Core Business Function Quiz

Which financial management practice involves planning for future expenses and income?

• Budgeting

• Marketing

• Networking

• Branding

Which of the following is a type of business that is owned and operated by one person?

• Corporation

• Sole Proprietorship

• Partnership

• Cooperative

What is a key component of a successful marketing strategy?

• Ignoring customer feedback

• Understanding the target audience

• Increasing product prices

• Reducing product quality

Which of the following is a common marketing strategy used to promote products?

• Increasing taxes

• Offering discounts

• Reducing staff

• Limiting production

What is the term for the money a business earns from selling goods or services?

• Debt

• Revenue

• Expense

• Liability

Which type of business is owned by shareholders and has a separate legal identity from its owners?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What is the primary goal of a marketing strategy?

• To increase production costs

• To reduce employee salaries

• To attract and retain customers

• To decrease product quality

Which type of business is formed by two or more people who share ownership and responsibilities?

• Corporation

• Sole Proprietorship

• Partnership

• Nonprofit

Which type of business is typically run by a group of people for their mutual benefit?

• Corporation

• Sole Proprietorship

• Cooperative

• Partnership

Which financial document shows a company's income and expenses over a period of time?

• Balance Sheet

• Income Statement

• Cash Flow Statement

• Tax Return