Question 176. An activity which seeks to earn a profit by providing a good or service is

176. An 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.

177. __________ is the amount a business earns after deducting what it spends for salaries and other expenses.
A. Profit
B. Revenue
C. Interest
D. Dividends

178. A business incurs a ___________ if its costs and expenses exceed its revenues.
A. loss
B. liability
C. debit
D. dividend

179. __________ is the chance A. Depreciation
B. Risk
C. Fallibility
D. Redundancy

180. The total amount of money that businesses take in by selling goods and services is called _______.
A. profit
B. revenue
C. loss
D. retained earnings

181. A(n) ____________ is a person who assumes the risk of starting a business.
A. manager
B. entrepreneur
C. private investor
D. stakeholder

182. Starting a business always involves _______.
A. profit
B. loss
C. revenue
D. risk

183. 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

184. ___________ is a measure of the 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

185. The amount of goods and services people can buy with the money they have is called their:
A. nominal income.
B. consumer price index.
C. profit margin.
D. standard of living.

186. The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm’s:
A. market makers.
B. economic environment.
C. stakeholders.
D. social mentors.

187. The most important difference between for-profit businesses and nonprofit organizations is that:
A. businesses do not benefit society.
B. nonprofit organizations seek to make a profit for its owners and organizers.
C. nonprofit organizations do not seek a profit for its owners or organizers.
D. nonprofit organizations do not file tax returns.

188. Last year, Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million. Based on this information, Adventure reported:
A. profits of $14 million.
B. profits of $34 million.
C. losses of $14 million.
D. losses off $34 million.

189. A common characteristic of most entrepreneurs is that they:
A. accept the risks involved in starting and managing a business.
B. have a high level of scientific and technical expertise.
C. possess a great deal of personal wealth.
D. have experience in running large, complex organizations.

190. Which of the following is the best example of a business whose goal is to earn a profit?
A. A community college
B. The Salvation Army
C. Boy Scouts of America
D. Best Buy, Inc.

191. In order to make an intelligent investment decision, entrepreneurs should:
A. limit their options to those business investments that are backed by the U.S. government.
B. invest in businesses that have generated a stable rate of profit for at least the past ten years.
C. invest only in business opportunities where it is possible to take an active role in management.
D. compare the risks of potential investments to their expected profits and find the right balance between profit and risk.

192. Companies that outsource research and development and design jobs:

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