Quiz : Introduction To Business

22 Questions | By Hafer_student | Updated: Mar 10, 2023 | Attempts: 30677

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Welcome to the Introduction to Business Quiz. This test is developed to test your fundamental knowledge of business concepts and principles. If you are into business studies, we are sure that you'd like to test your basic knowledge of the topic. Please make sure to read all the questions carefully before answering. All the questions are compulsory. This informative quiz will surely expand your knowledge and make you think outside the box. You are free to attempt this quiz as many times as you like. Ready? So, let's start already!

Questions and Answers

1.

The quantity of products that people are willing to buy at different prices at a specific time is called:
2.

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
3.

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.
4.

What does GDP stand for?
- A.
  
  Gross Domestic Product
- B.
  
  Good Distribution Practice
- C.
  
  Global Detection Probability
- D.
  
  Global Data Pool
5.

Which is a phase of the business cycle?
- A.
  
  Economic boom and recession
- B.
  
  Depression
- C.
  
  Recovery
- D.
  
  All of the above
6.

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
7.

A person who risks both time and money to start and manage a business is called ___________.
- A.
  
  Overachiever
- B.
  
  Supervisor
- C.
  
  Entrepreneur
- D.
  
  Narcissist
8.

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.
9.

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
10.

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
11.

As of 2018, which country leads the world in manufacturing outputs?
- A.
  
  United States
- B.
  
  India
- C.
  
  China
- D.
  
  France
12.

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.
13.

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
14.

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
15.

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.
16.

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
17.

Who is considered to be the Father of Economics?
- A.
  
  Adam Smith
- B.
  
  Frederick Taylor
- C.
  
  Thomas Malthus
- D.
  
  Thomas Carlye
18.

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.
- D.
  
  None of the above
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
- D.
  
  None of the above
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
- D.
  
  GDP
22.

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