Checkpoint 3 Business Needs and Growth EOT Assessment V2

Which of the following is an example of a business satisfying a need?

• Providing the latest fashion trends

• Offering a gourmet dining experience

• Selling groceries like bread and milk

• Marketing a new video game console

Businesses satisfy wants and needs by:

• Producing goods and services

• Limiting consumer choices

• Increasing prices

• Reducing advertising

How do businesses identify the needs and wants of their target market?

• By relying solely on their own intuition

• By conducting market research and analyzing consumer behavior

• By copying the strategies of their competitors

• By focusing only on producing what is easiest to manufacture

The success of a business in satisfying needs and wants is often measured by:

• The number of employees it has

• Its profitability and customer satisfaction

• The size of its factory

• The complexity of its products

Which of the following is NOT a factor of production?

• Land

• Labor

• Money

• Capital

The factor of production that includes natural resources is:

• Labor

• Enterprise

• Land

• Capital

How does the quality of labor affect a business?

• It has no impact on the business

• It influences productivity and the quality of goods and services produced

• It only affects the cost of labor

• It determines the type of land used

Entrepreneurship involves:

• Only investing money in a business

• Taking risks, organizing resources, and innovating

• Working for someone else's business

• Avoiding any form of decision-making

Which business structure has unlimited liability?

• Sole proprietorship

• Corporation

• Partnership

• Both a and c

A key advantage of a corporation is:

• Limited liability for owners

• Ease of setup and low cost

• Complete control by a single owner

• Shared decision-making among partners