The Ultimate Business Fundamentals Quiz!

129 Questions | Total Attempts: 118

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Introduction To Business Quizzes & Trivia

Questions and Answers
  • 1. 
    The amount of goods and services people can buy with the money they have is called their: 
    • A. 

      Nominal income

    • B. 

      Consumer price index

    • C. 

      Profit margin

    • D. 

      Standard of living

  • 2. 
    An entrepreneur risks time and money to start and manage a business
    • A. 

      True

    • B. 

      False

  • 3. 
    Backstreet Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million
    • A. 

      True

    • B. 

      False

  • 4. 
     Political freedom, quality education, access to health care, and a clean environment are all factors that contribute to an improved quality of life. 
    • A. 

      True

    • B. 

      False

  • 5. 
    Productivity is the amount of output you generate given the amount of input such as hours worked. 
    • A. 

      True

    • B. 

      False

  • 6. 
    Empowerment means giving frontline workers the responsibility, authority, and freedom to respond quickly to customer requests.
    • A. 

      True

    • B. 

      False

  • 7. 
    The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's: 
    • A. 

      Market makers

    • B. 

      Economic environment

    • C. 

      Stakeholders

    • D. 

      Social mentors

  • 8. 
    The resources that contribute to the creation of wealth are known as ________. 
    • A. 

      Production coefficients

    • B. 

      Factors of production

    • C. 

      Production technologies

    • D. 

      Production agregates

  • 9. 
    Efficiency means: 
    • A. 

      Producing the desired result.

    • B. 

      Producing goods and services using the least amount of resources.

    • C. 

      The amount of output you generate given the amount of input.

    • D. 

      The buying and selling of goods using the most amount of resources.

  • 10. 
    The two main types of e-commerce are: 
    • A. 

      Online and offline.

    • B. 

      EDI and EDC.

    • C. 

      Wholesale and retail

    • D. 

      B2B and B2C

  • 11. 
    Macroeconomics is the economic perspective that looks at the operation of a nation's economy as a whole. 
    • A. 

      True

    • B. 

      False

  • 12. 
    Microeconomics focuses on the decisions and behavior of people and organizations in particular markets. 
    • A. 

      True

    • B. 

      False

  • 13. 
    In capitalist countries, the government decides what to produce and how the goods and services will be produced
    • A. 

      True

    • B. 

      False

  • 14. 
    Demand refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.
    • A. 

      True

    • B. 

      False

  • 15. 
    The point of intersection between the supply and demand curves is called the stress point. 
    • A. 

      True

    • B. 

      False

  • 16. 
    Which of the following is a basic right under capitalism?
    • A. 

      Freedom of collusion

    • B. 

      Freedom from taxation.

    • C. 

      The right to vote.

    • D. 

      The right to compete.

  • 17. 
    A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to: 
    • A. 

       Decrease.

    • B. 

       Increase.

    • C. 

      Remain constant.

    • D. 

      Fluctuate randomly around its equilibrium value.

  • 18. 
    A typical demand curve shows that: 
    • A. 

      As people earn more income, they buy more of a good

    • B. 

      As supply increases, the amount purchased decreases.

    • C. 

      People tend to buy more of a good than they really want.

    • D. 

      People tend to buy more of a good when its price decreases.

  • 19. 
     __________ exists when the entire supply of a good is controlled by a single seller. 
    • A. 

      Perfect competition

    • B. 

      Oligopoly

    • C. 

      Pure Capitalism

    • D. 

      A monopoly

  • 20. 
    An oligopoly is a market that is characterized by: 
    • A. 

      One firm that totally dominates the supply of the product.

    • B. 

      A large number of small firms all producing very similar products.

    • C. 

      A few large sellers who dominate the market.

    • D. 

      Several small firms that compete primarily by differentiating their products.

  • 21. 
    Importing is the selling of products to another country. 
    • A. 

      True

    • B. 

      False

  • 22. 
    Exporting is the selling of products to another country. 
    • A. 

      True

    • B. 

      False

  • 23. 
    The country of Nelly exports $250 of goods and services and imports $170 of goods and services. Nelly has an unfavorable balance of trade of $80. 
    • A. 

      True

    • B. 

      False

  • 24. 
     Foreign direct investment refers to the buying of goods produced in another country
    • A. 

      True

    • B. 

      False

  • 25. 
     A complete ban on the import or export of a specific good is called an embargo
    • A. 

      True

    • B. 

      False

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