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Taking Risks and Making Profits within the dynamic business environment Terms in this set (34)business an organization that seeks to provide goods and services to others while operating at a profit goods Tangible products such as computers, food, clothing, cars, and appliances. services intangible products such as education, health care, insurance, recreation, and travel and tourism Entrepreneur a person who risks time and money to start and manage a business revenue The total amount of money a business takes in during a given period by selling goods and services. profit the amount of money a business earns above and beyond what it spends for salaries and other exspenses loss when a business's expenses are more than its revenues
risk the chance an entrepreneur takes of losing time and money on a business that may not prove profitable standard of living the amount of goods and services people can buy with the money they have quality of life the general well-being of a society in terms of political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy other goods and services provide. stakeholders All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. outsourcing Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks. insourcing foreign countries bring companies over to the usa. helps offset jobs being outsourced. the five factors of production The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge. business environment the surrounding factors that either help or hinder the development of businesses 5 business environment economic and legal, technological, competitive, social, global business. technology everything from phones and copiers to computers, medical imaging, the various software programs that make business processes more effective and productive. efficiency producing goods and services using the least amount of resources Productivity the amount of output you generate given the amount of input
e-commerce the buying and selling of goods over the internet database an electronic storage file for information empowerment giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests Demography the statistical study of human population characteristics such as size, density, age, gender and income. climate change the movement of temperature of the planet up or down over time greening the trend toward saving energy and producing products that cause less harm to the environment business's are part of the country's _______ system economic Businesses provide help to the communities they are in by helping to provide _____ , _____ , and _____ goods services and jobs The _______ in a country are part of an economic system that contribute to the standard of living and quality of life for everyone businesses groups that have a strong interest in success and outcomes of a business, such as employees, neighbors, or government regulators, are called... stakeholders when a company contracts another, sometimes in another country, to do some of its functions, such as production or accounting, it is known as outsourcing founded to make contributions to the welfare of society nonprofit organizations Nonprofit organizations serve functions that businesses do not by making contributions to the welfare of society as a whole. examples are public schools and charitable organizations like the united way. an important effect of changed communication technology is that.. those with fewer resources can still compete with large biz through the internet B2C and B2B Business to consumer, business to business Sets with similar termsBusiness Terms Chapter 124 terms JenniferCoffee24 FBE: Chapter 1 - Taking Risks and Making Profits w…24 terms mhandler Understanding Business 11th Edition Ch 1.25 terms Omar_Santiago_ Business Ch 124 terms sgrimaldi93 Sets found in the same folderChapter 6 self study12 terms Annanoe Chapter 7 self study23 terms Annanoe GEB1011 Final129 terms CaitlynLennie Chapter 8 self study26 terms Annanoe Other sets by this creatorChapter 5 self study43 terms Annanoe Chapter 4 self study56 terms Annanoe Chapter 3 practice questions31 terms Annanoe Chapter 2 practice questions58 terms Annanoe Verified questionsQUESTION What is the present value of a security that will pay $29,000 in 20 years if securities of equal risk pay 5% annually? Verified answer
QUESTION A project has annual cash flows of $5,000 for the next 10 years and then$9,000 each year for the following 10 years. The IRR of this 20-year project is 8.52%. If the firm’s WACC is 8%, what is the project’s NPV? Verified answer
QUESTION Barton Industries has operating income for the year of $3,500,000 and a 36% tax rate. Its total invested capital is$20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm’s EVA? Verified answer
QUESTION The owner of a retail store wishes to replace the carpeting. The store measures 92 feet long and 50 feet wide. The new carpet is priced at $35 per square yard and sales tax is 8 percent. Calculate the surface area of the floor, and estimate the cost of material to replace the carpet, including sales tax. (Remember that there are nine square feet in one square yard.) Verified answer Other Quizlet setsChapter 3 - Analyzing the Marketing Environment22 terms haleycavell18 Ch, 7 Handling Merchandise Claims34 terms Francis_Loiodice World History Exam Spring 2015 Reveiw Guide200 terms otaku23 ASTRO102 Study Guide121 terms enchant1ng What is the term for all of the groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address?Stakeholders are the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
What is an organization that provides goods and services while seeking to operate at a profit?A firm is a for-profit business organization—such as a corporation, limited liability company (LLC), or partnership—that provides professional services.
Which of the following best describes outsourcing?Q: Which of the following best describes outsourcing? A: It involves contracting with another company in a low-cost country to have it perform a work activity the organization previously performed itself.
What is a vendor quizlet?A vendor is a third-party that supplies products or services to an enterprise.
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When a company contracts with another sometimes in another country to do some of its functions such as production or accounting it is known as?
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