Business Essentials

Business Essentials

3rd - 12th Grade

40 Qs

quiz-placeholder

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Business Essentials

Business Essentials

Assessment

Quiz

Business

3rd - 12th Grade

Hard

Created by

Karen Lewis

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40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When employees are working faster or better, they are increasing their

wages.

benefits.

value.

efficiency.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A hurricane that destroys a business is an example of a(n) _______ risk.

operational

financial

strategic

hazard

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

market structures.

perfect competition.

oligopolies.

monopolistic competition.

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What motivates businesses to produce efficiently and sell effectively?

The desire to spend money

The hope of making a profit

The need for recognition

The chance to start a trend

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A gap between unlimited wants and limited resources creates

economics.

resources.

wants.

scarcity.

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Seeing a movie at a theater would be considered a(n) __________ want.

economic

unlimited

limited

non-economic

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following statements about perfect competition is correct:

There is a limited supply of goods and services.

Businesses have a good deal of control over the market.

Products vary from seller to seller.

It is used as a benchmark to compare real market structures against.

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