Business Essentials Ch 1 Vocabulary
Quiz by Lisa Calvert
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- Q1
The aspect of making, selling, and providing products in exchange for money.
economic resource
business activity
business
product
30s - Q2
What a business owns.
customer
liability
economic
asset
30s - Q3
A person who purchase the goods and services a business offers.
business
asset
profit
customer
30s - Q4
An organized way in which a state or nation distributes its resources and provides goods and services.
economic system
economic resource
economic activity
economics
30s - Q5
A person who organizes, operates, and assumes the risk for a business venture.
entrepreneur
asset
liability
customer
30s - Q6
The production, distribution, and consumption of goods and services.
economic resource
economic
economic system
economic activity
30s - Q7
A product that is desired but can be lived without.
need
want
service
good
30s - Q8
Something that is owed by an individual or business.
need
asset
want
liability
30s - Q9
Tangible item that is produced and sold to consumer.
service
good
need
want
30s - Q10
Anything a business does that helps it generate a profit.
economic resource
business activity
economic
business
30s - Q11
The financial gain calculated by the difference between amount earned and amount spent by a business.
product
wage
profit
service
30s - Q12
Anything that can be bought or sold to meet a customer's want or need.
product
service
want
profit
30s - Q13
A good or service businesses use to meet consumer wants and needs.
economic resources
economic
economic system
economic activity
30s - Q14
The performance of a particular task in exchange for money.
good
service
tax
wage
30s - Q15
A mandatory payment to a local, state, or national government for public services.
wage
tax
profit
business
30s