Are You Ready For A Business Studies Quiz?

7 Questions | Total Attempts: 4323

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Are You Ready For A Business Studies Quiz?

Are you geared up for a business studies quiz? This quiz covers all the basic concepts that are involved in the business world. For this quiz, you will have to to know what opportunity cost means, whether there are factors of production, what social enterprise entails, and what it means to legally use a business's name to sell the same items. This quiz is a must for business majors. Don't forget to take your certificate upon completion of this quiz.


Questions and Answers
  • 1. 
    What is the basic economic problem?
    • A. 

      Resources are available in infinite supply

    • B. 

      There aren’t enough needs and wants

    • C. 

      Unlimited wants and limited resources create scarcity

    • D. 

      Unlimited needs and limited resources creates scarcity

  • 2. 
    What are the factors of production?
    • A. 

      Land, labour, capital and enterprise

    • B. 

      Land, labour and enterprise

    • C. 

      Employment, ethics, age and gender

    • D. 

      There are no factors of production

  • 3. 
    Which is the best example of opportunity cost?
    • A. 

      There is a car and a bike you want to buy. You decide not to buy either

    • B. 

      Taxes, water and electricity bills

    • C. 

      There is a car and a bike you want to buy. You decide to buy them both

    • D. 

      There is a car and a bike you want to buy. You decide to buy the car instead of the bike

  • 4. 
    Which is NOT a business objective?
    • A. 

      Increase sales

    • B. 

      Scam customers

    • C. 

      Survive

    • D. 

      Make profits

  • 5. 
    Value added is... 
    • A. 

      Selling price + cost of goods sold

    • B. 

      Cost of goods sold - selling price

    • C. 

      Selling price - cost of goods sold

    • D. 

      Cost of goods sold + selling price

  • 6. 
    What is Social Enterprise?
    • A. 

      A business that gives all the profit to their owners

    • B. 

      An activity that achieves an reward for society

    • C. 

      Both are true

    • D. 

      None of the above is true

  • 7. 
    Define a franchise:
    • A. 

      Copying and modifying a company's name and logo

    • B. 

      Being hire by a firm and being promoted to manager of on of the shops

    • C. 

      The legal right to use the name and logo of an existing firm and sell he same products

    • D. 

      All of the above

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