Introduction To Business Quiz 101: Part #5

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About This Quiz

Step into the world of business with our "Introduction to Business Quiz 101," designed for individuals seeking a foundational understanding of key concepts. Whether you're a prospective entrepreneur, a student beginning a business course, or simply curious about business principles, this quiz provides an insightful exploration.

The quiz comprises several sections, starting with "Foundations of Business," where participants delve into fundamental concepts and terminology essential for a comprehensive understanding of commercial activities. The subsequent section, "Business Ethics and Social Responsibility," explores the ethical considerations and societal roles businesses navigate in our global landscape.

This quiz serves as a stepping stone, offering participants a broad overview of business fundamentals and setting the stage for deeper explorations into the world of commerce. Whether you're a beginner or looking to refresh your knowledge, this quiz is designed to enhance your understanding of key business principles. Good luck!

Business Fundamentals Quizzes & Trivia

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  • 2. 

    A mentor is a(n):

    • Peer working in the same industry

    • Supervisor

    • Experienced worker in an individual's field of interest

    • Top executive in the company

    Correct Answer
    A. Experienced worker in an individual's field of interest
    Explanation
    A mentor is an experienced worker in an individual's field of interest who provides guidance, support, and advice to help the mentee grow and develop in their chosen field. Mentors use their expertise and knowledge to assist the mentee in navigating their career path, offering insights, sharing experiences, and helping them overcome challenges. They serve as a trusted advisor and role model, helping the mentee gain valuable skills and knowledge that can contribute to their professional success.

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  • 3. 

    _______ is not an ethical violation by employees.

    • Overtime

    • Wasted time at work

    • Employee theft

    • Using the workplace computer for personal e-mail

    Correct Answer
    A. Overtime
    Explanation
    Overtime is not considered an ethical violation by employees because it is a practice that is often agreed upon and regulated by labor laws and employment contracts. While excessive overtime may lead to burnout and other negative effects, the act of working extra hours itself is not inherently unethical.

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  • 4. 

    ______ is a type of health insurance that provides protection against the high costs of serious illnesses or injuries.

    • Major medical insurance

    • Hospital insurance

    • Regular medical insurance

    • Surgical insurance

    Correct Answer
    A. Major medical insurance
    Explanation
    Major medical insurance is a type of health insurance that offers coverage for the expensive medical expenses related to serious illnesses or injuries. It typically provides protection against high costs such as hospital stays, surgeries, and other specialized treatments. This insurance is designed to provide financial security and peace of mind in case of major health issues, ensuring that individuals are not burdened with excessive medical bills.

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  • 5. 

    _____ has an absolute advantage in coffee production.

    • Canada

    • The United States

    • Brazil

    • Ireland

    Correct Answer
    A. Brazil
    Explanation
    Brazil has an absolute advantage in coffee production because it is the largest producer and exporter of coffee in the world. The country has a favorable climate and geographical conditions that are ideal for growing coffee beans. Brazil also has a long history and expertise in coffee cultivation, which has allowed it to develop efficient and advanced production techniques. As a result, Brazil is able to produce coffee at a lower cost and in larger quantities compared to other countries, giving it a clear advantage in coffee production.

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  • 6. 

    The difference between a country's total exports and total imports is called the:

    • Foreign debt

    • Balance of trade

    • Trade surplus

    • Trade deficit

    Correct Answer
    A. Balance of trade
    Explanation
    The balance of trade refers to the difference between a country's total exports and total imports. It is a measure of the net value of goods and services that a country exports or imports. If a country's exports exceed its imports, it is said to have a trade surplus, while if imports exceed exports, it is a trade deficit. The balance of trade is an important indicator of a country's economic performance and can have implications for its currency value and overall economic health.

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  • 7. 

    Which one of the following is not one of the major principles of the U.S. economic system?

    • Profit

    • Freedom of choice

    • Private property

    • Tradition

    Correct Answer
    A. Tradition
    Explanation
    The major principles of the U.S. economic system include profit, freedom of choice, and private property. However, tradition is not considered one of the major principles. The U.S. economic system is primarily based on capitalist principles, where individuals and businesses have the freedom to make their own economic decisions and pursue profit. Private property rights are also fundamental, allowing individuals to own and control resources. While tradition may influence certain aspects of the economy, it is not a core principle in the same way as profit, freedom of choice, and private property.

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  • 8. 

