1 - 1 Student: _ 1. Businesses provide goods, jobs, and...

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1 Student: _______________________________________________________________________________________ True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 1. Businesses provide goods, jobs, and services to others. 2. Businesses seek to earn a profit by providing goods and services to others. 3. Revenue is the amount a business earns above and beyond what it spends for expenses and costs. 4. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses. 5. Since all businesses make a profit, starting a business is not risky. 6. An entrepreneur risks time and money to start and manage a business. 7. If a business's costs and expenses are greater than its revenue, it will suffer a loss. 8. Profits of a business include the salaries paid to its employees. 9. Revenue is the total amount of money a business takes in during a given period by selling goods and services. 10. Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. 11. The United States has one of the highest standards of living in the world. 12. The term "standard of living" refers to the amount of debt people can incur on a given income. 13. Health care availability, a clean environment, and good schools all contribute to a high quality of life. 14. Maintaining a high quality of life requires the combined efforts of businesses, nonprofit organizations, and government agencies. 15. Stakeholders are all the people who stand to gain or lose by the policies and activities of a business. 16. Stakeholders include customers, employees, stockholders, suppliers, dealers, bankers, government officials and environmentalists. 17. Often the needs of a firm's various stakeholders will conflict. 18. Outsourcing means selling goods and services to people in other countries. 19. Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.
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True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 20. "Insourcing" refers to the practice of global companies setting up design and production facilities in the United States. 21. The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups. 22. Businesses and nonprofit organizations often strive to accomplish the same objectives. 23. Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit. 24. Social entrepreneurs are people who start and manage organizations that are not-for-profit. Their mission is to help others improve their
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This note was uploaded on 10/17/2011 for the course BUS BUS300 taught by Professor Na during the Spring '11 term at American River.

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1 - 1 Student: _ 1. Businesses provide goods, jobs, and...

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