Business Concepts Quiz

What is one of the roles of a business?

• Producing goods and services

• Reducing employment

• Decreasing innovation

• Limiting entrepreneurship

What is a key element of ethical business behavior?

• Maintaining integrity in operations

• Maximizing profits at any cost

• Ignoring employee welfare

• Avoiding market research

What is a characteristic of small to medium enterprises?

• Success and/or failure

• Large-scale operations

• Global market dominance

• High employee turnover

What is the most important activity in business according to textbook?

• Marketing

• Production

• Distribution

• Customer service

Match the following business processes with their descriptions.

• Customer support and assistance

• Changing raw materials into finished products

• Transformation process in business

• Marketing products to consumers

• Logistics and supply chain management

• Providing customer service

• Promotional activities

• Distributing goods to retailers

What is a source of finance for a small business?

• Government grants

• Owner/savings or a loan

• Stock market

• Venture capital

Which type of business is described as having a restricted geographic spread?

• National

• Global

• Local

• Medium

Which sector involves the extraction and harvesting of natural resources?

• Primary

• Secondary

• Tertiary

• Quaternary

Which type of business is owned by a few people and/or private sharers?

• Small business

• Medium business

• Large business

• Global business

What is a potential drawback of forming a partnership?

• Limited liability protection

• Divided loyalty and authority

• High cost to establish

• Complex tax structure