Business Concepts Quiz

True or False: The role of business in the U.S. economy is to generate goods and services that meet consumer needs and contribute to overall economic growth.

• True

• False

True or False: Contingent workers are typically employed on a permanent, full-time basis with benefits such as health insurance and paid vacation.

• True

• False

True or False: Intermediaries are businesses that help move products from producers to consumers.

• True

• False

True or False: Service businesses provide intangible products such as education, entertainment, or professional services.

• True

• False

True or False: Employment tends to increase during recessions as companies expand their operations to meet demand.

• True

• False

True or False: New businesses can have a positive impact on a community by creating jobs, attracting investments, and fostering innovation.

• True

• False

True or False: A business’s primary function is to raise capital, hire employees, and manage operations effectively.

• True

• False

True or False: Producers are businesses that use natural resources to create finished goods for consumers.

• True

• False

True or False: A sole proprietorship is a business owned by two or more people who share its profits and losses.

• True

• False

True or False: A corporation is a legal entity that is separate from its owners and can be taxed independently.

• True

• False