Principle of Business Revision Quiz

A contract can be define as

• A legally binding document between two or more persons.

• A word of mouth.

• An agreement between two or more persons.

• An acceptance to an offer

------------------- is the most common form of business organization .

An item displayed in a store with price tag is an example of:

• Offer

• Invitation to treat

• Consideration

• Counter offer

The market elemenst include products, price, place, advertising

• True

• False

Effective leaders are born with the necessary skills cannot be learned

• True

• False

When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 

• rise
• fall
• stay the same
• Consumer

When the demand for a product or service is higher than the supply this causes what?

• shortage
• consumer
• surplus
• equilibrium

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

For the law of supply, as price rises, what happens to quantity supplied?

• it goes up
• it goes down
• it stays the same
• it is not effected