Business World Quiz

What is the primary purpose of a business?

• To provide employment
• To make a profit
• To serve the community
• To satisfy the government

What does a business do to meet the wants and needs of a market?

• Provide goods and services
• Control prices
• Limit competition
• Raise taxes

Which of the following is an example of a 'service' provided by a business?

• A computer
• A haircut
• A book
• A t-shirt

When there is high demand and low supply for an item, the price will be...

• Higher
• Lower
• The same
• Free

Which market type is based on local custom and culture rather than competition?

• Free Market
• Command Market
• Mixed Market
• Traditional Market

In a Free Market system, who primarily determines prices?

• Private businesses
• The government
• Consumers
• No one

What is the main feature of a Command Market?

• Government controls production and prices
• Prices are set by supply and demand
• Private ownership of businesses
• Combination of government and private control

Which economic system combines elements of both free and command markets?

• Capitalism
• Socialism
• Communism
• Mixed Market

In a Sole Proprietorship, who is responsible for all income, expenses, and liabilities?

• A single owner
• A group of partners
• The government
• The consumers

Compared to working alone, how is working with a partner typically different?

• Easier
• Harder
• The same
• Not allowed