A Characteristics Of A Business Quiz

23 Questions | Total Attempts: 57

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Business Study Quizzes & Trivia

Questions and Answers
  • 1. 
    Profit is the difference between earned income and costs.
    • A. 

      True

    • B. 

      False

  • 2. 
    Does marketing deal with money matters related to running a business?
    • A. 

      True

    • B. 

      False

  • 3. 
    Innovations refer only to the invention of new products.
    • A. 

      True

    • B. 

      False

  • 4. 
    Wholesalers and retailers are classified as industrial types of businesses.
    • A. 

      True

    • B. 

      False

  • 5. 
    The price of a product is determined primarily by
    • A. 

      Supply only

    • B. 

      Demand only

    • C. 

      Both supply and demand

    • D. 

      Competition

  • 6. 
    What type of business produces goods that other businesses use to make things?
    • A. 

      Industrial

    • B. 

      Service

    • C. 

      Commercial

    • D. 

      Mira's

  • 7. 
    A medical office is an example of
    • A. 

      An industrial business

    • B. 

      A commercial business

    • C. 

      A professional crackhouse

    • D. 

      A franchise

  • 8. 
    With advanced technology, what happens to the cost of each unit produced?
    • A. 

      Decreases

    • B. 

      Increases

    • C. 

      Remains about the same

    • D. 

      Raises the price by one trillion dollars.

  • 9. 
    Which of the following refers to a commitment of excellence?
    • A. 

      ESOP

    • B. 

      TQM

    • C. 

      GDP

    • D. 

      UFC

  • 10. 
    When workers become empowered, what happens to the quality of their work?
    • A. 

      Quality increases

    • B. 

      Quality decreases

    • C. 

      Quality remains about the same

    • D. 

      All of the above

  • 11. 
    Approximately what percentage of all businesses ceases operations within six to seven years of startup?
    • A. 

      10%

    • B. 

      35%

    • C. 

      50%

    • D. 

      98%

  • 12. 
    The two primary reasons for business failures are
    • A. 

      Inadequate planning and experience

    • B. 

      Economic and finance causes

    • C. 

      Overexpansion and neglect

    • D. 

      Inept owners and Inept workers

  • 13. 
    A nondurable good last longer than 3 years.
    • A. 

      True

    • B. 

      False

  • 14. 
    In return for payment of franchise fees, a franchisee is given
    • A. 

      Frequent flyer miles.

    • B. 

      Absolute independence.

    • C. 

      A guaranteed profit.

    • D. 

      Complete protection from business failure.

    • E. 

      Exclusive rights to sell the franchised product.

  • 15. 
    Occurs when an organization produces needed goods or services quickly at low cost.
    • A. 

      Efficiency

    • B. 

      Risk

    • C. 

      Downsize

    • D. 

      Effectiveness

  • 16. 
    The process of producing large quantities of identical goods.
    • A. 

      Empowerment

    • B. 

      Output

    • C. 

      Mass production

    • D. 

      Industry

  • 17. 
    All businesses within a category.
    • A. 

      Mall

    • B. 

      One-stop shop

    • C. 

      Industry

    • D. 

      Sweatshop

  • 18. 
    Few manufacturing firms and a population that is generally poor.
    • A. 

      USA

    • B. 

      Third world

    • C. 

      Industrial

    • D. 

      None of the above

  • 19. 
    One who starts, manages, and owns a business.
    • A. 

      Intrapreneur

    • B. 

      Franchisor

    • C. 

      Entrepreneur

    • D. 

      Franchisee

  • 20. 
    Cut back on goods and services provided.
    • A. 

      Downsize

    • B. 

      Risk

    • C. 

      Hire

    • D. 

      Expand

  • 21. 
    Occurs when an organization makes the right decisions about what products or services to offer.
    • A. 

      Franchisee

    • B. 

      Effectiveness

    • C. 

      Mass production

    • D. 

      Output

  • 22. 
    The parent company that provides a franchised product or service.
    • A. 

      Franchisor

    • B. 

      Franchisee

    • C. 

      France

    • D. 

      French fry

  • 23. 
    Which team will win tonight's football game?
    • A. 

      Mighty Moody Trojans!!!!!

    • B. 

      The Other Team.