Test Your Knowledege Of Business Concepts With This Quiz!

Explanation
Wages and taxes that a company pays are considered expenses. Expenses are the costs incurred by a company in order to generate revenue. Wages are the payments made to employees for their work, while taxes are mandatory payments made to the government. Both of these expenses are necessary for the company to operate and generate revenue. Therefore, they are examples of expenses rather than revenue, loss, or profit.

Explanation
Cash flow refers to the movement of money into and out of a company. It represents the inflow and outflow of cash resulting from various activities such as sales, expenses, investments, and financing. It is an important financial metric that helps businesses assess their liquidity, solvency, and overall financial health. By monitoring cash flow, companies can ensure they have enough cash to meet their obligations, invest in growth opportunities, and make strategic financial decisions.

Explanation
Productivity is defined as the measure of how much work or output is produced in relation to the resources or input required to produce it. In other words, it is a measure of efficiency and effectiveness in utilizing resources to achieve desired outcomes. Therefore, the statement "Productivity means how much was done compared to what it took to do it" accurately reflects the concept of productivity, making the answer "True" correct.

Explanation
Profit is the amount of money that is left over after subtracting expenses from revenue. In other words, if there is money remaining after covering all expenses, it is considered as profit. Therefore, the given statement is true.

Explanation
China leads the world in manufacturing outputs as of 2018. This is because China has a large population, low labor costs, and a vast manufacturing infrastructure. The country has become a major global manufacturing hub due to its ability to produce a wide range of goods at competitive prices. China's manufacturing sector has experienced significant growth over the years, making it the top country in terms of manufacturing outputs.

Explanation
The statement is true because the standard of living refers to the level of wealth, comfort, and material goods that individuals or a group of people have access to. It is determined by the amount of goods and services that can be purchased with the money available. A higher standard of living means that individuals have more purchasing power and can afford a greater quantity and quality of goods and services, leading to a better quality of life.

Explanation
Productivity is a measure of efficiency and is calculated by dividing the output by the input. Therefore, the given statement accurately defines productivity as the amount of output generated in relation to the amount of input. Hence, the correct answer is True.

Explanation
A general rise in the prices of goods and services over time.