Business Concepts Quiz

What is the definition of business?

• A route or plan of action designed to achieve certain organizational goals and objectives.

• A for-profit or non-profit organization involved in commercial, industrial, or professional commerce.

• Improving existing products and developing new products in order to meet customer demands.

• Collecting, organizing, storing, and securing relevant data and information.

Complete the statement with the best term. Business is about ____________ managing business functions.

• information

• technology

• people

• markets

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of industrial?

• The pursuit of a profit margin.

• Customized services provided for a fee

• Collecting, organizing, and storing data.

• Items that are manufactured.

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of commercial?

• The pursuit of a profit margin.

• Services provided for a fee.

• The improvement of services.

• Items that are manufactured.

Business means a for-profit or non-profit organization involved in commercial, industrial, or professional commerce. What is the meaning of professional?

• The pursuit of a profit margin.

• Customized services provided for a fee.

• Recording financial transactions and records

• Items that are manufactured.

Which business function is responsible for recruiting, hiring, onboarding, training, evaluating, and terminating employees?

• Finance/Accounting

• Strategy

• Human Resources

• Marketing

A company’s purpose, reason for being, and problem it is solving is its:

• strategy

• target market

• profit margin

• mission

Which business function is a route or plan of action designed to achieve certain goals and objectives?

Which business function is about collecting, organizing, storing, and securing relevant data and information in order to make informed decisions?

• Human Resources

• Information Management

• Operations

• Strategy

Which business function deals with the daily functioning of an organization, managing the inputs and outputs, and includes manufacturing, purchasing, and logistics?

• Marketing

• Finance/Accounting

• Operations

• Information Management