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2010-01-17 15:18:55

Intro to Business chapter 1
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  1. What is Business?
    Business is any activity that seeks to provide goods and services to others while operating a profit.
  2. What is entrepreneur?
    A person who risks time and money to start and manage a business.
  3. Define these words: Revenue, Loss, Profit.
    • Revenue is the amount of money made in a certain time period by selling goods or services.
    • Loss is when a businesses expenses are more than its revenues.
    • Profit is the money left over when everything like rent,bills and employees are paid.
  4. How does one match Risk with Profit?
    Risk is the chance an an entrepreneur takes that may not prove profitable. Starting any business involves risk .
  5. What is risk?
    chance an an entrepreneur takes that may not prove profitable.
  6. How can Businesses add to the standard of living and quality of life?
    Businesses create employment for other people. The employees and businesses both pay taxes to the Federal government and local communities which they use to build schools, hospitals, playgrounds and other facilities. So the wealth businesses generate and the taxes they pay help the area to grow.
  7. What is Standard of living?
    It is the amount of goods and services that people can buy with the money they have.
  8. What is Quality of life ?
    It is the general well being of a society in terms of political freedom a clean natural environment, education, health care ,etc. everything else that leads to satisfaction and joy .
  9. What are Shakeholders? Examples of some.
    • All the people who stand to gain/lose by policies and activities of a Business.
    • Ex. Customers , Stockholders, people in the community .
  10. How do businesses respond to the various stakeholders?
    Businesses respond to the various stakeholders by trying to balance the need of all needs of the various stakeholder.
  11. What is out sourcing? What consequences has it had in businesses?
    Outsourcing is contracting with other companies ( often in other countries ) to do all or some of the functions of a firm. In the states , many people have lost their jobs to overseas competitors .
  12. Define: Social Entrepreneur ,Insourcing
    Social Entrepreneur are people who use business principles to start and manage organizations that are not for profit and help countries with their social issues.

    Insourcing are companies that set up design and production facilities here in the U.S.
  13. What is a Non Profit Organization mean?
    It is an Organization whose goals do not include making a personal profit for its owners/ Organizers.
  14. How are business principles used in Non Profit Organizations?
    Skills and knowledge that one learns from running a business can be useful to run a Non Profit Organization because Volunteering,Non Profit Organizations and businesses have the same objective in mind. Learning skills like leadership, marketing financial management,and information management is very useful.
  15. What is the difference between Profit and Revenue?
    Profit is the money made after paying rent , suppliers ,employees and your self ,etc. Revenue is the money made in a period of time by selling goods or service.
  16. What is the difference between Standard of living and Quality of life?
    The Difference between Standard of Life and Quality of life is that standard of life is the amount of goods and services people can buy with the money they have and quality of life is the general well being of a society.
  17. What is Risk? How is it related to Profit ?
    • Risk is the time and money (chance) that an entrepreneur takes to manage and lead a business.
    • Risk it related to Profit by the more money and time an entrepreneur put into a business the greater the Profit is for entrepreneur .
  18. LIst some opportunities for Entrepreneurs.
    The major opportunity for entrepreneur is to own and manage your own business .
  19. What is the difference between Entrepreneurship or Working for Others?
    • the difference between working others and being an entrepreneur is that when working for others a person has benefits and is able to rise in the company. Also someone else assumes the entrepreneurial risk.
    • When one is an entrepreneur one has no benefits , one runs on the risk of failing, and the entrepreneur reaps the profit from the business.
  20. What is the importance of entrepreneurs to the creation of wealth?
  21. What are the Factors of production ? List each one with a reason why each is a key to wealth.
    Factors of Production are resources that are used to create wealth. Such as Land, Labor, Capital, Entrepreneurship,and knowledge.

    Land and other natural resources are used to make homes, cars , and other products.

    Labor : People have always been an important resource in producing goods and services, but many people are now being used replaced by Tech.

    Capital:Capital includes machines,tools, building and other means of manufacturing.

    Entrepreneurship: All the resources in the world have little value unless Entrepreneurs are willing to take the risk of starting businesses to use those resources.

    Knowledge: Information Tech. has revolutionized business, making it possible to quickly determine wants and needs and to respond with desired goods and services.
  22. What advantage of working for others ?
    Benefit like health care daycare and paid vacation time.
  23. ___________________ is the amount businesses owned by Hispanics.

    A) Average
    B) None
    C) 3 times the average
    C) 3 times the average
    (this multiple choice question has been scrambled)
  24. What is Business Environment?
  25. List the 5 factors that help/hinder a business.
  26. What is the Economic& Legal Enviroment?
  27. What is Technological Enviroment? How does Tech. benefit both employees and owners?
  28. How do businesses use tech. to responsive to customers?
  29. What is E-commerce ? Why is E-commerce important now days?
  30. How does competition effect business?
  31. Explain why businesses compete? How do some businesses exceed customer expectation ?
  32. What is Empowerment ? Why do some businesses compete by restucting and empowerment?
  33. What is the social enviroment ? Why is diversity important?
  34. Define: Demography
  35. Why is the increase of older americans important to the future?How will this affect the future?
  36. How are the size of family and income related?
  37. What is global environment ?
  38. How does the global environment affect business?
  39. How do global changes affect us?
  40. Is the globalization of companies good/bad?
  41. what are four ways the government can foster entrepreneurship?
  42. Define: productivity
  43. What is empowerment?
  44. What are some of the issues having to do with Social security ?
  45. How is the american changing/ evolution?
  46. What are goods?
  47. What progress have been made in fields such as Agricultural and manufacturing?
  48. What does the future of business look for college grads?