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WorksheetsBusiness Basics Unit Test
Total questions: 58
Worksheet time: 29mins
Businesses exist to
Solve problems and provide solutions
Make a profit
Meet the needs of customers
All of the above
Which of the following best describes a business
A government entity that enforces laws
An organization that provides goods and services in exchange for money
A charity that helps people in need
A group of people who work for free
Which of the following is not a reason why businesses exist?
Provide products and services to people
Create jobs and provide income
Help the government with new regulations
Impact the community and the economy
The United States economy is currently dominated by businesses in the __________ sector.
Retail
Automobile
Service
Government
Individuals or groups who have an interest in a business and are affected by its decisions are called
Stakeholders
Customers
Employees
Investors
Why are customers important to a business?
They create business policies
They provide feedback and revenue
They manage employees
They monitor a company’s finances
Which type of stakeholder provides financial support needed to start or grow a business?
Customers
Employees
Investors
Managers
Goods are tangible products a business sells like
Haircuts
Clothes
Car insurance
Health care
When expenses are higher than the revenue the business brings in, the business experiences a ____________.
Profit
Good
Loss
Service
The struggle between two or more businesses to attract scarce customer dollars
Competition
Intellectual property
Nonprofit organizations
Customer satisfaction
Which of the following would be an example of a national business?
The bakery and coffee shop only in our town
WalMart in the United States
McDonalds worldwide
A grocery store only in the Southeastern part of the country
What defines a regional business?
A business that serves the global marketplace
A business that operates in one town or city
A business that serves a specific geographic area
A business that operates only online
Which of the following is NOT one of the four main functions of business?
Marketing
Production
Sustainability
Finance
What is the main role of the production function in business?
The creation of products and services
The advertising and promotion of products and services
Managing company employees
Securing funding for projects
The marketing function in business is responsible for
Developing products and services
Promoting and selling products and services
Creating balanced budgets for the business
Scheduling employee work shifts
What function sets goals and oversees the entire organization?
Marketing
Finance
Management
Production
The four factors of production are
Labor, money, natural resources, and technology
Land, labor, capital, and entrepreneurship
Employees, customers, resources, and products
Land, money, employees, and ideas
Which factor of production includes tools and machinery?
Land
Labor
Capital
Entrepreneurship
Entrepreneurship involves
Managing employees
Using creativity and resources to start and run a business
Selling products
Operating machinery
How would a tractor be classified in the factors of production?
Land
Labor
Capital
Entrepreneurship
Natural resources are an example of which factor of production?
Land
Labor
Capital
Entrepreneurship
What factor of production includes any form of human effort exerted?
Land
Labor
Capital
Entrepreneurship
Why is adapting to the social environment important for a business?
To provides goods and services that meet customer values and preferences
To operate globally
To increase competition
To avoid technology upgrades
How can businesses respond to rapid technological changes?
Stop investing in current technology
Focus only on local customers
Continuously innovate and upgrade
Avoid global competition
Businesses are entities that offer goods and services to earn a profit.
True
False
Globalization provides opportunities by allowing businesses to expand into new markets, which can lead to an increase in new customers and profits.
True
False
Humans should work to fulfill their wants before they fulfill their needs.
True
False
Businesses provide employment opportunities for members of the community, which generates income and increases spending in the economy.
True
False
Dissatisfied customers are very likely to return to a business and recommend a business to others.
True
False
Businesses benefit local communities by:
Creating jobs and supporting local economy
Increasing pollution and reducing green spaces
Discouraging community events and gatherings
Limiting access to essential services
A want is different from a need because:
A want is something you would like to have, while a need is something you must have to survive.
A want is something you must have to survive, while a need is just something you would like to have.
A want and a need are exactly the same thing.
A want is always more important than a need.
The difference between a good and a service is:
A good is a physical item, while a service is an activity performed for someone.
A good is always more expensive than a service.
A service can be touched, but a good cannot.
Goods and services are exactly the same.
Technology has provided which of the following benefits that have helped change business operations in the United States?
Increased efficiency and productivity
Decreased communication speed
Reduced access to global markets
Limited automation of tasks
Write out the profit formula.
Revenue - expenses = profit
Expenses - revenue = profit
Profit - revenue = expenses
Revenue + expenses = profit
Name one example of a land or natural resource used in a restaurant.
Water
Plastic utensils
Tablecloth
Menu card
Name one example of a land or natural resource used in a restaurant.
Wood
Plastic
Steel
Glass
Name one example of a land or natural resource used in a restaurant.
Salt
Chef
Menu
Table
Name one example of a land or natural resource used in a restaurant.
Animals=Meat
Plastic utensils
LED lights
Tablecloths
Name one example of a land or natural resource used in a restaurant.
Plants (vegetables/fruits)
Plastic utensils
LED lights
Wi-Fi routers
Metal chairs
Name one example of a land or natural resource used in a restaurant.
oil
plastic fork
menu card
tablecloth
Name one example of a labor resource used in a restaurant.
waiter/waitress
oven
menu
table
Name one example of a labor resource used in a restaurant.
hostess
oven
menu
table
Name one example of a labor resource used in a restaurant.
cook
oven
table
menu
Name one example of a labor resource used in a restaurant.
manager
oven
lettuce
table
Name one example of a labor resource used in a restaurant.
dishwasher (person)
oven
table
menu
Name one example of a labor resource used in a restaurant.
janitor
oven
table
menu
Name one example of a capital resource used in a restaurant.
oven
lettuce
waiter
menu
Name one example of a capital resource used in a restaurant.
plate
lettuce
waiter
menu
Name one example of a capital resource used in a restaurant.
cup
waiter
lettuce
customer
Name one example of a capital resource used in a restaurant.
silverware
lettuce
waiter
menu
Name one example of a capital resource used in a restaurant.
mixer
waiter
lettuce
menu
Name one example of a capital resource used in a restaurant.
drink dispenser
waiter
lettuce
customer
Name one example of a capital resource used in a restaurant.
dishwasher (machine)
lettuce (vegetable)
waiter (person)
menu (paper)
Name one example of a capital resource used in a restaurant.
paper
lettuce
salt
waiter
Name one example of a capital resource used in a restaurant.
computer
lettuce
waiter
menu
Directions: Fill in the Factors of Production chart with the amount of items required for each factor. (5 points) Capital Resources (list 10 things): Name one example of a capital resource used in a restaurant.
pen/pencil
lettuce
waiter
menu
Name one example of a capital resource used in a restaurant.
tables and chairs
waiters and chefs
menus and recipes
food ingredients
Name one example of entrepreneurship in a restaurant.
owner’s ideas and vision for the business
the chef cooking food
the waiter serving tables
the dishwasher cleaning plates
