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2.05 Key Terms

Quiz by LaToya Alston

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28 questions
Show answers
  • Q1
    A risk-response strategy that involves choosing not to do something that is considered risky.
    Avoidance
    30s
  • Q2
    The possibility of loss (failure) or gain (success) inherent in conducting business.
    Business risk
    30s
  • Q3
    The rivalry between two or more businesses to attract scarce customer dollars.
    Competition
    30s
  • Q4
    The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.
    Cost of goods
    30s
  • Q5
    Rivalry between or among businesses that offer similar types of goods or services.
    Direct competition
    30s
  • Q6
    The possibility of loss or failure that occurs as a result of the economy.
    Economic risks
    30s
  • Q7
    The money that a business spends.
    Expenses
    30s
  • Q8
    Money left after the cost-of-goods expense is subtracted from total income (income from sales - cost of goods =).
    Gross profit
    30s
  • Q9
    The possibility of loss or failure from human error.
    Human risks
    30s
  • Q10
    The money received by resource owners and by producers for supplying goods and services to customers.
    Income
    30s
  • Q11
    Rivalry between or among businesses that offer dissimilar goods or services.
    Indirect competition
    30s
  • Q12
    The type of market, or environment, in which businesses operate.
    Market structure
    30s
  • Q13
    A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
    Monopoly
    30s
  • Q14
    The possibility of loss or failure from nature.
    Natural risks
    30s
  • Q15
    Money left after the cost-of-goods expense and the operating expense are each subtracted from the total income (gross profit - operating expense =).
    Net profit
    30s

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