Business Impact Quiz

What is the relationship between economics and resources?

• Economics ignores resources

• Economics studies how to create unlimited resources

• Economics deals with satisfying unlimited wants with limited resources

• Economics focuses only on natural resources

What is one of the key questions that economics helps to answer?

• How to cook a meal

• How to spend your money

• How to travel the world

• How to write a book

Which of the following is NOT a component of an economic system?

• Distribution of resources

• Provision of goods and services

• Personal hobbies

• Community welfare

What is the primary concern of economics?

• Unlimited resources

• Limited wants

• Satisfying unlimited wants with limited resources

• Creating new wants

What is a business activity?

• Any activity that involves selling products

• Any activity that helps a business generate a profit

• Any activity that involves hiring employees

• Any activity that involves marketing

Which of the following is an example of a business activity?

• Operational Activities

• Recreational Activities

• Social Activities

• Personal Activities

What are liabilities?

• What a business owns

• What a business owes

• What a business earns

• What a business spends

Which of the following is an example of a liability?

• Land

• Equipment

• Debts

• Bank accounts

Which of the following is NOT considered an asset?

• Bank accounts

• Land

• Equipment

• Debts

Which of the following activities is an example of an operational activity?

• Selling personal assets

• Research into improving products

• Paying personal debts

• Investing in stocks