Introduction to Business, Unit Test REVIEW

Any organization or activity that offers goods and services in an effort to earn a profit is called a:

• Business
• Corporation
• Market
• Nonprofit

The difference between the revenue and the expenses of a business when revenue is greater than expenses is referred to as:

• Breakeven
• Loss
• Profit
• Sales

The difference between the revenue and the expenses of a business when revenue is less than expenses is referred to as:

• Breakeven
• Loss
• Profit
• Sales

Every month, Carla’s Candy Shop has to pay bills for utilities, wages, rent, insurance, supplies, and raw materials. Those amounts are examples of:

• Earnings
• Expenses
• Net profit
• Revenue

In order to be considered a business, an entity must:

• Earn a profit
• Pursue earning a profit
• Both a and b
• Neither a or b

In order to be considered a business, an entity must:

• Have a storefront
• Have a website
• Both a and b
• Neither a or b

This type of organization provides goods and services without seeking a profit:

• Business
• Corporation
• Firm
• Nonprofit

Which of the following is NOT one of the four main types of business?

• Manufacturing
• Retail
• Middlemen
• Service

Peter’s Clam Bar sells clams and other popular seafood dishes in their restaurant, as well as fresh fish that can be purchased in store and cooked at home. Peter’s Clam Bar would be considered an example of which type of business?

• Hybrid
• Retail
• Middlemen
• Service

An accountant prepares tax returns for their clients. What type of business would this be considered?

• Hybrid
• Retail
• Middlemen
• Service