A Characteristics Of A Business Quiz

23 Questions | By Bmart | Last updated: Mar 21, 2022 | Total Attempts: 216

Questions

Settings

Create your own Quiz

A Characteristics Of A Business Quiz - Quiz

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.