Business Concept (WK 4 Practice Questions)

Business Concept (WK 4 Practice Questions)

University

36 Qs

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Business Concept (WK 4 Practice Questions)

Business Concept (WK 4 Practice Questions)

Assessment

Quiz

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University

Practice Problem

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Created by

Andy Ohemeng

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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1.    ________ is essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services.

Vision
Market Research
Profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

    Labour Union is a not-for-profit organization

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production in an economic system are ________.

 land, rent, capital, and human resources
capital, perseverance, natural resources, and human resources
natural resources, human resources, capital, and entrepreneurship

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalism is founded on ________.

the belief that competition among business best serves the needs of society

the social changes that followed the Industrial Revolution

the idea that 80 percent of the nation’s wealth should be owned by no more than 20 percent of the people

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

By offering a lifetime warranty on its products, Benco Inc. Electronics has set itself apart from its competition. This difference is known as Benco Inc. Electronics’ ___________.

 natural resources
Capitalism
 competitive differentiation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Stewart recently sold his furniture to his friend. Which freedom does this illustrate in the private enterprise system?

profit

private property

none of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Benco Inc. is concentrating on building and promoting products in hopes that enough customers will buy the products, in order to cover the costs of production and earn acceptable profits.  This illustrates the concept of ________.

strategic alliance
transaction management
Relationship management

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