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WorksheetsIntroduction To Business
Total questions: 20
Worksheet time: 20mins
Products and money used in the production of goods and services are called Natural Resources
True
False
_______ include tools and equipment used to produce goods and services
Capital Resources
Natural Resources
Human Resources
The primary reason why businesses invest resources and take risks is to ________.
provide jobs
produce goods and services
improve their products
earn a profit
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
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
An entity that seeks to earn a profit by providing a good or service is known as a(n)
industry
corporation
business.
service
________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
Depreciation
Risk
Fallibility
Redundancy
A(n) ________ is a person who assumes the risk of starting a business.
manager
entrepreneur
employee
stakeholder
Starting a business always involves ________.
profit
loss
revenue
risk
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:
market makers.
economic environment.
stakeholders.
social mentors.
The most important difference between for-profit businesses and nonprofit organizations is that:
businesses do not benefit society.
nonprofit organizations seek to make a profit for their owners and organizers.
nonprofit organizations do not seek a profit for their owners or organizers.
nonprofit organizations do not file tax returns.
Last year, Archer Electronics reported revenues of $34 million while its total expenses were $10 million. Based on this information, Archer reported
profits of $24 million.
profits of $34 million.
losses of $24 million.
losses off $34 million.
A common characteristic of most entrepreneurs is that they:
accept the risks involved in starting and managing a business.
have a high level of scientific and technical expertise
possess a great deal of personal wealth.
have experience in running large, complex organizations.
Which of the following is the best example of a business whose goal is to earn a profit?
A community college
The American Red Cross
Boy Scouts of America
Apple
In which occupation people get salary or wages in return for their work?
Employment
Business
Profession
None of the above
What role does technology play in modern businesses?
A. It is only important for tech companies.
B. It has a minimal impact on most businesses.
C. It enhances efficiency, communication, and data management.
D. It complicates basic business operations.
What is a unique feature of a 'service' business as opposed to a 'product' business?
A. It offers intangible goods.
B. It requires a physical storefront.
C. It does not need customer interaction.
D. It always involves technology.
