Question 1

Information explosion, evolving forms of businesses, more complex business activities, increased regulations, globalisation and technological advances are all factors affecting the ______________of the business environment.

Accepted Answer

complexity

Question 2

To be able to 'go with the flow' a successful businessperson should be __________ and ___________.

Accepted Answer

flexible; adaptable

Question 3

__________ ___________ is a system in which individuals own businesses that produce and sell services and/or goods for a profit.

Accepted Answer

Private enterprise

Question 4

____________________ businesses purchase goods for resale to their customers.

Accepted Answer

The answer of ____________________ businesses purchase goods for resale to...

Question 5

____________________ are merchandising businesses that sell their products directly to the final customer or consumers.

Accepted Answer

The answer of ____________________ are merchandising businesses that sell their...

Question 6

____________________ are merchandising businesses that sell their goods to retailers or other commercial users.

Accepted Answer

The answer of ____________________ are merchandising businesses that sell their...

Question 7

____________________ businesses make their products and then sell these products to their customers.

Accepted Answer

The answer of ____________________ businesses make their products and then...

Question 8

A business is said to be ____________________ when it is capable of paying off its debts.

Accepted Answer

The answer of A business is said to be ____________________...

Question 9

____________________ refers to the funds a business needs to operate or expand operations.

Accepted Answer

The answer of ____________________ refers to the funds a business...

Question 10

An ____________________ is an individual who is willing to risk the uncertainty of not knowing if customers will buy what their business provides, in exchange for the reward of a profit, along with the reward of seeing their business succeed.

Accepted Answer

The answer of An ____________________ is an individual who is...

Question 11

_________________________ are businesses owned by one person who is the sole investor of capital into the business.

Accepted Answer

The answer of _________________________ are businesses owned by one person...

Question 12

For a sole proprietorship, ____________________ means the owner's personal assets may be at risk if things go wrong in the business.

Accepted Answer

The answer of For a sole proprietorship, ____________________ means the...

Question 13

____________________ are businesses owned by two or more individuals who each invest capital, time and/or talent into the business and share in its profits and losses.

Accepted Answer

The answer of ____________________ are businesses owned by two or...

Question 14

Within a partnership, each partner is an ____________________ of the partnership, meaning each partner has the authority to act for the other partners.

Accepted Answer

The answer of Within a partnership, each partner is an...

Question 15

A ____________________ is a business organisation that has a separate legal identity from its owners.

Accepted Answer

The answer of A ____________________ is a business organisation that...

Question 16

The __________ ___________ is the process used to identify, measure, record and retain information about a business' activities so that the business can prepare its financial statements.

Accepted Answer

The answer of The __________ ___________ is the process used...

Question 17

__________________ is a management activity which establishes the goals of a business and the means of achieving these goals.

Accepted Answer

The answer of __________________ is a management activity which establishes...

Question 18

_______________ is the difference between the total revenues and the total costs (expenses) of the business during a specific time period.

Accepted Answer

The answer of _______________ is the difference between the total...

Question 19

An _______________ summarises the results of a business' operating activities for a specific time period.

Accepted Answer

The answer of An _______________ summarises the results of a...

Question 20

A business' financial statement is meant to convey information about the business to ________ and __________ users in order to help them make decisions about the business.

Accepted Answer

The answer of A business' financial statement is meant to...

Quiz 1: Introduction to Business Accounting and the Role of Professional Skills