Exam Review
Intro To Business
Student: ___________________________________________________________________________
1. Any activity which seeks to earn a profit by providing a good or service is known as a(n):
A. industry
B. corporation
C. business
D. service 2. __________ is the amount a business earns over and above what it spends for salaries and other expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends 3. A business incurs a ___________ if its costs and expenses exceed its revenues.
A. loss
B. liability
C. debit
D. dividend 4. __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
A. Depreciation
B. Risk
C. Fallibility
D. Redundancy 5. The total amount of money that businesses earn by selling goods and services is called ________.
A. profit
B. revenue
C. loss
D. retained earnings 6. A(n) ____________ is a person who assumes the risk of starting a business.
A. manager
B. entrepreneur
C. private investor
D. stakeholder 7. According to our text, which of these individuals is the richest person in the world?
A. Sam Walton
B. Sultan of Brunei
C. Bill Gates
D. Oprah Winfrey 8. Starting a business always involves a ________.
A. profit
B. loss
C. revenue
D. risk 9. Often in business the greater the risk, the:
A. greater the potential reward.
B. lower the expected revenues.
C. lower the value provided to society.
D. greater the number of stakeholders. 10. Which of the following is the largest private employer?
A. U.S. federal government
B. Wal-Mart
C. General Motors
D. Microsoft 11. A country's ___________ refers their general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
A. standard of living
B. quality of life
C. gross national income
D. social satisfaction index 12. The amount of goods and services people can buy with
Student: ___________________________________________________________________________
1. Any activity which seeks to earn a profit by providing a good or service is known as a(n):
A. industry
B. corporation
C. business
D. service 2. __________ is the amount a business earns over and above what it spends for salaries and other expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends 3. A business incurs a ___________ if its costs and expenses exceed its revenues.
A. loss
B. liability
C. debit
D. dividend 4. __________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
A. Depreciation
B. Risk
C. Fallibility
D. Redundancy 5. The total amount of money that businesses earn by selling goods and services is called ________.
A. profit
B. revenue
C. loss
D. retained earnings 6. A(n) ____________ is a person who assumes the risk of starting a business.
A. manager
B. entrepreneur
C. private investor
D. stakeholder 7. According to our text, which of these individuals is the richest person in the world?
A. Sam Walton
B. Sultan of Brunei
C. Bill Gates
D. Oprah Winfrey 8. Starting a business always involves a ________.
A. profit
B. loss
C. revenue
D. risk 9. Often in business the greater the risk, the:
A. greater the potential reward.
B. lower the expected revenues.
C. lower the value provided to society.
D. greater the number of stakeholders. 10. Which of the following is the largest private employer?
A. U.S. federal government
B. Wal-Mart
C. General Motors
D. Microsoft 11. A country's ___________ refers their general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
A. standard of living
B. quality of life
C. gross national income
D. social satisfaction index 12. The amount of goods and services people can buy with