WorksheetsBusiness Organization - Chapter 1.2 Quiz
Total questions: 11
Worksheet time: 11mins
What is a commercial activity that seeks profit by providing goods in exchange for money?
profit
market research
competition
a business
What is profit?
commercial activity
motivation and wealth
money remaining after costs have been paid
an opportunity to earn a better living
Which is NOT true of businesses?
They pay taxes and provide jobs.
The wealth they create benefits the entire community.
They are rewarded with profits by satisfying consumers.
They can survive without profits.
What is competition?
a contest to win customers
the freedom to produce new products
voluntary exchange
inexpensive goods and services
Which is NOT something a competitive business needs to offer?
quality products
discontinued goods
outstanding service
good prices
What must a business do when developing new products or services?
evaluate demand
lend money
pay taxes
focus on customer service
What is one result of effective market research?
immediate access to global markets
immediate access to start-up capital
information that helps a business identify opportunities
improved production management
What might a business do if its products don't meet consumer's needs?
consider bankruptcy
start a new business
try new selling techniques
modify its products to satisfy consumers
Competition among businesses hurts the consumer.
True
False
Competition forces businesses to
file for bankruptcy.
drive their competitors out of business.
decide how to best use and conserve their resources.
lower their prices.
A business may stop manufacturing a product because
the government is taking too much in taxes.
there is a decreasing demand for it.
there is increasing demand for it.
it cannot keep up with the demand.
