Business Quiz

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

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

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

• Command economy

• Mixed economy

• Market economy

• Traditional economy

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

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

• Net worth

• Revenue

• Profit

• Expenses Fixed

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

• Variable

• Revenue

• Expenses Fixed

• Liabilities

What are liabilities in the context of a business?

• Total equity

• Assets

• Debts or obligations of a business

• Income after all costs

What does the marketing mix consist of?

• Product, price, promotion, place

• Product, market research, consumer needs, advertising

• Product, demographics, target market, net worth

• Advertising, product, liabilities, assets

Which of the following is NOT one of the seven functions of marketing?

• Pricing

• Net worth calculation

• Distribution

• Information management

What does the term "Ethics" refer to in a business context?

• A set of standards of conduct that guide decisions and actions based on duties derived from core values

• A method of managing teams within a business

• A financial strategy to maximize profits

• A technology used for data security