Business Quiz

Business Quiz

12th Grade

23 Qs

quiz-placeholder

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Business Quiz

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Assessment

Quiz

Computers

12th Grade

Practice Problem

Medium

Created by

ELLEN BUCKNER

Used 2+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a business?

To provide employment

To satisfy consumer wants and needs while making a profit

To invest in stock markets

To produce goods only

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'opportunity cost' refer to?

The cost of starting a new business

The profit made from business operations

The cost of raw materials

The cost of foregoing other alternatives when making a choice

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which economic system is characterized by decisions made by the economy's consumers?

Command economy

Mixed economy

Market economy

Traditional economy

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a defining feature of a mixed economy?

Only private ownership of businesses

Central planning by the government

Elements of both market and command systems

No government intervention

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is defined as the total amount of money made from sales and services for a business?

Net worth

Revenue

Profit

Expenses Fixed

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes expenses that do not change month to month, such as rent and car payments?

Variable

Revenue

Expenses Fixed

Liabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are liabilities in the context of a business?

Total equity

Assets

Debts or obligations of a business

Income after all costs

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