Chapter 1 Quiz A business is an organization that seeks to earn ______ by providing ______. | | | | profit; goods, services, and ideas | | revenue; sales | | profit; goods and services | | profit; revenue | | revenue; goods, services, and ideas | | | | | | | |

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______ is what remains (in anything) after a business's ______ have been subtracted from its ______. | | | | | Revenue, expenses, profit | | Revenue, profits, expenses | | Profit, revenues, expenses | | Expenses, revenues, profit | | Profit, expenses, revenue | | | | | | |

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______ is the mental and physical training and talents of people. | | | | | Knowledge | | Entrepreneurship | | Population | | Labour | | People | | | | | | |

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A(n) ______ is an individual who organizes and manages labour, capital, and natural resources to produce goods and services but also runs the risk of failure. | | | | | manager | | business owner | | intrapreneur | | general manager | | entrepreneur | | | | | | |

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Both ______ and ______ are considered command economies. | | | | | communism, capitalism | | socialism, mixed economies | | socialism, communism | | socialism, capitalism | | communism, mixed economies | | | | | | |

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______ is a mechanism for exchange between the buyers and sellers. | | | | | An output market | | A market | | A mixed economy | | An input market | | Capitalism | | | | | | |

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In the ______, firms buy resources that they need in the production of goods and services, and in the ______, firms supply goods and services in response to demand on the part of consumers. | | | | | input market, output market | | input market, free market | | free market, output market | | output market, input market | | output market, free market | | | | | | |

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In parts of Western Europe, because of ______ private train operators can lease track from rail infrastructure companies to offer competing rail services.

Source: The Globe and Mail, October 23, 2007, p. B17. | | | | | deregulation | | free enterprise | | free market operations | | privatization | | nationalization | | | | | | |

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The Canadian Radio-television and Telecommunications Commission is a ______. | | | | | type of law court | | provincial corporation | | federal department | | Crown corporation | | regulatory agency | | | | | | |

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The Food and Drug Act is an example of the type of legislation that ______. | | | | | achieves social goals | | protects the environment | | protects businesses | | protects consumers | | promotes competition | | | | | | |

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______ are taxes that cause poorer people to pay a higher percentage of income than richer people do. | | | | | Revenue taxes | | Restrictive taxes | | Restrictive revenue taxes | | Regressive revenue taxes | | Progressive revenue taxes | | | | | | |

| | | | | In 2009 the federal government changed the organic products regulations so consumers would better understand the claims of products that indicated they were organic. This came after a year and a half of work, in part by a ______ made up of farmers, processors, certifiers, and retailers.

Source: Drug Week, March 6, 2009, p. 2257. | | | | | trade group | | regulator association | | regulator | | lobbyist | | trade association | | | | | | |

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The ______ is the