BMI3C Chapter 2 In-Class Quiz

Which statement is false?

• A need is something that is necessary for survival

• A want is something you desire, but can function without

• All needs and wants can be satisfied by buying something

• Economic goods and services are the items you buy to satisfy needs and wants

Which of the following is NOT a use of money?

• A medium of exchange

• A unit of value

• A store of wealth

• A measure of time

Which of the following best defines the term "business"?

• The process of manufacturing goods
  

• The exchange of money for services

• Activities involved in the development and exchange of products

• The management of human resources

Which statement best summarizes the flow of money in the economy?

• Money flows from the businesses to the workers and back to the businesses

• Money flows from the businesses to the workers

• Money flows from the workers to the businesses

• Money flows from the government to the businesses

What is the profit equation?

• Sales - Costs = Profit

• Sales + Costs = Profit

• Profit - Sales = Costs

• Sales = Profit - Costs

A business makes a profit of $1000 and has expenses of $400. What are the sales of the business?

• $400

• $600

• $1400

• $1200

Which is likely an example of a sole proprietorship?

• Simon & Schuster Law

• Cam's Mechanic Shop

• Nestle

• United Nations Children's Fund (UNICEF)

Which of the following is false about corporations?

• Shareholders own corporations

• When sued, corporations pay the damages

• Corporations are always public companies

• A corporation is a legal entity

What is true about not-for-profit organizations?

• They are also referred to as corporations

• Employees are unpaid

• The goal is often to benefit society

• Profit is never generated

Which statistic about Black businesses in Canada is accurate?

• Black business owners represent 2.1% of all Business owners in Canada, and this percentage is increasing

• Black business owners represent 21% of all Business owners in Canada, and this percentage is decreasing

• Black business owners represent 2.1% of all Business owners in Canada, and this percentage is decreasing

• Black business owners represent 21% of all Business owners in Canada, and this percentage is increasing