Business and Marketing Quiz

What is the law that states the relationship between the supply of a product and the demand for that product?

• Law of Supply

• Law of Demand

• Law of Equilibrium

• Law of Scarcity

Which of the following is NOT a type of business ownership?

• Corporation

• Sole Proprietorship

• Partnership

• Limited Liability Company (LLC)

What is the term used to describe the standards that govern right and wrong behavior in a business?

• Laws

• Rules

• Ethics

• Principles

What is the term used to describe the process of promoting and selling a consumer good, service, or idea to a customer?

• Product

• Price

• Place

• Promotion

Which of the following is NOT a component of the marketing mix?

• Product

• Price

• Place

• Profit

What is the term used to describe a group of potential customers to whom a company wants to sell its products and services?

• Target Market

• Consumer Market

• Segmented Market

• Mass Market

What is the accounting equation?

• Assets = Liability + Owner's Equity

• Assets = Revenue - Expenses

• Assets = Liabilities - Owner's Equity

• Assets = Liability - Owner's Equity

Which of the following is NOT a soft skill necessary in a business setting?

• Leadership

• Teamwork

• Communication

• Technical Knowledge

What is the term used to describe the strategy a company uses to distribute its products and services in an attempt to gain consumer purchases?

• Product

• Price

• Place

• Promotion

What is the term used to describe the process of buying and selling stocks?

• Investing

• Trading

• Stock Market

• Portfolio Management