A Characteristics Of A Business Quiz
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- 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.
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