Business Basics & Business Brainstorming Quiz

What is the definition of 'Business'?

• The earnings that a business receives for the goods and services it sells.

• All the activities involved in developing and exchanging products.

• The costs involved in operating a business.

• A business that is independently owned and operated.

What is another term for 'Revenue'?

• Expenses

• Income

• Profit

• Cost

What are 'Expenses' in a business context?

• The earnings that a business receives.

• The costs involved in operating a business.

• The activities required to make a product.

• The activities that involve money.

Which of the following best describes a 'Small Business'?

• A business that is dominant in its field.

• A business that is organized for profit.

• A business that is independently owned and operated.

• A business that involves all activities related to money.

Which of the following is NOT one of the functions of business?

• Production

• Finance

• Marketing

• Consumption

What is a 'Need'?

• Something that a person desires but could function without.

• Something necessary for survival.

• Physical items that can be touched and used.

• Intangible actions or tasks performed for a fee.

Which of the following is an example of a 'Good'?

• Marketing

• Finance

• Toothpaste

• Service

What is a 'Service'?

• Physical items that can be touched and used.

• Intangible actions or tasks that are performed, usually for a fee.

• Activities required to make a product.

• Activities that involve money.

Which of the following is NOT an example of a 'Good'?

• Food

• Clothing

• Toothpaste

• Marketing

Which of the following is an example of a 'Need'?

• New cell phone

• Vacation

• Shelter

• Car