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WorksheetsIntroduction to Business
Total questions: 30
Worksheet time: 15mins
_____ is the term for all activities involved in developing and exchanging products.
Business
Entrepreneurship
Economics
Corporation
Anything that is bought or sold is called a(n)_____.
Item
Service
Business
Product
A _____ is anywhere buyers and sellers meet to buy and sell goods and services.
Store
Workplace
Restaurant
Market
The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.
Sales
Profit
Expenses
Costs
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.
Supply and demand
Physics
Consumer behavior
Business
The internal business environment consists of...
factors that directly impact the organisation
factors that influence the operations of the business
factors that influence the wider environment in which the business operates
An example of an internal environmental factor is...
Legal issues eg consumer law
Suppliers
Employees
Competitors
Organisational culture is....
The structure of the organisation - break down of roles and responsibilities
The shared values, beliefs, expectations and attitudes of the people within the organisation (management and staff)
What is one factor of the external operating environment of a business?
Customers
Competitors
Suppliers
Interest Groups
All of the above
Which of the following is INCORRECT about business?
Business involves trading activities between buyer and seller
Involve organized efforts and activities to produce and distribute goods and services for charity purpose.
Business can be in the form of sole proprietorship, partnership or corporation
Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants.
"A standard of values that involve a concept of right and wrong and guide the way a business behave."
This statement explains about:
Laws
Ethics
Moral principles
Business ethics
Which of the following is NOT a Market Structure?
Perfect Competition
Oligopoly
Monopoly
Corporation
Which market structure involves selling identical products?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Markets like automobiles, cell phones, cable TV, and internet providers are examples of which market structure?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
Google controls 67% of the web search market. The company has grown and branched off into email, online maps, GPS tracking systems, online data storage and mobile phones. There are competitors like Microsoft and Yahoo, but they own just 18% and 11% of the market, respectively. Which market structure(s) best fit Google? (There are two possible answers, pick both)
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Based on the cartoon image, in your opinion, the male boss is a businessman who strictly supports ethical behaviour in the organization.
Agree
Disagree
What is a franchise?
Where a business sells the rights to their brand
Where you have full control
Where you keep all the profits
Fee paid from franchisee to franchisor based on percentage of sales
royalty fee
license fee
advertising fee
Benefits of owning a franchise business
Proven business model
Easier to get financing
Protected territory
All of the Above
What is the most common form of business ownership?
Corporation
Company
Sole Proprietorship
Partnership
What is a form of business ownership in which 2 or more people jointly owns a business
Sole Proprietorship
Company
Partnerships
What is the name of a person who owns part of a corporation?
Stakeholder
Shareholder
Trust Agent
Chairman
Which of the following is an advantage of a partnership?
Unlimited Liability
Arguments
Shared responsibility
Less investors
This type of organization is a legal entity separate from its owners.
Sole proprietorship
Partnership
Corporation
Franchise
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
Partnership
Sole Proprietorship
Corporation
Franchise
Which of the following can explain the need for pollution control?
Cost savings
Reduced risk of liability
Reduction of health hazards
All of them
Respecting the religious sentiments and dignity of people while advertising for a product is __________
Legal responsibility
None of these
Economic responsibility
Ethical responsibility
Increasing interdependence of nations and peoples across the globe.
Infrastructure
Globalization
Interdependence
Specialization
Sending goods to another country to sell.
import
export
A large company that has operations in more than one country.
Domestic Corporation
Multinational Corporation
Foreign Corporation
State Corporation
