Chapter One Business Quiz Review

Match the following

• Things your own

• Assets

• Things you own

• Needs

• Tangible things that can be purchased

• Profit

• When you do something for someone

• Goods

• A financial gain

• Services

What is economics

• An economic and political system in which a country's trade and industry are controlled by private owners for profit

• A system in which a country's trade is controlled by public owners

• A system that trades internationally

• A leadership dilemma

What are the four functions of business

• production, marketing, management, finance

• production, publication, area, volume

• planning, promotion, product, place

• evidence, summary, glance, chapter

What are the three main business activities

How many owners does a sole proprietorship have

How many owners does a partnership have

A corporation is owned by who

• leaders

• stockholders

• government

• Bill Gates

How does a general and limited partner different

• A general partner has more responsibility and manages the company

• They are equal

• This type of ownership doesn't exist

• One is taller than the other