WorksheetsBusiness Unit 1 Vocab
Total questions: 20
Worksheet time: 3600secs
Which choice best defines profit in a business context?
Owner’s personal savings used to start the business
Cash collected from customers during the day
Total sales before any costs are deducted
Money remaining after paying business expenses
Profit motive is best described as what?
Desire to make money through work
Rule that sets prices in markets
Plan to reduce a company’s expenses
Law requiring taxes on business income
Competition in business mainly refers to what?
Method for tracking inventory levels
Process of hiring new employees
Contest to win customers and loyalty
Government checks on company safety
Which item is a need rather than a want?
Premium streaming service
Food for daily nutrition
Latest gaming console
Designer brand sneakers
Which example is a want, not a need?
Safe drinking water
Staple foods like rice
Upgraded smartphone model
Basic winter jacket
Who is a consumer in the marketplace?
Supplier delivering raw materials
Shareholder who owns company stock
Employee who manages the store
Person who uses goods or services
Which is a good rather than a service?
Tutoring session for math
Physical product like a new bicycle
Haircut performed by a stylist
Car wash completed by attendants
Which option best represents a service?
Physical device with features, like tablets
Boxed product sold on shelves, like CDs
Task performed for customers, like haircuts
Item that can be weighed, like apples
A sole proprietorship is defined as what?
Business owned by only one person
Company owned by government agencies
Business run entirely by volunteers
Firm owned by many stock traders
Which statement describes a partnership?
Organization serving society without profit
Contract to sell using a parent brand
Business separated legally from owners
Business owned by two or more people
What is a franchise arrangement?
Company that operates in multiple foreign countries
Business owned solely by one individual proprietor
Non-profit effort focused on public services
Contract to use parent company’s name and sell its goods
Which description fits a non-profit organization?
Firm owned by stockholders seeking dividends
Company selling goods for maximum earnings
Brand licensing model using parent trademarks
Business aiming to provide service rather than profit
A corporation is characterized by which feature?
Local shop licensed under a parent brand
Community group offering services free of charge
Small business managed by one proprietor
Separate legal entity owned by stockholders
What defines a multinational corporation?
Store operating under a franchise agreement
Organization focused on community service projects
Business with two owners working in one location
Company doing business and having facilities in many countries
Which business function focuses on recording and reporting a company’s financial data?
Management and leadership activities
Human resources and personnel
Accounting and financial reporting
Marketing and consumer promotion
A team is planning and directing the work of several departments. Which function are they performing?
Accounting and financial data
Operations and daily activities
Management and leadership
Information technology infrastructure
Which function creates, promotes, and presents products to consumers?
Human resources and personnel
Marketing and consumer presentation
Operations and stakeholder value
Information technology systems
Which activities are part of operations in a business?
Creating and promoting products
Day-to-day running to produce value
Developing software applications
Hiring and training employees
Human resources mainly deals with which set of responsibilities?
Leading and directing projects
Installing computer hardware
Hiring, firing, and training staff
Financial reporting and analysis
Which department handles all things computer and system related?
Marketing
Human Resources
Information Technology
Management
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