Quiz: Introduction To Business 101
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Welcome to the Introduction to Business 101 Quiz. This test is developed to test the fundamental knowledge of 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!
- 1.A person who risk both time and money to start and manage a business:
- A.
Overachiever
- B.
Supervisor
- C.
Entrepreneur
- D.
Narcissist
- 2.In business, stakeholders is 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.
- 3.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
- 4.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
- 5.Business is becoming more management-driven than customer-driven.
- A.
True
- B.
False
- 6.As of 2018, which country leads the world in manufacturing outputs?
- A.
United States
- B.
India
- C.
China
- 7.The activity of providing goods or services to others while operating at a profit is called a(n):
- A.
Consumer advocating.
- B.
Business.
- C.
Barter systems
- D.
None of the above.
- 8.Standard of living is the amount of goods and services people can buy with the money they have.
- A.
True
- B.
False
- 9.Define 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
- 10.Which items are the factors of production? I. Labor II. Land III. Capital IV. Knowledge V. Entrepreneurship
- A.
I only
- B.
I, II, and III
- C.
III, IV, and V
- D.
All of the above
- 11.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.
- 12.________ 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.
- 13.______ is an economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
- 14.The branch of economics that studies the operation of a nation's economy as a whole:
- A.
Reaganomics
- B.
Microeconomics
- C.
Free market
- D.
Macroeconomics
- 15.Who is considered to be the Father of Economics?
- A.
Adam Walsh
- B.
Frederick Taylor
- C.
Thomas Malthus
- D.
Thomas Carlye
- 16.The quantity of products that manufactures or owners are willing to sell at different prices at a specific time is called:
- 17.The quantity of products that people are willing to buy at different prices at a specific time is called:
- 18.The ______ price is the price determined by supply and demand. The equilibrium point.
- 19.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.
- 20.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
- 21.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.
- 22.______ _______ is the periodic rises and falls that occur in all economies over time.
- 23.Mixed economies benefits tend never feature a capitalist model.
- A.
True
- B.
False
- 24.What does GDP stand for?
- A.
Gross Domestic Product
- B.
Good Distribution Practice
- C.
Global Detection Probability
- D.
Global Data Pool
- 25.The consumer price index (CPI) measures changes in the ______ of about 400 goods and services that consumers buy. It contains monthly statistics to track inflation or deflation.
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