Business Key Terms Quiz

7 Questions | By Kmmunroe | Last updated: Mar 21, 2022 | Total Attempts: 664

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Business studies are one of the most taught disciplines in the universities and this is because most people have the aim to become entrepreneurs these days other than hired workers. This therefore increases the need to understand some things about a business. Just how much do you know about some common business terms and their meaning? Take up this quiz to find out!

Questions and Answers

1.

A not-for-profit business is
- A.
  
  Is an organization that does charitable work, has no shareholders, may have paid staff but mainly relies on donations, grants and volunteers. Donations to them are tax deductible.
- B.
  
  Is a business, not a charity. There are no shareholders but members receive proceeds in relation to their investment. The goal is not to make money, however they do not except donations. In some cases all proceeds after expenses go to charity.
- C.
  
  An organization engaged in the trade of goods, services, or both to consumers.
2.

Anything ________ costs and expenses is profit.
- A.
  
  Above
- B.
  
  Below
- C.
  
  Equal to
3.

What describes the rational of how an organization creates delivers and captures value?
- A.
  
  Key business elements
- B.
  
  A business canvas
- C.
  
  A business model
- D.
  
  A business outline
4.

Business ethics are coming to know what it right or wrong in the workplace and doing what's right -- this is in regard to effects of products/services and in relationships with stakeholders.
- A.
  
  True
- B.
  
  False
5.

Check all that apply: What are the different forms of business ownership in the private sector?
- A.
  
  Franchise
- B.
  
  Non-profit
- C.
  
  Sole trader
- D.
  
  Co-operative
- E.
  
  Not-for-profit
- F.
  
  Public Limited Company
- G.
  
  Private Limited Company
- H.
  
  Partnerships
6.

It's a good idea to get into Senior health care businesses right now.
- A.
  
  True
- B.
  
  False
7.

There are four major industry sectors. Which one of these is not a major sector?
- A.
  
  Manufacturing Industries
- B.
  
  Resource Industries
- C.
  
  Service Industries and Consumer Products
- D.
  
  Technologies
- E.
  
  Agriculture Industries