Business Terms Quiz - Week 2

Which word describes the system of production, consumption, and distribution of goods and services?

• Economy

• Budget

• Contract

• Equity

Which word refers to a person who purchases goods or services?

• Customer

• Contract

• Budget

• Equity

What does a contract represent?

• A plan for spending money

• A formal agreement between two or more people or groups

• The value of ownership in a company

• The system of how goods are produced

Who is a customer?

• Someone who sells goods or services

• Someone who buys goods or services from another business

• Someone who creates a budget

• Someone who manages a company

What is debt?

• A plan for future spending

• Something, usually money, that is owed or needs to be paid back

• The value of ownership in a company

• The system of how services are used

What does the economy refer to?

• A plan for spending money

• The system of how money, goods, and services are made and used in a country or region

• The value of ownership in a company

• A formal agreement between people

What is the main purpose of a contract?

• To outline a budget

• To formalize an agreement between parties

• To increase customer base

• To manage debts

What is a stock?

• A type of tax deduction

• A share of ownership in a company

• The total revenue of a company

• The total liabilities of a company

What is considered a breach of contract?

• Failing to perform any term of a contract, written or oral, without a legitimate legal excuse.

• Deciding not to enter into a contract.

• Negotiating contract terms.

• Changing the terms of a contract with mutual agreement.

What is a contract?

• A formal agreement between family members only.

• A legally binding agreement between two or more parties.

• A verbal promise with no legal implications.

• A written document that is not legally enforceable.