Home Learning: Introduction to Business Quiz

What is a business primarily aimed at?

• Providing services only

• Making a profit

• Supporting charities

• Creating jobs

Answer explanation

Business is about making a profit. This means you earn more money than you spend....

What does profit mean in a business context?

• The total amount of money a business earns

• The difference between the selling price and the cost price

• The amount of money left after paying taxes

• The difference between a company's revenue and its expenses

Answer explanation

Revenue is another word for the money coming into the business. For example when you sell an item to a customer you get revenue . Costs are all the things you have to pay for like wages, raw material, rent, etc

profit = revenue - costs

Business must make a profit otherwise they will and have to shut down.

Who can start a business?

• Only adults over the age of 18

• Only people with a business degree

• Anyone with a business idea and resources

• Only citizens of a country

Answer explanation

Anybody can start a business ! You just need an idea and some drive....

Which of the following is a famous business person?

• Albert Einstein

• Steve Jobs

• William Shakespeare

• Leonardo da Vinci

Answer explanation

Steve Jobs. One of the reasons why Apple products are so popular and why you lot have such cool gadgets to use.

What is a sole trader?

• A company owned by a single person

• A person who trades stocks alone

• A business that doesn't make profits

• A business with no employees

Answer explanation

Sole trader. You are the boss, you make the decisions, you get all the profit. BUT ! if it goes wrong , then you get the bill.

What is a loss in business?

• When a business spends more than it earns

• The cost of goods sold

• A decrease in stock value

• When a business earns more than it spends

Answer explanation

Loss: Spend more than you make and the business is in trouble.

What does it mean to be an entrepreneur?

• Being a manager in a large corporation

• Owning a franchise

• Starting and running one's own business

• Working as a freelancer

Answer explanation

To be an entrepreneur you will need to have drive and work hard ! Oh, and you are gonna need to find a gap in the market for your new product. That is why it is so important to research your idea...

Which of the following is a characteristic of a successful business person?

• Risk aversion

• Innovation

• Pessimism

• Reluctance to change

Answer explanation

Innovation - Find a new idea or a different way of doing something... that's the key to making your millions

What is the primary reason for a business to exist?

• To create products

• To serve the community

• To generate profits

• To employ people

Answer explanation

Money, Money, Money.

No profit no business !

Simples

Who is considered the father of modern management?

• Bill Gates

• Peter Drucker

• Warren Buffet

• Jeff Bezos