    _____ represent an example of a variable expense.

    • Groceries

    • Mortgages payments

    • Rent payments

    • Insurance premiums

    Correct Answer
    A. Groceries
    Explanation
    Groceries represent an example of a variable expense because the amount spent on groceries can vary from month to month. Unlike fixed expenses such as mortgage payments, rent payments, and insurance premiums, which remain constant, the cost of groceries can fluctuate depending on factors such as the number of people in the household, dietary preferences, and inflation. Therefore, groceries are considered a variable expense as their amount can change and is not fixed.

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  • 9. 

    _____ is not a utility company.

    • The gas company

    • A gas station

    • A telephone company

    • The electric company

    Correct Answer
    A. A gas station
    Explanation
    A gas station is not a utility company because it does not provide essential services such as gas, electricity, water, or telecommunications to households or businesses. While a gas station does provide fuel for vehicles, it does not fall under the category of a utility company that supplies basic necessities for daily living.

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  • 10. 

    When a company has a code of ethics:

    • It should stress forbidden actions rather than acceptable behavior

    • Employees will always know how to behave under different circumstances

    • Employees are frequently unaware of rules for using the computer at work

    • It will more easily be able to identify proper employee behavior

    Correct Answer
    A. Employees will always know how to behave under different circumstances
    Explanation
    When a company has a code of ethics, it provides clear guidelines and standards for employee behavior in various situations. This ensures that employees have a clear understanding of what is expected from them and how they should conduct themselves. By having a code of ethics, the company promotes a culture of integrity and professionalism, where employees are aware of the appropriate actions to take in different circumstances. This helps to minimize confusion and ambiguity, and allows for consistent and ethical decision-making throughout the organization.

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  • 11. 

    A tax that a government places on certain products is called a(n):

    • Excise tax

    • Tariff

    • Embargo

    • Quota

    Correct Answer
    A. Tariff
    Explanation
    A tax that a government places on certain products is called a tariff. Tariffs are used to protect domestic industries by making imported goods more expensive, thus encouraging consumers to buy domestically produced goods. This tax is imposed at the border and is usually a percentage of the value of the imported product. By implementing tariffs, governments can control trade and protect their own industries from foreign competition.

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  • 12. 

    The ____ is a name given to a product or service to distinguish it from other similar and competitive items.

    • Logo

    • Patent

    • Logo

    • Copyright

    Correct Answer
    A. Logo
    Explanation
    A logo is a name given to a product or service to distinguish it from other similar and competitive items. A logo is a visual symbol or design that represents a brand or company. It is used to create brand recognition and differentiate a product or service from others in the market. A logo can be a combination of text and graphics, and it plays a crucial role in establishing the identity and reputation of a business.

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  • 13. 

    The government of a particular country owns and controls all economic resources and decides how those resources will be used. This is an example of a:

    • Market economy

    • Traditional economy

    • Laissez-faire economy

    • Command economy

    Correct Answer
    A. Command economy
    Explanation
    A command economy is an economic system where the government has complete control over the allocation and distribution of resources. In this type of economy, the government makes all the decisions regarding production, pricing, and distribution of goods and services. The government owns all the resources and determines how they will be used and distributed among the population. This system is often associated with centrally planned economies where the government plays a dominant role in economic planning and decision-making.

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  • 14. 

    _____ is not a type of permanent life insurance:

    • Whole life insurance

    • Universal life insurance

    • Variable life insurance

    • Term life insurance

    Correct Answer
    A. Term life insurance
    Explanation
    Term life insurance is not a type of permanent life insurance because it provides coverage for a specific term or period of time, such as 10, 20, or 30 years. Unlike permanent life insurance policies like whole life, universal life, and variable life insurance, term life insurance does not accumulate cash value and does not provide coverage for the insured's entire lifetime. Once the term ends, the policy expires and the coverage ceases unless it is renewed or converted to a permanent policy.

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  • 15. 

    The warranty imposed by law and understood to apply even though it has not been stated is the:

    • Implied warranty

    • Statutory warranty

    • Express warranty

    • Guaranteed warranty

    Correct Answer
    A. Implied warranty
    Explanation
    An implied warranty is a warranty that is automatically imposed by law and is understood to apply even if it has not been explicitly stated. This means that regardless of whether or not a seller explicitly provides a warranty, the law assumes that certain warranties exist. These warranties include the warranty of merchantability, which guarantees that the product is fit for its intended purpose, and the warranty of fitness for a particular purpose, which guarantees that the product is suitable for a specific use as communicated by the buyer to the seller. Therefore, the correct answer is implied warranty.

