Business Vocabulary Quiz

What is a business plan?

• A business plan is a type of financial report
• A business plan is a written document that describes in detail how a business is going to achieve its goals.
• A business plan is a marketing strategy
• A business plan is a type of employee handbook

What is the capital as it relates to a business?

• Financial assets or resources used to start and operate a business
• The company's logo
• The CEO of the business
• The physical location of the business

What is a commodity?

• A raw material or primary agricultural product that can be bought and sold
• A rare and valuable gemstone
• A type of software used for financial analysis
• A type of currency used in ancient civilizations

What is a consumer?

• A person or organization that uses economic goods or services
• A type of animal
• A celestial body
• A type of plant

What is consumption?

• Consumption refers to the use of goods and services by individuals or households.
• Consumption refers to the use of land by individuals or households.
• Consumption refers to the use of water by individuals or households.
• Consumption refers to the use of electricity by individuals or households.

What is a cooperative?

• A competitive business model
• A government-controlled organization
• A non-profit organization
• An autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

What is a corporation?

• a business structure that protects its owners from personal responsibility for debt and liabilities

• a business structure that has just one owner who pays personal income tax on profits earned from the business

• a legal entity that is separate from its owners and is formed to conduct business

• a business entity owned and operated for its members. Profits or earnings are distributed among its members.

What is debt?

• A type of investment that generates income for the holder
• A form of currency used in international trade
• An obligation to pay money or other agreed-upon value to another party
• A legal document that grants ownership of property

What is diversification of business?

• Avoiding any expansion to maintain stability
• Focusing on a single market to maximize risk
• Partnering with competitors to limit growth opportunities
• Entering into new markets or industries to reduce risk and increase growth opportunities

What is a business enterprise?

• An organization or entity offering a product or service to generate profit.

• a not for profit endeavor

• an educational unit

• an unstructured organization