Fundamentals of Business Quiz 1

A business is an organization which attempts to sell products in an attempt to make a ___________?

• profit

• revenue

• expense

• income

What are the 3 main types of business ownership?

___________ buy products.

Give an example of a LOCAL BUSINESS that provides both goods & services to its customers.

Be sure to include the business name, an example of a good and an example of a service.

​​ (a)   = ​ (b)   - ​ Expenses

• Profit
• Revenue
• Expenses
• Income
• Price

Corporations are owned by...

• Stockholders

• an individual

• Rich People

• Board of Executives

What is a franchise?

​ (a)   is how much product a business is able to sell, and ​ (b)   is how many consumers want/need to buy it.

• Supply
• Demand
• Goods
• Services

Organize these options into the right categories

Groups:

(a) Goods

,

(b) Services

,

(c) Goods & Services

• Haircut

• Video Games

• TJ Maxx

• Plumber

• Shein

• Target

• Candy

• Concert Tickets

• Walmart

• Babysitter

• Worlds of Fun

Label the diagram of the interaction among businesses around the world.

a

b

c

Economy

Consumers

Producers