is any activity that provides goods or services to consumers for the purpose of making a profit Show
An organization that provides goods or services for the purpose of making a profit is called a(n) ________. The amount a business earns
after deducting what it spends for rent, salaries, and other expenses is ________. . interest. revenue. A business incurs a ________ if its costs associated with the operation of the business exceed the total sales revenue. profit A motel provides both services and goods. Which of the following is an example of a good provided by a
motel? Offering a bathrobe that you can purchase to take home with you. A hotel provides both goods and services. Which of the following is an example of a good provided by a hotel? Offering rooms for rent. Providing clean linens for use during your stay. PreviousNext Offering a
bathrobe that you can purchase to take home with you. ________ is a business that provides goods or services to consumers but whose primary goal is not to return profit to the owners. A publicly held business is one that provides goods or services to consumers, but its primary goal is not to return profit to the owners of the business (as is the case with a for-profit business). Instead, it uses those profits to provide a public service, advance a cause, or assist others. Exp: American red cross The primary goal of a nonprofit business is to ________. invest in its employees’ development of new skills maximize profits for owners use its revenues to provide a public service Both kinds of organizations, nonprofit and for-profit, can ________. have shareholders have a charitable tax status Which of the following is an example of a for-profit business? Make-a-Wish Foundation For a for-profit business, the primary goal is to ________.
fulfill its mission maximize profits for owners Which of the following is an example of a nonprofit organization? eBay Netflix
refers to human resources (also called human capital)—physical or intellectual
This resource is a special form of labor provided by an entrepreneur. An entrepreneur is someone who is willing to risk his or her time and money to start or run a business Which of the following is one of the factors of production? money shares of stock Which of the following is an example of a natural resource ________. steel ________ is the only factor of production that needs to be produced. Resources that can be used to produce other goods and services and have been produced are________. human resource
natural resources Natural resources would include which of the following? Unleaded gasoline. . Steel. Capital is the only resource that ________. grows naturally requires bank financing Human intellect and creativity falls into which of the following four factors of production? Capital
is where inputs (factors of production) are converted to outputs (goods and services) Supports sales by planning, pricing, and promoting goods or services provide managers with information needed to make decisions about the allocation of company resources involves planning for, obtaining, and managing a company’s funds What business function is responsible for making sure that organizational strategies and goals are aligned with staffing plans? . Accounting. Operations. What function is responsible for ensuring that products and services which are produced or provided meet high quality standards? Finance. . Accounting. A
function is responsible for aligning products and services to customer needs. Which function is driving this alignment? Operations. Management. . Which function is responsible for understanding customer needs and aligning products and services to those needs? Management. . Operations. PreviousNext When a company decides it will start running a production shift on the weekends
which stakeholders will be most directly impacted? Industry associations. Competitors. . PreviousNext Which of the following are internal stakeholders in a business? Shareholders. . Governments. PreviousNext What function is responsible for ensuring that products and services which are produced or provided meet high quality standards? InfoTech is a computer application firm based in Silicon Valley and has been responsible for introducing some of the highest rated applications available for personal productivity. Two brothers originally founded the company, but they quickly realized they needed to convert the business into a corporation and establish functional areas within the company to handle various aspects of operations. The company is now considering expanding operations by building a production facility
in another country. The Board of Directors has approved this move, and now it will become the responsibility of which functional area to secure the necessary funding for the expansion? Accounting. . Marketing. Varvitsiotis Architecture is a commercial architecture company founded in 1996. Their primary client base is private businesses and industries. They have little experience bidding on or designing projects for government entities,
such as Department of Defense or the State of Alabama. Recently, the U.S. government announced an economic stimulus program that is intended to jumpstart construction. However, these funds were allocated to public (government) projects where the firm currently does not have a presence. Which function in Varvitsiotis Architecture would have primary responsibility for defining a business strategy that would create success for the company in this environment? Accounting. . . those groups without whose support the organization would cease to exist. Stakeholders can affect or be affected by the actions (or inactions) of a business, and they can exist both within and outside of a business groups or people who work directly within the business, such as managers, employees, and owners. People or groups in the organization’s external environment that are affected by it. This environment includes the task environment and the general environment. When a business makes decisions, which group outside of the business is affected in some way? Owners. Employees. . Which of the following are external stakeholders in a business? owners employees When
a company decides it will cut vacation time and increase production hours, which stakeholders will be most directly impacted? . Competitors. Industry associations. ________ are people who work directly within the business. External stakeholders Shareholders Which of the following are internal stakeholders in a business? . Competitors. Industry associations. External forces that affect businesses include ________. A business collects demographic information about what potential and current customers purchase, where they live, and how they spend their time. This business is responding to the ________. competitive environment What type of
environment impacts a business if low interest rates and government incentives are offered to open or expand businesses? The technological environment. The social environment. The economic environment. If a company adjust its processes to offer good service and high-quality products at competitive prices, they are responding to which external force? The technological environment. The economic environment. The competitive environment. The low cost of labor in other countries around the globe is a factor that business must consider because they are impacted by ________. the social business environment the technological business environment the global business environment Sasha, a business manager, must consider many external factors that could affect her business. As she considers the low cost of labor in other countries around the globe when making business decisions, Sasha is considering ________. the technological business environment the social business environment the global business environment Glenda opened a tax accounting business where she works with small businesses to manage their finances and prepare their records for tax season. Glenda's primary objective when she opened her business was ________. improving personal skills educating businesses on tax law What is the primary goal for a forThe end goal of a for-profit most often would be maximizing profits and financial benefits for its owners and/or shareholders. The end goal of a non-profit should be ensuring that there are enough profits to continue making a difference.
Is any activity that provides goods or services to consumers for the purpose of making a profit?A business is any activity that provides goods or services to consumers for the purpose of making a profit.
What is one feature of a nonprofit business that is different from a forWhat differentiates a for-profit business from a nonprofit business? 1. Nonprofits do not pay taxes on their revenue, and how their funds are disbursed and their operations are managed is tightly regulated. 2.
What function is responsible for ensuring that products and services which are produced or provided meet high quality standards quizlet?The quality assurance team in a firm is solely responsible for ensuring that the products produced meet the required quality specifications. The accounting function helps in achieving quality by identifying areas of quality improvement and tracking the progress of quality improvement programs.
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Is a business that provides goods or services to consumers but whose primary goal is not to return profit to the owners?
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