Chapter1: Business and Economics Vocabulary Quiz

What is defined as something that an individual or business owns?

• Liability

• Asset

• Revenue

• Expense

What term describes the aspect of making, selling, and providing products in exchange for money?

• Marketing

• Business

• Investment

• Management

What is anything a business does to generate profit called?

• Business activity

• Business ethics

• Business plan

• Business strategy

What term refers to the moral and social responsibility of businesses to demonstrate ethical behavior in their policies and decision-making?

• Business ethics

• Corporate governance

• Social responsibility

• Business strategy

What is a series of documents that serve as a blueprint for building a business called?

• Business model

• Business plan

• Business strategy

• Business proposal

Who is a person that purchases the goods and services businesses offer?

• Supplier

• Investor

• Customer

• Employee

What term describes the production, distribution, and consumption of goods and services?

• Economic policy

• Economic activity

• Economic system

• Economic development

Which of the following best describes an economic resource?

• A tangible item that is produced and sold to consumers

• A good or service businesses use to meet consumer wants and needs

• An organized way in which a state or nation distributes its resources

• The science of how individuals, businesses, and governments make decisions

What is an economic system?

• A person who organizes, operates, and assumes the risk for a business venture

• A tangible item that is produced and sold to consumers

• An organized way in which a state or nation distributes its resources and provides goods and services

• Using money to create wealth over time

What does the study of economics involve?

• The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

• A person who organizes, operates, and assumes the risk for a business venture

• Using money to create wealth over time

• Something that is owed by an individual or business