WEEK 1

Question 1

purpose of making a profit

Answer 1

Business

Question 2

tangible items

Answer 2

Goods

Question 3

action or work performed for monetary compensation

Answer 3

Services

Question 4

amount or revenue or income

Answer 4

Profits

Question 5

revenue or income exceeds

Answer 5

Loss

Question 6

relationship between the price a customer pays

Answer 6

Value

Question 7

FACTORS OF PRODUCTION:
used to produce

Answer 7

Inputs

Question 8

FACTORS OF PRODUCTION:
goods or services

Answer 8

Outputs

Question 9

Factors of Production are also called _____.

Answer 9

Resources

Question 10

any natural resources land, plants, livestock

Answer 10

Natural Resources

Question 11

human capital or physical intellectual

Answer 11

Labor

Question 12

used in production of goods and services
ex. equipment

Answer 12

Capital

Question 13

ability to recognize a profit opportunity

Answer 13

Entrepreneurship

Question 14

4 Types of Understanding Factors of Production

Answer 14

1. Natural Resources
2. Labor
3. Capital
4. Entrepreneurship

Question 15

plans, organizes, control leads

Answer 15

Management

Question 16

transform resources into products

Answer 16

Operations

Question 17

Identify and satisfy customer needs

Answer 17

Marketing/Sales

Question 18

plans, obtains, and manages company funds

Answer 18

Finance

Question 19

knowledge and ideas that help a company keep up and ahead of the competition.

Answer 19

Research and Development

Question 20

5 TYPES OF FUNCTIONAL AREA

Answer 20

1. Management
2. Operations
3. Marketing/Sales
4. Finance
5. Research and Development

Question 21

Types of Management

Answer 21

Planning
Organizing
Controlling
Leading

Question 22

setting long-term and short-term goals

Answer 22

Planning

Question 23

organizing the operations

Answer 23

Organizing

Question 24

notice and take corrective action

Answer 24

Controlling

Question 25

lead work teams

Answer 25

Leading

Question 26

heart of a business

Answer 26

Operations

Question 27

responsible for overseeing the day to day

Answer 27

Operation Manager

Question 28

customer needs and design products

Answer 28

Marketing

Question 29

for planning, obtaining, and managing company funds

Answer 29

Finance

Question 30

short and long term financial capital needs

Answer 30

Finance Managers

Question 31

is a crucial part of the Finance functional area.

Answer 31

Accounting

Question 32

is the lifeblood of manufacturing businesses.

Answer 32

Research and Development

Question 33

individual or group that has a legitimate interest.

Answer 33

Stakeholder

Question 34

INTERNAL STAKEHOLDERS

Answer 34

Employees Manager Owners

Question 35

EXTERNAL STAKEHOLDERS

Answer 35

Suppliers Society Government Creditors Customers Shareholders

Question 36

are groups of people who work directly within the business

Answer 36

Internal Stakeholders

Question 37

groups outside the business or people who do not work inside the business.

Answer 37

External Stakeholders

Question 38

INTERNAL BUSINESS DECISIONS (6)

Answer 38

Human Resources Capital Resources Operational Efficiency Organizational Structure Infrastructure Innovation

Question 39

EXTERNAL BUSINESS DECISIONS (6)

Answer 39

Political Factor Economic Factor Sociological Factor Legal Factor Technological Factors Environmental Factors