Business Concepts Test Review

Which of the following can be categorized as a want?

• Food
• Water
• Shelter
• Car

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.4.6

CCSS.RL.1.4

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

Tasks completed for you by other people or by machines are called:

• Goods
• Needs
• Services
• Wants

Hiring a lawyer is an example of a:

• Good
• Service

Your notebook for this class is an example of a:

• Good
• Service

Which of the following statement is true:

• Wealthy people do not have limited resources
• All people have a limited number of wants
• All people have unlimited wants and limited resources
• All people have limited wants and unlimited resources

What is B2B Selling?

• Business to Consumer
• Back to Back
• Business to Business
• Bare to Bones

What is the definition of Revenue?

• Income from the sales of goods and services
• Income from the cost of goods and services 
• The money made on products
• Cash coming into the business

What is the definition of expenses?

• The money from selling goods and services
• Cash you are spending in the business
• Costs of running the business
• The outgoings relating specifically to vehicles

What is the formula for Profit?

• Revenue - Sales
• Revenue - Costs
• Revenue - Fixed Costs
• Revenue - Gross Profit