Introduction To Business MCQ Quiz Part #2

44 Questions | Total Attempts: 785

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Introduction To Business MCQ Quiz Part #2

Introduction to Business Test


Questions and Answers
  • 1. 
    What are needs considered?
    • A. 

      Necessary Wants such as food, shelter, and clothing

    • B. 

      Extraneous wants that include basketballs, softballs, football, or dance shoes

    • C. 

      Luxury Items

  • 2. 
    A good can be physically weighed or measured.
    • A. 

      True

    • B. 

      False

  • 3. 
    A service is....
    • A. 

      Task that people or machines perform

    • B. 

      Product offered by individual businesses

    • C. 

      Business ideas provided by entrepreneurs

  • 4. 
    Most people have unlimited wants for goods and services.
    • A. 

      True

    • B. 

      False

  • 5. 
    The United States of America employs what type of economic system?
    • A. 

      Mixed Economy

    • B. 

      Socialism

    • C. 

      Free Enterprise

    • D. 

      Marxism

  • 6. 
    A loss is best defined as ...
    • A. 

      The amount of money by which total cost exceeds total revenue

    • B. 

      The amount of credit by which total revenue exceeds total revenue

    • C. 

      The amount of ethical dilemmas present in a company's integrity

  • 7. 
    If total revenue was $100.00 If total cost was $35.00 Your total profit is $65.00
    • A. 

      True

    • B. 

      False

  • 8. 
    As it pertains to choice, choosing is refusing.
    • A. 

      True

    • B. 

      False

  • 9. 
    Which of the following is the best example of opportunity cost?
    • A. 

      Studying late for a test, your opportunity cost is a good night's sleep

    • B. 

      Studying for a test and getting the answers correct on the test

    • C. 

      Moving to Denver for a new job

  • 10. 
    Which of the following is a synonym for utility?
    • A. 

      Wants

    • B. 

      Satisfaction

    • C. 

      Creation

    • D. 

      Economics

  • 11. 
    Which of the following is considered a tangible good?
    • A. 

      Accounting service

    • B. 

      Trash collection

    • C. 

      IBM computers

    • D. 

      Hair Styling

  • 12. 
    Which one of the following is not an example of the factors of production?
    • A. 

      Land

    • B. 

      Labor

    • C. 

      Capital

    • D. 

      Economic Decisions

  • 13. 
    The Soviet Union or Cuba is best described as what type of economic system...
    • A. 

      Command

    • B. 

      Market

    • C. 

      Free Enterprise

  • 14. 
    Which of the following is an example of public property?
    • A. 

      Roadways such as I-70

    • B. 

      Businesses

    • C. 

      Homes

    • D. 

      Bowling Alleys

  • 15. 
    A positive incentive is best characterized as which of the following?
    • A. 

      Causes a person to act in a positive or intended manner

    • B. 

      Emotion related to doing something for a price

    • C. 

      Performing a service for pay

  • 16. 
    What are the three things that competition leads to?
    • A. 

      Lower Prices, Better Quality, and Efficiency

    • B. 

      Efficiency, Cost Production, and Service Oriented Practices

    • C. 

      Lower Prices, Economic Output, and separate markets

  • 17. 
    What does the degree of competition affect the most?
    • A. 

      Decisions made by firms in that market

    • B. 

      Decisions made by consumers

    • C. 

      Decisions made by the government

  • 18. 
    In an oligopoly, how many firms are typically involved ni a particular market?
    • A. 

      Few

    • B. 

      Many

    • C. 

      One

  • 19. 
    In a monopoly, how many firms or businesses are involved in a particular market?
    • A. 

      Many

    • B. 

      Few

    • C. 

      One

  • 20. 
    What is the major goal of economics?
    • A. 

      To make businesses more money

    • B. 

      To make additional financial compensation for government

    • C. 

      To make people better-off through the use of choices

  • 21. 
    What do most situations in life involve?
    • A. 

      Choices due to scarcity

    • B. 

      Scarcity

    • C. 

      Opportunity Cost

    • D. 

      Business

  • 22. 
    What is a preference?
    • A. 

      A person's first choice

    • B. 

      A person's most valued opportunity

    • C. 

      A service business first sale of the year

  • 23. 
    Which one of the following is an alternative?
    • A. 

      Choosing Chipotle instead of Qdoba

    • B. 

      Going to the Mall

    • C. 

      Riding the Bus

  • 24. 
    Which of the following is the best definition for alternative?
    • A. 

      The different options from which you can choose

    • B. 

      The different choices that are made

    • C. 

      The different opportunity costs that are associated with making a choice

  • 25. 
    How is a trade-off different than an alternative?
    • A. 

      Alternatives have other choices only

    • B. 

      Trade-offs require something to be given up to get something

    • C. 

      Alternatives are inevitable