Business Management Quiz 1

Which term refers to the process of organizing and coordinating business activities to achieve goals?

• Entrepreneurship

• Management

• Capitalism

• Project management

A person who starts a new business, taking on financial risks in hopes of profit, is called a(n):

• Stakeholder

• Owner

• Entrepreneur

• Manager

Which of the following are considered factors of production in economics?

• Supply, demand, profit

• Owners, customers, clients

• Land, labor, capital

• Management, leadership, analytics

What economic system is based on private ownership and free market principles?

• Communism

• Socialism

• Capitalism

• Government sector

Which term refers to buying and selling goods and services through the internet?

• Enterprise systems

• E-commerce

• Public sector

• Analytics

What is the main goal of project management?

• To analyze customer data

• To develop government policies

• To complete projects efficiently and effectively

• To promote socialism

Which of the following terms are all examples of different sectors in the economy?

• Supply, demand, analytics

• Land, labor, capital

• Government sector, private sector, education sector

• Entrepreneurs, managers, clients

What concept explains how price is affected when the amount of a product available and the desire for that product changes?

• Socialism

• Management

• Supply and demand

• E-commerce

Which tools help businesses make decisions using data and trends?

• Enterprise systems, intelligence, analytics

• Land, labor, capital

• Clients, customers, employees

• Socialism, communism, capitalism

What term describes an organized effort by individuals to produce and sell goods and services for profit?

• Capitalism

• Business

• Public sector

• Supply