CHAPTER 1 (INTRODUCTION TO BUSINESS ENVIRONMENT)
Quiz
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Business
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University
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Practice Problem
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Medium
Norzelawati Umar
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33 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A good definition of a business is an organization that provides goods or services in order to earn profits.
true
false
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between a business's revenues and its expenses is called "sales"
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The legitimate right to pursue profits distinguishes a business from organization such as universities, hospitals, and government agencies.
true
false
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A factor of production is a nation's system for allocating resources among its citizens.
true
false
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Advertising is one of the factors of production in an advanced nation such as the United States.
true
false
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land, labor, capital, and entreprenuership are the four traditional factors of production.
true
false
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A planned economy relies on a centralized government to control all or most of the factors of production and to make all or most production and allocation decision.
true
false
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