WorksheetsIntroduction to Business
Total questions: 15
Worksheet time: 30mins
What is a business?
Activity that provides goods to consumers and making profit.
Activity that focus on delivering services to consumers and making profit.
Any activity that provides goods or services to consumers for the purpose of making a profit.
Any activity that provides goods and services to consumers without generate profits.
___________ is the amount of revenue or income that a business owner retains after paying all the expenses associated with the operation of the business.
Sale
Profit
Cost
Debt
How do you define profit?
when revenue exceeds cost
when costs exceed revenue
when revenue achieves planned target
when the bottom line is in the red
How do you define loss?
when costs fall lower than projection
when the bottom line is in the black
when revenue exceeds costs
when costs exceed revenue
How do you define value?
when the perception of competition is too expensive
the perceived benefits by a customer of price to the time and money spent
when market research establishes the floor price
when a customer purchases for the lowest price in town
Which one is NOT TRUE about non-profit business?
Generates revenues from sales and/or contributions
Operated by board of directors, trustees, or managers
Profits are not subject to taxation by local, state, and federal authorities
Owned by individuals, partners, or shareholders
Which one is NOT TRUE about profit business?
Incurs expenses for operations
Generates revenues from contributions
Profit is used to pay owners, partners, and shareholders
Pays salaries to employees and managers
Factors of production are below, EXCEPT
Entreprenurship
Capital
Equipment
Labor
Which one is TRUE about management?
Transforms resources into products
Plans, organizes, controls, leads
Plans, obtains and manages company funds
Provides knowledge and ideas that help a company keep up and ahead of the competition
Which functional area of a business is responsible for converting the factors of production into goods and services?
Management
Marketing/Sales
Operations
Research and Development
A __________________ is an organization that exists to achieve some goal other than the usual business goal of profit.
profit organization
non-profit organization
NGO
government
_____________ is the study of people’s vital statistics, such as their age, gender, race and ethnicity, and location.
Social
Technology
Economic
Demography
____________, also known as the private enterprise system, is based on competition in the marketplace and private ownership of the factors of production (resources).
Communism
Socialism
Capitalism
Mixed Economy
____________ is a business that is established, owned, operated, and often financed by one person.
Partnerships
Sole Proprietorships
Franchising
Corporations
Offering a way to own a business without starting it from scratch and to expand operations quickly into new geographic areas with limited capital investment is refer to ____________________.
franchising
partnership
sole proprietorships
joint venture
