Business Concepts Quiz

What are goods?

• Money used in transactions

• Raw materials only

• Services provided to customers

• Things made to be sold

What does the term 'services' refer to?

• Products sold in a market

• Work done for another

• Money earned from sales

• Goods exchanged

What is a market?

• A place where only goods are sold

• A form of currency

• A situation where buyers and sellers meet

• A type of service offered

What is a commodity?

• A financial investment

• A business plan

• A traded good, usually raw materials

• A type of service

What does 'capital' refer to?

• A service provided to customers

• A type of product

• The money and resources used to start a business

• A market for goods

What is an enterprise?

• A type of consumer

• A business undertaking with risk

• A market for services

• A form of trade

What is entrepreneurship?

• The process of buying goods

• Identifying opportunities and organizing a business

• A type of service

• A method of trading

What does 'exchange' mean?

• The act of selling goods

• A type of market

• A form of capital

• Giving one thing and receiving another

What is profit?

• A type of service

• Money remaining after expenses are paid

• The amount spent on goods

• The total cost of production

What does trade mean?

• A market for goods

• A form of capital

• A type of service

• The act of buying and selling