WorksheetsThe Business Landscape - Key Concept Review
Total questions: 25
Worksheet time: 13mins
What is the main goal of a business?
To provide free goods and services
To meet people’s needs and wants while making money
To collect taxes from customers
To prevent competition
What is economics the study of?
How people make choices with unlimited resources
How people make choices with limited resources
How businesses avoid making choices
How people trade without using money
What is the difference between needs and wants?
A) Needs are things people enjoy, and wants are things required to survive
B) Needs are required to survive, and wants are things people would like to have
C) Needs are always free, while wants cost money
D) Wants are more important than needs
Which of the following is an example of a service?
A) A video game
B) A smartphone
C) A doctor’s appointment
D) A pair of shoes
What is a resource?
A) Anything used to produce a good or service
B) Only money that businesses earn
C) A product that is sold to customers
D) A type of tax
What is an entrepreneur?
Someone who works only for a large company
Someone who takes a risk to start a business
Someone who only works for non-profit organizations
Someone who only sells products online
Why do some people choose to work for others instead of starting their own business?
It is easier and offers a steady income
Entrepreneurs do not earn money
Starting a business is free and risk-free
There are no benefits to working for a company
What is one advantage of being an entrepreneur?
Having complete control and flexibility
Avoiding all financial risks
Working fewer hours than employees
Never facing competition
Which of the following is an advantage of a sole proprietorship?
The owner has unlimited liability
It is easy and inexpensive to start
It requires many partners
The business must follow strict corporate rules
What is a disadvantage of a partnership?
Partners must always agree on everything
It is difficult to raise money
Any partner can be held responsible for all debts
It is impossible to make a profit
How does a corporation differ from a sole proprietorship?
It has only one owner
It has unlimited liability
It is a separate legal entity from its owners
It does not require investors
Why do businesses need to keep financial records?
To track revenue and expenses
To avoid making profits
To hire more employees
To replace customers
What is revenue?
A) Money that a business spends
B) The total amount of money a business earns
C) A company's losses
D) The number of employees a company has
What is a budget?
A plan for how money will be earned and spent
A legal document for corporations
A way to avoid making financial decisions
A type of business ownership
What is Information Technology (IT)?
A system for managing employees
The use of technology to store and process information
A form of business ownership
A way to increase production costs
Why do businesses use networks?
To prevent employees from sharing information
To quickly share data and improve productivity
To make computers less efficient
To increase business costs
What is business law?
A set of rules that govern how businesses operate
A guideline that businesses can choose to follow
A type of business structure
A law that only applies to large corporations
What is a contract?
A legal agreement between two or more parties
A type of business ownership
A financial document
A business advertisement
How does business law protect consumers?
By making sure products are safe and advertisements are truthful
By forcing consumers to buy expensive products
By allowing businesses to operate without any restrictions
By preventing competition
What are the five main functions of a business?
Marketing, production, finance, management, and human resources
Selling, spending, hiring, designing, and advertising
Manufacturing, retail, communication, safety, and law
Investing, training, researching, competing, and writing
How does marketing help a business?
By attracting customers and promoting products
By replacing the need for employees
By making financial decisions
By eliminating competition
What is the role of human resources in a business?
Managing employees and workplace policies
Designing new products
Controlling financial budgets
What is international business?
Trade of goods and services across borders
A business that only operates in one country
A law that prevents businesses from selling worldwide
A form of financial accounting
Why do companies expand into global markets?
To avoid making profits
To reach more customers and grow their business
To eliminate all competition
To reduce product quality
What is a trade agreement?
A rule that prevents businesses from trading internationally
A legal agreement that makes international trade easier
A financial document for businesses
A form of business ownership
