Vocabulary Week 3 Quiz

What does "Wants" refer to in a business context?

• Essential items for survival

• Desires that are not necessary for survival

• Legal obligations

• Required services

"Customer Service" is best described as:

• A type of product sold to customers

• A service provided only after a sale

• Support given to customers before and after a purchase

• Advertising aimed at attracting customers

What is "Limited Liability"?

• An obligation to pay all company debts

• The financial responsibility limited to an investment amount

• A tax placed on companies

• A customer’s legal rights

The term "Target Market" refers to:

• All potential customers in the world

• The group a business specifically aims to sell to

• Competitors in the same industry

• A company’s employee base

What is an "Agenda"?

• A person’s personal goals

• A schedule or list of topics for a meeting

• A company’s mission statement

• A marketing plan

The term "Brick-and-Mortar" refers to:

• Online-only businesses

• Businesses with a physical store location

• Companies that manufacture bricks

• Businesses that focus on customer service

"Double Taxation" occurs when:

• A business pays taxes twice on the same sale

• Income is taxed at the business and shareholder levels

• Customers pay taxes twice on a purchase

• Only one tax is applied to both goods and services

"Bankruptcy" is:

• A process for companies that want to expand

• The legal process for relief from debt

• A plan to raise money for a business

• A type of insurance policy

Which of the following best defines "Equity"?

• The company’s total revenue

• Ownership value in a company after debts are paid

• A type of customer service

• The amount owed to creditors

What does B2B stand for?

• Business-to-Business

• Business-to-Customer

• Business Equity

• Business Taxation