Quiz 3 - Review

What is the primary goal of a business according to the passage?

• To earn money by making a profit

• To provide employment

• To create innovative products

• To expand globally

Which of the following is NOT considered an operational activity?

• Production of products

• Research into improving products

• Buying stock

• Hiring employees

In a freemium model, a company provides goods or services for free but later charges for extra _______.

Which business model involves employees selling a product directly to a consumer?

• Direct Sales

• Franchise

• Freemium

• Subscription

Entrepreneurial discovery is when an entrepreneur searches for opportunities to deliver new _______.

Which of the following is not a type of business model?

• Freemium

• Direct sales

• Franchise

• Demand

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

• Business function

• Entrepreneurship

• Economics

• Business model

Which is the term used to describe the financial gain calculated by the difference between  amount earned and amount spent by a business?

• Profit

• Liability

• Asset

• Supply

The four functions of business are __________.

• Production, supplying, marketing, modeling

• Marketing, modeling, management, investing 

• Production, marketing, management, finance

• Planning, management, finance, modeling 

 Which is an example of a franchise business model?

• Magazine

• Chain restaurant

• Mobile application 

• Social media