Can You Answer These Basic Business Questions?

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| By Toyaxx
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Quizzes Created: 1 | Total Attempts: 105
Questions: 7 | Attempts: 105

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Introduction To Business Quizzes & Trivia

Reading quiz about a boy who starts a business.


Questions and Answers
  • 1. 

    What is an entrepreneur?

    • A.

      Some one who buys goods or services

    • B.

      Someone who works for someone else

    • C.

      Someone who creats an manages a business

    Correct Answer
    C. Someone who creats an manages a business
    Explanation
    The correct answer is "Someone who creates and manages a business." An entrepreneur is an individual who takes the initiative to start a new business venture, assuming the financial risks and responsibilities involved in managing and organizing it. They are responsible for identifying opportunities, developing innovative ideas, and turning them into profitable businesses. Entrepreneurs are known for their ability to take calculated risks, make strategic decisions, and drive the growth and success of their businesses.

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  • 2. 

    Someone who provides goods and services for sale is a:

    • A.

      Producer

    • B.

      Consumer

    • C.

      Entrpreneur

    Correct Answer
    C. Entrpreneur
    Explanation
    An entrepreneur is someone who starts and manages a business, taking on financial risks in order to do so. They identify opportunities, organize resources, and make decisions to produce goods or provide services for sale. This involves taking an active role in the production process and being responsible for the success or failure of the business. Therefore, an entrepreneur is the correct answer as they are the ones who provide goods and services for sale.

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  • 3. 

    What is a market Survey?

    • A.

      A survey of your friends asking if they think your buisness will succeed

    • B.

      Asking questions at the supermarket

    • C.

      A study that will tell you if there is a need for your business

    Correct Answer
    C. A study that will tell you if there is a need for your business
    Explanation
    A market survey is a study conducted to determine if there is a demand or need for a particular business. It involves gathering information from potential customers or target market to understand their preferences, opinions, and buying behavior. By conducting a market survey, businesses can gain insights into market trends, competition, and customer needs, which can help them make informed decisions and develop effective strategies to meet the demand and succeed in the market.

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  • 4. 

    A business goal should be _____________ and ______________________

    Correct Answer
    Specific and realistic
    Specific and unrealistic
    real and fake
    Explanation
    A business goal should be specific and realistic because it needs to clearly define what the organization wants to achieve and be attainable within the given resources and constraints. Setting specific goals helps in providing clarity and direction, making it easier to measure progress and success. Realistic goals ensure that they are achievable and can be accomplished within the available time, budget, and capabilities of the business. On the other hand, specific and unrealistic goals may not be feasible or practical, leading to frustration and failure. Real and fake goals are not applicable in the context of business goals as they do not provide any meaningful explanation.

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  • 5. 

    What is a mission statement?

    • A.

      An explaination of the purpose of a mission

    • B.

      A mission to help others

    • C.

      An explanation of what a business is trying to do

    Correct Answer
    C. An explanation of what a business is trying to do
    Explanation
    A mission statement is a concise statement that outlines the goals and objectives of a business. It explains what the business aims to achieve, its purpose, and the overall direction it wants to take. It serves as a guiding principle for the organization and helps in aligning its actions and decisions with its core values and objectives. A mission statement provides clarity and direction to employees, stakeholders, and customers about the business's intentions and aspirations.

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  • 6. 

    What is a contract

    • A.

      A paper that tells what the customer should do

    • B.

      A paper that tells how much a business will charge

    • C.

      An agreement between producer and consumer of what the customer will recieve and how much he or she will pay

    Correct Answer
    C. An agreement between producer and consumer of what the customer will recieve and how much he or she will pay
    Explanation
    A contract is a legally binding agreement between a producer and a consumer that outlines the terms and conditions of a transaction. It specifies what the customer will receive and how much they will pay for it. This document serves as a mutual understanding and protection for both parties involved, ensuring that each party fulfills their obligations as agreed upon.

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  • 7. 

    What are expenses?

    • A.

      Money paid to a producer

    • B.

      Money spent in order to provide good and services

    • C.

      Money spent as a consumer

    Correct Answer
    B. Money spent in order to provide good and services
    Explanation
    Expenses refer to the money spent in order to provide goods and services. This includes any costs incurred in the production or provision of these goods and services, such as raw materials, labor, utilities, and other related expenses. Expenses are essential for businesses to operate and generate revenue, as they are necessary for the creation and delivery of products or services to customers.

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