Business Quiz Year 5

What happens to the price of a product when the demand increases but the supply remains the same?

• The price decreases

• The price increases

• The price stays the same

• The price fluctuates randomly

Which of the following is a characteristic of an entrepreneur?

• Prefers to follow instructions

• Avoids taking risks

• Innovates and takes risks

• Works only for large companies

What is the main goal of marketing?

• To produce goods

• To manage employees

• To promote and sell products or services

• To maintain financial records

Which of the following is an example of a fixed expense?

• Groceries

• Rent

• Entertainment

• Clothing

What is the term for the moral principles that guide the way a business behaves?

• Business ethics

• Business strategy

• Business plan

• Business model

Which economic system is based on supply and demand with little or no government control?

• Command economy

• Mixed economy

• Market economy

• Traditional economy

What is the law of supply?

• As the price of a product increases, the quantity supplied decreases

• As the price of a product increases, the quantity supplied increases

• As the price of a product decreases, the quantity supplied increases

• Supply is not affected by price

What is a business plan?

• A document that outlines a company's goals and the strategy to achieve them

• A list of employees in a company

• A financial statement

• A marketing campaign

Which of the following is a promotional strategy?

• Reducing production costs

• Offering discounts and coupons

• Increasing employee wages

• Expanding the product line

What is the purpose of a budget?

• To track the number of employees

• To plan and control financial resources

• To design marketing materials

• To manage customer relationships