Understanding Business Basics Quiz

What is the definition of a business?

• A place where people live

• An organization that provides goods or services to satisfy needs and wants

• A type of government

• A form of entertainment

Which of the following is an example of a good?

• Haircut

• Car

• Teaching

• Banking

Who is an entrepreneur?

• Someone who works for a business

• Someone who starts and runs a business

• Someone who buys products

• Someone who teaches in a school

Which term refers to activities that satisfy people's needs and wants without producing physical objects?

• Goods

• Services

• Economy

• Business

What is the economy?

• The study of animals

• The system of how money, goods, and services are produced and used in a country

• A type of business

• A government agency

Which of the following is NOT a type of business?

• Manufacturing

• Service

• Retail

• Biology

Which word best describes a person who creates a new product and starts a company to sell it?

• Employee

• Entrepreneur

• Customer

• Manager

Which of the following is a service?

• A loaf of bread

• A haircut

• A bicycle

• A book

Which of the following best describes the main role of businesses in the economy?

• To entertain people

• To provide goods and services that satisfy needs and wants

• To create laws

• To teach students

Which of the following is an example of a retail business?

• A car factory

• A grocery store

• A bank

• A hospital