Grade 7 Business Concepts Quiz (Lesson 6-10)

What is the term for the fundamental economic problem of having unlimited wants but limited resources?

• Added Value

• Scarcity

• Opportunity Cost

• Choice

Which of the following is an example of a good?

• A haircut

• A book

• A lesson

• Customer service

What does opportunity cost refer to?

• The price of a good

• The value added by a business

• The next best alternative given up when a choice is made

• The total cost of a product

Which of the following best describes 'added value'?

• The basic needs for survival

• The increase in worth a business creates for a product or service

• The cost of goods sold

• The total revenue of a business

What is the main purpose of the Community Business Map project?

• To create a business plan

• To analyze businesses in the local community

• To learn about global businesses

• To study economic theories

Which of the following is NOT a way businesses add value?

• Customer Service

• Quality

• Scarcity

• Branding

What is a hybrid business?

• A business that specializes in one product

• A business that operates online

• A business that only sells goods

• A business that provides both goods and services

Which of the following is an example of a service?

• A haircut

• A bicycle

• A smartphone

• A book

What does specialisation in business mean?

• Providing customer service

• Focusing on a wide range of products

• Focusing on a narrow range of products or services

• Offering the lowest prices

What is the first step in analyzing a business for the Community Business Map?

• Assessing the competition

• Classifying the business as a good or service

• Determining the added value

• Identifying the business's location