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  • 16. 

    Which one of the following represents a strategy of how the U.S. government gets involved in business activities?

    • It tells businesses what they should produce and what they can charge their customers

    • It owns the most factors of prodcution

    • It tells people what jobs they will pursue

    • It attempts to prevent unfair business practices

    Correct Answer
    A. It attempts to prevent unfair business practices
    Explanation
    The correct answer is "it attempts to prevent unfair business practices." This represents a strategy of how the U.S. government gets involved in business activities because it shows that the government aims to regulate and enforce laws to ensure that businesses operate in a fair and ethical manner. By preventing unfair practices, such as monopolies or deceptive advertising, the government promotes competition and protects consumers. This involvement helps maintain a level playing field in the business environment and promotes a healthy economy.

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  • 17. 

    What is the type of insurance that protects a car owner against financial loss resulting from a wreck or rollover called?

    • Collision coverage

    • Uninsured motorist coverage

    • Liability coverage

    • Deductible coverage

    Correct Answer
    A. Collision coverage
    Explanation
    Collision coverage is the type of insurance that protects a car owner against financial loss resulting from a wreck or rollover. This coverage specifically covers the cost of repairs or replacement of the insured vehicle in the event of a collision with another vehicle or object. It is designed to provide financial protection to the car owner and help cover the expenses associated with repairing or replacing their vehicle after an accident.

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  • 18. 

    What does property tax revenue not pay?

    • Community parks

    • Police protection

    • Schools

    • Medicare and Medicaid

    Correct Answer
    A. Medicare and Medicaid
    Explanation
    Property tax revenue does not pay for Medicare and Medicaid. Property taxes are typically used to fund local government services such as community parks, police protection, and schools. Medicare and Medicaid, on the other hand, are federal healthcare programs that are funded through a combination of general tax revenue, payroll taxes, and other sources. Therefore, property tax revenue is not used to finance these healthcare programs.

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  • 19. 

    What happens each time a person makes a car payment?

    • The net income increases

    • The net worth is increased

    • The liabilities decrease

    • The disposable income increases

    Correct Answer
    A. The liabilities decrease
    Explanation
    Each time a person makes a car payment, the liabilities decrease. This is because a car payment is typically a repayment of a loan or financing agreement, which is considered a liability. As the person makes regular payments, the outstanding balance on the loan decreases, reducing their overall liabilities.

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  • 20. 

    An important first step in the career planning process is:

    • Personal assessment

    • Employment market analysis

    • Career development

    • Application process

    Correct Answer
    A. Personal assessment
    Explanation
    A personal assessment is an important first step in the career planning process because it involves self-reflection and understanding one's own skills, interests, values, and goals. By conducting a personal assessment, individuals can gain clarity on their strengths and weaknesses, identify their passions and interests, and determine what they want to achieve in their careers. This self-awareness is crucial in making informed decisions about career paths and setting realistic goals. Without a personal assessment, individuals may struggle to align their career choices with their personal aspirations and may end up in unsatisfying or mismatched jobs.

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  • 21. 

    Government in the market economy is not concerned with:

    • Providing services for members of society

    • Regulating utilities and promoting competition

    • Providing information to businesses

    • Taking over private industries

    Correct Answer
    A. Taking over private industries
    Explanation
    In a market economy, the government's role is primarily focused on creating an environment that promotes competition, regulating utilities to ensure fair practices, and providing information to businesses. However, taking over private industries is not a concern for the government in a market economy. Instead, the government allows private businesses to operate independently and compete with each other. This allows for a free market system where businesses can thrive and innovate without government interference.

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  • 22. 

    The making, buying, and selling of goods and services within a country is called:

    • International business

    • Export business

    • World trade global dependancy

    • Domestic business

    Correct Answer
    A. Domestic business
    Explanation
    The correct answer is domestic business because it refers to the economic activities that take place within a country's borders. This includes the production, distribution, and consumption of goods and services within the domestic market. It does not involve international trade or transactions with other countries.

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  • 23. 

    Bodily injury liability auto insurance does not cover:

    • Pedestrians

    • The policyholder

    • Passengers riding with the policyholder

    • People in the other cars

    Correct Answer
    A. The policyholder
    Explanation
    Bodily injury liability auto insurance covers injuries caused to others in an accident, but it does not cover injuries sustained by the policyholder themselves. This means that if the policyholder is injured in a car accident, their bodily injury liability insurance will not provide coverage for their own medical expenses or injuries. The policyholder would need to have additional coverage, such as personal injury protection or medical payments coverage, to have their own injuries covered.

