is
creating value
adding value
added value
profit
An individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards.
Intrapreneur
Manager
Entrepreneur
CEO
The resources needed by business to produce goods or services.
Capital Goods
Labour
Enterprise
Factors of Production
If a university chooses to build a football stadium, then the new library becomes a(n)________________.
liability
risk
opportunity cost
obsolete
A limitation of a business plan is that...
it is costly to create
it can lead entrepreneurs to be inflexible
it forces the owner to think seriously about the proposal
it does not provide a clear plan of action
The physical goods used by industry to aid in the production of other goods and services, such as machines and commercial vehicles.
Capital Goods
Land
Enterprise
Factors of Production
Increase in gas prices and inflation are just two ways in which a car company could be impacted by the dynamic business environment:
True
False
Seed to Table (Oakes Farms) is an example of a ______ business.
Local
National
International
Multinational
Enterprise benefits a country's economic development by:
Creating jobs
Importing goods from other countries
Social unrest
Stagnant technology
How does a sandwich shop (Jimmy John's, Slicers, Jersey Mike's) create added value?
Analyze two benefits to the US economy due to the number of new business start-ups by entrepreneurs.
What is the purpose of a business plan? How would an entrepreneur benefit from creating one?
How can the dynamic business environment impact a company?
