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WorksheetsReview for Unit 3 Business Test
Total questions: 25
Worksheet time: 13mins
A business is an organization that offers goods and services.
True
False
A financial reward that comes from starting and running a business is called a
Expense
Liability
Profit
Owner's Equity
Who is an entrepreneur?
someone who works for a large company
someone who studies business in University
someone who starts their own business
What is profit?
the money you spend - the price you sell it for
the price you sell if for- the money you spend
the price you sell it for + the money you spend
What would make the presentation about your business better?
Confidence
Facts and evidence
Samples, pictures, videos etc.
All of the above
Being in debt means you...
...open your own business
...expand your business
...have a large income
...owe someone money
Profit is defined as
A person's incentive to work to gain something for himself or herself (that is to make money).
Money that remains after a business has paid for the expenses of running the business. Income > Expenses
Contest between businesses to win customers' business & loyalty.
The process of recording and reporting the financial data for a business.
A contest between businesses to win customers' business & loyalty is known as Marketing.
TRUE
FALSE
The process of recording and reporting the financial data for a business is known as?
Partnership
Consumer
Service
Accounting
Match the following Terms to the correct Definition.
Needs
Items necessary for existence, such as clothing, food, and shelter.
Services
Task that businesses perform or provide for customers, such as haircuts and car washes.
Wants
Items you wish for and would like
Goods
Items businesses sell that can be physically weighed or measured, such as iPods and CDs.
A business owned by only one person
Partnership
Franchise
Corporation
Sole Proprietorship
A contract between a parent company and a franchise to use the name and sell the goods or services of the parent company, such as KFC.
Partnership
Franchise
Sole Proprietorship
Consumer
Match the following.
CORPORATION
FRANCHISE
Sole Proprietorship
PARTNERSHIP
Newspapers and magazines are an example of
cyber advertising
print advertising
specialty advertising
Example of outdoor advertising
Internet ads
Billboards
Newspaper
What is one major disadvantage of TV advertising?
It's expensive
It reaches a lot of potential customers
It come's right into the viewer's homes
This is a form of print media
True
False
Advertisements are to attract and persuade consumers to buy the products or services
True
False
What type of technique or strategy is used for this advertisement?
Slogans and jingles
Award labels
Sales and discounts
Gifts
A phrase used to advertise a product, or to identify a company or organization is a ....
logo
slogan
Who is the target audience?
a group of people who are most likely to want the product being advertised
a group of people who are responsible for producing something
a group of people who are in charge of the company advertising
What is an entrepreneur
the exchange of goods or services
a person who starts a new business hoping to make a profit
the work that people do when producing goods or services
a type of business
What is an investor?
a person who tries to make a profit, they give $ to business or projects first. It takes $ to make $
something made or gathered from nature to use or sell
the way you save, spend and earn money
none of above
Human Resources are
makes goods or service
the amount of goods and services people are willing to buy at a specific time
found in people, like their skills and ideas
the work that people do when producing goods or services
