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Business Essentials

Authored by John Robinson

Social Studies

12th Grade

25 Questions

Business Essentials
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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.

Sole Proprietorship

Partnership

Corporation

Franchise

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

Partnership

Sole Proprietorship

Corporation

Franchise

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If a news headline says, "Finally!!! 2 straight months of increased jobs."

Where on the business cycle is the current economy?

Peak

Contraction/Recession

Trough

Expansion/Growth/Recovery

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

If a news headline says, "3 months of consecutive job losses is impacting consumer confidence."

Where on the business cycle is the current economy?

Peak

Contraction/Recession

Trough

Expansion/Growth/Recovery

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

A(n) _________ is someone who sets up a new business to make a profit.

monopoly

corporation

entrepreneur

anarchist

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The driving force behind people going into business is

profit margin

profit motive

opportunity cost

taxes

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following is a recession, or contraction?

A

B

C

D

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