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Introduction to Business

Total questions: 35

Worksheet time: 27mins

Name
Class
Date
1.

Money earned after expenses

a)

Cold Hard Cash

b)

Profit

c)

Money

d)

Investment

2.

Participant that creates a business

a)

Entrepreneur

b)

Owner

c)

Manager

d)

Employee

3.

A physical, tangible item provided by business

a)

Service

b)

Good

c)

Product

d)

Item

4.

Participant needed in an established business to make ultimately make money

a)

Employees

b)

Owners

c)

Consumers

d)

Investor

5.

Getting your hair cut or lawn mowed

a)

Work

b)

Assistance

c)

Labor

d)

Service

6.

Any activity that is intended to produce a profit

a)

Commerce

b)

Industry

c)

Occupation

d)

Business

7.

Money put into a business to help it succeed

a)

Investment

b)

Loan

c)

Expenditure

d)

Asset

8.

CSR stands for...

a)

Company Social Responsibility

b)

Corporate Social Responsiblity

c)

Company Societal Responsibility

d)

Corporate Societal Responsibility

9.

Four P's are known as the...

a)

Marketing Options

b)

Marketing Blend

c)

Marketing Mix

d)

Marketing Decisions

10.
Entrepreneurs must be willing to risk the chance of failure in order to be successful. What important characteristic of entrepreneurs is this?
a)
Risk-taking
b)
Perseverance
c)
Creativity
d)
Self-confident
11.
This is an important reason or incentive that entrepreneurs have for starting their own businesses.
a)
The competition. 
b)
The profit motive.
c)
The ability to pay taxes.     
d)
Government regulations.
12.
This is the rivalry among businesses for customers. It forces companies to operate efficiently while keeping prices down and quality up.
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
13.
This refers to the quantity of a product consumers are willing and able to purchase at a given price
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
14.
This refers to the quantity of a product that producers are willing and able to produce at a given price.
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
15.
This is a business owned and managed by one person. 
a)
Partnership
b)
Proprietorship
c)
Corporation
d)
Limited Liability Cooperative
16.
A business that is owned and operated by two or more people who share in the decision-making and profitability of the company. 
a)
Partnership
b)
Proprietorship
c)
Corporation
d)
Limited Liability Cooperative
17.
A legal document that specifies the responsibilities and financial relationships of business partners.
a)
Charter           
b)
Partnership Agreement
c)
Articles of Incorporation
d)
Licensing Agreement
18.
This is a temporary partnership created for a single project or purpose.
a)
Joint Venture
b)
Limited Partnership
c)
General Partnership
d)
Industrial Partnership
19.
A business owned by people who purchase stock in the company. These businesses are granted a charter by the state in which they are formed.
a)
Industrial Organization
b)
Corporation
c)
Partnership
d)
Proprietorship 
20.
Which of the following statements is an ADVANTAGE of the proprietorship form of business ownership?
a)
The proprietor may not have all the skills needed to run the business.
b)
Most new businesses require a lot of money to start, this could be more than one owner can provide.
c)
The risk can be great and must be carried by the proprietor, includes personal liability.
d)
The proprietor receives all profits from the operation of the business.  
21.

The basic economic problem results from scarcity.

a)

True

b)

False

22.

_____ is the term for all activities involved in developing and exchanging products.

a)

Business

b)

Entrepreneurship

c)

Economics

d)

Corporation

23.

Anything that is bought or sold is called a(n)_____.

a)

Item

b)

Service

c)

Business

d)

Product

24.

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

a)

Store

b)

Workplace

c)

Restaurant

d)

Market

25.

The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.

a)

Sales

b)

Profit

c)

Expenses

d)

Costs

26.

The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.

a)

Supply and demand

b)

Physics

c)

Consumer behavior

d)

Business

27.
The conflict between unlimited wants and limited resources is called:
a)
Basic economic scarcity
b)
Wants
c)
Scarcity
d)
Factors of Production
28.
Which is an example of a service?
a)
Smart Board
b)
Hair stylist
c)
Piece of paper
d)
Homeless man
29.
Economic resources can also be referred to as
a)
Factors of production
b)
Goods and services
c)
Wants and needs
d)
Scarci
30.

A physical, tangible item provided by business

a)

Service

b)

Good

c)

Product

d)

Item

31.
What is it called when a small group of large suppliers dominate a certain market?
a)
an oligopoly
b)
a monopoly
c)
a command economy
d)
a market economy
32.

People who are part owners of a company are known as...

a)

Stakeholders

b)

Shareholders

c)

Customers

d)

People

33.

This factor of production is also called human resources.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

34.

This factor of production is also called natural resources.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

35.

This factor of production includes people who are willing and able to start a new business or purchase and existing business.

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneurship

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