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WorksheetsFundamentals of Business
Total questions: 25
Worksheet time: 13mins
What is Supply?
To Make Something
a stock of a resource from which a person or place can be provided
A necessary amount of a option
a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What are the three types of wants?
Unlimited, Changeable, Competing
Limited, Changing, Fun
Goods, Services, Unlimited
I don't Know
What is the Economy?
government
Stock Market
wealth and resources
Wall street
What is the difference between supply and demand?
demand- make supply- to request
there is no difference
neither
supply- make demand- to request
Competition and free enterprise are most common in which type of economic system?
market
command
planned
traditional
What is selling products and services at a price greater than the cost of production?
Profit
Investors
Risk
Assets
What is a physical objects for purchase?
Goods
Services
Products
Markets
Profit is always the primary aim of a business:
True
False
Efficiency means...
creating something with minimal resources
creating something that is the best in it's field
staying ahead of the competition
being well liked by customers
Identify the 4 Functions of a Business.
Culture, Management, Leadership, Design
Planning, Organising, Leading, Controlling
Human Resources, Finance, Operations, Marketing
Marketing, Finance, Culture, Management
Which of the 4 Business Functions are responsible for hiring new employees, training and motivating employees?
Finance
Operations
Human Resources
Marketing
What is inflation?
The rise in general level of prices
The uncertainty the return on an investment will deviate from expected
The number of times something happens to money
The projected value of an investment at the end of a specified period of time.
What is an entrepreneur?
A person who sets up a new business for self-achievement.
A person who sets up a new business solely for economic achievement.
A person who sets up a new business in the wake of successful others.
A person who sets up a new business on behalf of others.
American Airlines would be classified as which size of business?
Small
medium
large
extra large
What is a task performed for a fee?
goods
Services
Products
Markets
What are somethings that can cause scarcity?
Natural Disaster
War
Stock Market Crash
All of the above
What is utility mean?
uselessness
Usefulness
bills
products
Which of the following is a primary purpose of a business?
Profit
Satisfying consumer needs
Gaining market share
all of the above
What usually causes rationing?
Scarcity
Goods
Wants
Needs
What is price?
Amount of money paid
Amount of money given
Amount of money made
Amount of money changed
What is the difference between elastic and inelastic demand?
Elastic- price affects demand inelastic- price does not affect demand
inelastic- demand elastic- supply
elastic- price does not affect demand inelastic- price does affect demand
elastic- goods inelastic- wants
Which of the following is a primary purpose of a business?
Profit
Satisfying consumer needs
Gaining market share
all of the listed responses
External operating factors are those that:
are outside the business but directly affect it
affect the entire business landscape at a national level
are within the business and affect it's day-to-day operations
effect government regulations
