Introduction to Business

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

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

Which of the following is a trough?

• A

• B

• C

• D

Which of the following is an expansion, or recovery?

• A

• B

• C

• D

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

• monopoly

• corporation

• entrepreneur

• anarchist

What is the primary goal of a business?

• To provide jobs

• To make a profit

• To serve the community

• To innovate

Which of the following is a characteristic of a sole proprietorship?

• Limited liability

• Owned by shareholders

• Single owner

• Double taxation

What is the term for the money invested in a business by its owners?

• Revenue

• Equity

• Debt

• Liability

Which of the following is a key component of a business plan?

• Employee benefits

• Market analysis

• Office location

• Company logo

What is the role of marketing in a business?

• To manage finances

• To hire employees

• To promote products or services

• To develop software