Business Fundamentals Vocab Quiz 1

What is the primary goal of a business?

• Making a profit only

• Serving customers and generating revenue

• Employing people

• Paying taxes

The main purpose of business in society is to:

• Generate tax revenue

• Provide goods and services

• Maximize profits only

Which factor most influences business success?

• Location of the business

• Number of employees

• Marketing strategy

• Customer satisfaction

A successful business strategy must include:

• Daily operations plans

• Marketing objectives

• Employee schedules

• Clear goals and objectives

The purpose of business competition is to:

• Reduce prices only

• Improve quality and service

• Eliminate other businesses

• Increase advertising

The role of profit in business is to:

• Pay employees only

• Fund future growth

• Pay taxes

• Reward shareholders

What is the primary goal of a business?

• To provide employment opportunities

• To make money by selling products or services

• To create advertisements

• To compete with other businesses

An entrepreneur is someone who:

• Works for a large corporation

• Only sells physical products

• Starts and runs their own business

• Manages other people's money

How is profit calculated?

• Revenue plus expenses

• Revenue times expenses

• Expenses minus revenue

• Revenue minus expenses

Which of these is an example of a service?

• A smartphone

• A textbook

• House cleaning

• A bicycle