COMM 100 Study Guide - Quiz Guide: Multinational Corporation, Oligopoly, Government Cut
Document Summary
Taking risks and making profits within the dynamic business environment (chapter 1. 1, 1. 2, 1. 4, 1. 5) Success in business- finding a need and filling the need. Businesses able to help community: give jobs, provides services. Services= intangible products (health care, education, travel) Business: activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur: someone who risks time and money to start and manage a business: needs: 4) borrow money financial institutions (banks: now a days harder to borrow money from banks venture capital firms. How to find the right people to hire. Revenue: total amount of money that is received during a certain period- for goods sold, service rendered, other financial sources. Only small portion of firms exits the marketplace and are filled up for bankruptcy. =liquidation of the business debtor"s assets and the end of the commercial entity"s operations. Profit- amount of money a business makes above what it spends on employees and expenses.
