Business Key Terms Quiz

1. Anything ________ costs and expenses is profit.

Above

Below

Equal to

The word "above" indicates that the costs and expenses are greater than the profit. This suggests that the profit is a positive amount, as anything greater than zero would be considered profit.

Explanation

The word "above" indicates that the costs and expenses are greater than the profit. This suggests that the profit is a positive amount, as anything greater than zero would be considered profit.

2. 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.

True

False

Business ethics refers to the principles and standards that guide behavior in the business world. It involves understanding what is morally right or wrong in the workplace and making decisions that align with ethical values. This includes considering the impact of products and services on society and maintaining ethical relationships with stakeholders such as employees, customers, suppliers, and the community. Therefore, the statement that business ethics involve knowing what is right or wrong in the workplace and doing what is right is true.

Explanation

Business ethics refers to the principles and standards that guide behavior in the business world. It involves understanding what is morally right or wrong in the workplace and making decisions that align with ethical values. This includes considering the impact of products and services on society and maintaining ethical relationships with stakeholders such as employees, customers, suppliers, and the community. Therefore, the statement that business ethics involve knowing what is right or wrong in the workplace and doing what is right is true.

3. It's a good idea to get into Senior health care businesses right now.

True

False

Getting into senior health care businesses right now is a good idea because the population of seniors is increasing, and there is a growing demand for healthcare services specifically tailored to their needs. Additionally, advancements in medical technology and increased awareness about senior health have created opportunities for businesses in this sector to thrive. By entering the senior health care industry, individuals or companies can tap into a potentially lucrative market and contribute to improving the well-being of seniors.

Explanation

Getting into senior health care businesses right now is a good idea because the population of seniors is increasing, and there is a growing demand for healthcare services specifically tailored to their needs. Additionally, advancements in medical technology and increased awareness about senior health have created opportunities for businesses in this sector to thrive. By entering the senior health care industry, individuals or companies can tap into a potentially lucrative market and contribute to improving the well-being of seniors.

4. What describes the rational of how an organization creates delivers and captures value?

Key business elements

A business canvas

A business model

A business outline

A business model describes the rational of how an organization creates, delivers, and captures value. It outlines the key business elements and provides a framework for understanding how the organization operates and generates revenue. It encompasses the overall strategy, target market, value proposition, revenue streams, cost structure, and key partnerships of the organization. A business model helps in identifying opportunities for growth and innovation, and is essential for the long-term success of any organization.

Explanation

A business model describes the rational of how an organization creates, delivers, and captures value. It outlines the key business elements and provides a framework for understanding how the organization operates and generates revenue. It encompasses the overall strategy, target market, value proposition, revenue streams, cost structure, and key partnerships of the organization. A business model helps in identifying opportunities for growth and innovation, and is essential for the long-term success of any organization.

5. A not-for-profit business is

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.

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.

An organization engaged in the trade of goods, services, or both to consumers.

A not-for-profit business is a type of organization that operates like a business, but its main goal is not to make money. It does not have shareholders, but instead, members receive proceeds based on their investment. Although it does not accept donations like a charity, it may allocate all proceeds after expenses to charitable causes in some cases.

Explanation

A not-for-profit business is a type of organization that operates like a business, but its main goal is not to make money. It does not have shareholders, but instead, members receive proceeds based on their investment. Although it does not accept donations like a charity, it may allocate all proceeds after expenses to charitable causes in some cases.

6. There are four major industry sectors. Which one of these is not a major sector?

Manufacturing Industries

Resource Industries

Service Industries and Consumer Products

Technologies

Agriculture Industries

The given options are Manufacturing Industries, Resource Industries, Service Industries and Consumer Products, Technologies, and Agriculture Industries. The question asks for the sector that is not a major sector. The other options are all major sectors in the industry, but Agriculture Industries is not considered a major sector.

Explanation

The given options are Manufacturing Industries, Resource Industries, Service Industries and Consumer Products, Technologies, and Agriculture Industries. The question asks for the sector that is not a major sector. The other options are all major sectors in the industry, but Agriculture Industries is not considered a major sector.

7. Check all that apply: What are the different forms of business ownership in the private sector?

Franchise

Non-profit

Sole trader

Co-operative

Not-for-profit

Public Limited Company

Private Limited Company

Partnerships

The different forms of business ownership in the private sector include franchise, sole trader, cooperative, public limited company, private limited company, and partnerships.

Explanation

The different forms of business ownership in the private sector include franchise, sole trader, cooperative, public limited company, private limited company, and partnerships.

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