Introduction To Business MCQ Quiz

22 Questions | By Hafer_student | Last updated: Mar 22, 2022 | Total Attempts: 26142

Questions

Settings

Create your own Quiz

Introduction To Business MCQ Quiz - Quiz

Welcome to the Introduction to Business MCQ Quiz. This test is developed to test your fundamental knowledge about business concepts and principles. If you are into business studies I think you'd like to test your basic knowledge of the topic. So, let's start already!

Questions and Answers

1.

As of 2018, which country leads the world in manufacturing outputs?
- A.
  
  United States
- B.
  
  India
- C.
  
  China
2.

Who is considered to be the Father of Economics?
- A.
  
  Adam Walsh
- B.
  
  Frederick Taylor
- C.
  
  Thomas Malthus
- D.
  
  Thomas Carlye
3.

The quantity of products that people are willing to buy at different prices at a specific time is called:
4.

The right to own land, to keep the majority of their profits, the right of freedom of competition and the right to freedom of choice are features of what economic system?
- A.
  
  Socialism
- B.
  
  Communism
- C.
  
  Marxism
- D.
  
  Capitalism
5.

What is inflation?
- A.
  
  The cost of producing services or goods.
- B.
  
  A situation in which price increases are slowing.
- C.
  
  A general rise in the prices of goods and services over time.
- D.
  
  None of the above.
6.

What does GDP stand for?
- A.
  
  Gross Domestic Product
- B.
  
  Good Distribution Practice
- C.
  
  Global Detection Probability
- D.
  
  Global Data Pool
7.

Which is a phase of the business cycle?
- A.
  
  Economic boom and recession
- B.
  
  Depression
- C.
  
  Recovery
- D.
  
  All of the above
8.

What is oligopoly?
- A.
  
  Total sales of an organization divided by the sales of the market they serve.
- B.
  
  A form of competition in which just a few sellers dominate the market.
- C.
  
  Assigning or allocating costs to a specified marketing activity.
9.

What is NAFTA?
- A.
  
  North American Fareston versus Tamoxifen Adjuvant
- B.
  
  Northern Apex Foreign Trade Association
- C.
  
  North American Fiscal Treaty Agreement
- D.
  
  North American Free Trade Agreement
10.

A person who risks both time and money to start and manage a business is called ___________.
- A.
  
  Overachiever
- B.
  
  Supervisor
- C.
  
  Entrepreneur
- D.
  
  Narcissist
11.

In business, stakeholders are defined as:
- A.
  
  Only the people that purchase goods or services from a business.
- B.
  
  Just the vendors that sells to the business.
- C.
  
  All the people who stand to gain or lose by the policies and activities of a business.
- D.
  
  Only the employees that are effected by the policies of a business.
12.

The amount of money a business earns above and beyond what it spends for salaries and other expenses is called:
- A.
  
  Savings
- B.
  
  Cash receipts
- C.
  
  Revenue
- D.
  
  Profit
13.

In order to gain a competitive edge on the competition, some companies focus on:
- A.
  
  Very low prices
- B.
  
  Greeting every customer
- C.
  
  Professional sales pitch
- D.
  
  Quality
14.

The activity of providing goods or services to others while operating at a profit is called a _____________.
- A.
  
  Consumer advocating.
- B.
  
  Business.
- C.
  
  Barter systems
- D.
  
  None of the above.
15.

Standard of living is the number of goods and services people can buy with the money they have. State true or false.
- A.
  
  True
- B.
  
  False
16.

What is revenue?
- A.
  
  The difference between the debit and the credit sides of an account.
- B.
  
  Total sales during a stated period.
- C.
  
  The money received by a business from customers.
- D.
  
  All of the above
17.

Productivity is __________________.
- A.
  
  The process of producing goods
- B.
  
  The amount of input you generate given the amount of output.
- C.
  
  The amount of output you generate given the amount of input.
- D.
  
  Revolt.
18.

The branch of economics that studies the operation of a nation's economy as a whole is called ______________.
- A.
  
  Reaganomics
- B.
  
  Microeconomics
- C.
  
  Free market
- D.
  
  Macroeconomics
19.

________ is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
- A.
  
  Economics
- B.
  
  Biology
- C.
  
  Chemistry
- D.
  
  Business
20.

The ______ price is the price determined by supply and demand.
- A.
  
  Cost price
- B.
  
  Selling price
- C.
  
  Market price
21.

The market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers to be different is called the ________________ competition.
- A.
  
  Monopolistic
- B.
  
  Oligopoly
- C.
  
  Perfect Competition Market
22.

The movement of goods and services without political or economical encumbrance is called __________.
- A.
  
  Free trade
- B.
  
  External trade
- C.
  
  Import trade