Introduction To Business MCQ Test (Long)

150 Questions | Total Attempts: 249

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Introduction To Business Quizzes & Trivia

Questions and Answers
  • 1. 
    True or False: Goods can be physically weighed or measured, but services cannot.
    • A. 

      True

    • B. 

      False

  • 2. 
    Private wants are wants shared by many people and are satisfied by governments.
    • A. 

      True

    • B. 

      False

  • 3. 
    For the most part, local, state, and federal governments satisfy peoples wants.
    • A. 

      True

    • B. 

      False

  • 4. 
    Necessary wants are needs.
    • A. 

      True

    • B. 

      False

  • 5. 
    When your wants and needs conflict with your resources, you must make a choice.
    • A. 

      True

    • B. 

      False

  • 6. 
    Both individuals and societies have to deal with a shortage of resources.
    • A. 

      True

    • B. 

      False

  • 7. 
    To produce goods and services, a society needs natural resources, human resources, capital resources, and entrepreneurial resources.
    • A. 

      True

    • B. 

      False

  • 8. 
    We do not need labor to turn natural resources into goods and services.
    • A. 

      True

    • B. 

      False

  • 9. 
    Natural resources become factors of production when we use them to produce goods.
    • A. 

      True

    • B. 

      False

  • 10. 
    The economy of many countries is based on natural resources.
    • A. 

      True

    • B. 

      False

  • 11. 
    Inflation reduces the purchasing power of money.
    • A. 

      True

    • B. 

      False

  • 12. 
    Unemployment statistics are an important indicator of economic activity.
    • A. 

      True

    • B. 

      False

  • 13. 
    Every business cycle includes depression.
    • A. 

      True

    • B. 

      False

  • 14. 
    The Great Depression was an economic trough that spanned about ten years.
    • A. 

      True

    • B. 

      False

  • 15. 
    The United States has a very low GDP compared to other countries.
    • A. 

      True

    • B. 

      False

  • 16. 
    Most businesses and professions do not have their own codes of ethics.
    • A. 

      True

    • B. 

      False

  • 17. 
    Ethics can refer to personal, social, or professional behavior.
    • A. 

      True

    • B. 

      False

  • 18. 
    Stealing a few CDs from your job has no effect on society in general.
    • A. 

      True

    • B. 

      False

  • 19. 
    Businesses that treat workers poorly have higher morale and a lower turnover rate.
    • A. 

      True

    • B. 

      False

  • 20. 
    Businesses with good environmental records have better public relations.
    • A. 

      True

    • B. 

      False

  • 21. 
    The internet is a good arena for entrepreneurs to sell products and services.
    • A. 

      True

    • B. 

      False

  • 22. 
    All dot-coms operate on the internet.
    • A. 

      True

    • B. 

      False

  • 23. 
    A checklist is a good way to organize your thinking when you begin planning your own business.
    • A. 

      True

    • B. 

      False

  • 24. 
    You should be able to prepare a good business plan in about an hour.
    • A. 

      True

    • B. 

      False

  • 25. 
    Most businesses in the United States are small businesses.
    • A. 

      True

    • B. 

      False

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