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  • 24. 

    The ____ is a type of money order typically issued by travel agencies, supermarkets, pharmacies, and convenience stores.

    • Cashier's check

    • Express money order

    • Postal money order

    • Bank money order

    Correct Answer
    A. Express money order
    Explanation
    An express money order is a type of money order that is commonly issued by travel agencies, supermarkets, pharmacies, and convenience stores. This type of money order is designed to be a convenient and secure method of payment for individuals who need to send money quickly and easily. It is a popular choice for those who need to make urgent payments or send money to someone in a different location.

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  • 25. 

    What is the Egoism principle?

    • Involves personal action for the good of the team

    • Involves action that serves the person's long-term interests

    • Trades individual well-being for team well-being

    • Considers the feelings of others

    Correct Answer
    A. Involves action that serves the person's long-term interests
    Explanation
    The Egoism principle refers to the belief that individuals should prioritize their own long-term interests when making decisions or taking actions. This means that individuals should act in a way that benefits themselves in the long run, rather than sacrificing their own well-being for the sake of others or the team. It emphasizes self-interest and the pursuit of personal gain or benefit.

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  • 26. 

    Since Linda writes many checks each month, the____ checking account is probably the best choice for her.

    • Regular

    • Special

    • Interest-earning

    • Activity

    Correct Answer
    A. Regular
    Explanation
    Since Linda writes many checks each month, the regular checking account is probably the best choice for her. This is because a regular checking account is designed for everyday banking activities, such as writing checks, making withdrawals, and managing day-to-day expenses. It does not offer any special features or benefits like interest-earning or activity-specific accounts. Therefore, considering Linda's need for frequent check writing, a regular checking account would be the most suitable option for her.

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  • 27. 

    Police and fire protection are usually provided by ___ in the United States.

    • Federal government

    • State government

    • Corporations

    • Local government

    Correct Answer
    A. Local government
    Explanation
    Police and fire protection are usually provided by local government in the United States. Local government entities, such as cities, counties, and townships, are responsible for maintaining law enforcement agencies and fire departments within their jurisdiction. This allows for a more localized approach to public safety, as these agencies can tailor their services to the specific needs of their community. Additionally, the funding for these services often comes from local taxes and fees, further emphasizing the role of local government in providing police and fire protection.

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  • 28. 

    When an item is not received or returned and the item is billed to the customer's credit card, the customer has __ to dispute it.

    • 60 days

    • 90 days

    • 120 days

    • 30 days

    Correct Answer
    A. 60 days
    Explanation
    When an item is not received or returned and the item is billed to the customer's credit card, the customer has 60 days to dispute it. This time frame allows the customer a reasonable period to review their credit card statement, identify any unauthorized charges, and raise a dispute with the credit card company. It also provides a window for the customer to contact the merchant and attempt to resolve the issue before escalating it further. By setting a 60-day limit, it ensures that customers have a fair opportunity to address any billing discrepancies and protect their rights as consumers.

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  • 29. 

    The ______ is someone hired to solve specific problems.

    • Evaluator

    • Supervisor

    • Trouble-shooter

    • Whistle blower

    Correct Answer
    A. Trouble-shooter
    Explanation
    A trouble-shooter is someone hired to solve specific problems. They are typically skilled at identifying and resolving issues or difficulties that arise in various situations. Whether it is technical problems, organizational challenges, or any other kind of issue, a trouble-shooter is someone who is brought in to assess the situation, find the root cause of the problem, and implement effective solutions. They are known for their problem-solving abilities and their ability to think critically and analytically.

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  • 30. 

     What is the recommended length of a résumé?

    • One to two pages

    • The length necessary to include all pertinent information

    • Three pages

    • No more than one page

    Correct Answer
    A. One to two pages
    Explanation
    A résumé should ideally be one to two pages long. This length allows for a concise and focused document that includes all the necessary and relevant information about an individual's qualifications, skills, and experiences. A résumé that is too short may not provide enough information to effectively showcase an individual's abilities, while a résumé that is too long can be overwhelming and may contain unnecessary details. Therefore, keeping the résumé within the recommended length ensures that it is comprehensive yet concise, making it easier for employers to review and assess the candidate's suitability for a position.

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Quiz Review Timeline (Updated): Dec 12, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Dec 12, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 12, 2013
    Quiz Created by
    Snohomishfbla

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