Business Concepts Quiz

What is an asset?

• Something that an individual or business owns

• A company's plan for making a profit

• The amount of goods that consumers want

• The science of decision-making with limited resources

What does the term "business" refer to?

• The aspects of making, selling, and providing products in exchange for money

• A company's plan for making a profit

• The amount of goods that consumers want

• The science of decision-making with limited resources

What does demand refer to?

• The amount of goods that consumers want

• A company's plan for making a profit

• The aspects of making, selling, and providing products in exchange for money

• The science of decision-making with limited resources

What is economics?

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

• A company's plan for making a profit

• The amount of goods that consumers want

• The aspects of making, selling, and providing products in exchange for money

What is a tangible item that is produced and sold to consumers?

• Service

• Good

• Liability

• Profit

What term describes something that is owed by an individual or business?

• Asset

• Equity

• Liability

• Revenue

What is the research into consumer preferences by entrepreneurs called?

• Market research

• Product development

• Financial analysis

• Advertising

How is the value of a business determined by assets minus liabilities known?

• Gross income

• Net worth

• Revenue

• Profit margin

What is anything that can be bought or sold to meet a customer’s want or need?

• Service

• Product

• Liability

• Asset

What is the term for the performance of a particular task in exchange for money?

• Product

• Service

• Supply

• Demand