Quiz: Questions About The General Business Elements

25 Questions | By Johnrogers | Updated: Mar 22, 2022 | Attempts: 264

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Introduction To Business Quizzes & Trivia

Choose the correct answer.

Questions and Answers

1.

The upper limit to the amount that can be charged for a specific good or service is a:
- A.
  
  Price Ceiling
- B.
  
  Price Range
- C.
  
  Price Strategy
- D.
  
  Equilibrium Price
2.

People in an organization that make decisions and interpret policies are called:
- A.
  
  Marketing
- B.
  
  Management
- C.
  
  Advertising
- D.
  
  Human Resources
3.

An amount of money charged for the use of borrowed money or credit:
- A.
  
  Budget
- B.
  
  Loan
- C.
  
  Bank Fee
- D.
  
  Interest
4.

What term means all of the following: planning, designing, selling, promoting, and servicing of products?
- A.
  
  Management
- B.
  
  Marketing
- C.
  
  Advertising
- D.
  
  Finance
5.

What type of business is owned by the stockholders?
- A.
  
  Partnership
- B.
  
  Corporation
- C.
  
  Sole Proprietorship
- D.
  
  Cooperative
6.

Which economic system allows the means for production and distribution to be privately owned?
- A.
  
  Socialism
- B.
  
  Marxism
- C.
  
  Capitalism
7.

What do you call a statement that is attached to a product giving information about its contents?
- A.
  
  Libel
- B.
  
  Label
- C.
  
  Packaging
- D.
  
  Warranty
8.

Pilferage is another name for?
- A.
  
  The age of a pilfer
- B.
  
  Employer Compensation
- C.
  
  Employee Theft
9.

An actual count of the merchandise in stock is called?
- A.
  
  Physical Inventory
- B.
  
  Physical Distribution
- C.
  
  Merchandising
10.

A salesperson who meets the customers face to face and persuades them to buy, is involved in what type of selling?
- A.
  
  Organizational Selling
- B.
  
  Telemarketing
- C.
  
  Personal Selling
- D.
  
  Team Selling
11.

The person to whom a check is written is called the?
- A.
  
  Payee
- B.
  
  Payer
- C.
  
  Checker
- D.
  
  Checkee
12.

When two or more people operate a business and share the profits and losses, they own what type of business?
- A.
  
  Corporation
- B.
  
  Partnership
- C.
  
  Franchise
- D.
  
  Cooperative
13.

Name the diagram that shows the positions, responsibilities, and reporting lines of personnel in a business?
- A.
  
  Balance Sheet
- B.
  
  Company Code of Conduct
- C.
  
  Organizational Chart
- D.
  
  The Diagram of Doom
14.

What is the term that means, "Let the buyer beware."
- A.
  
  Caveat Emptor
- B.
  
  Caveat Venditor
- C.
  
  E pluribus unum
- D.
  
  Veni, vidi, vici
15.

Name the person who buys the merchandise that a retail store carries in stock.
- A.
  
  Employee
- B.
  
  Retailer
- C.
  
  Consumer
- D.
  
  Customer
16.

When an individual or business has debts that are greater than their assets and cannot be paid, they are in a state of?
- A.
  
  Profit
- B.
  
  Bankruptcy
- C.
  
  Growth
- D.
  
  Expansion
17.

A report that tells the financial status of a business?
- A.
  
  Balance Sheet
- B.
  
  Income Statement
- C.
  
  Quarterly Earnings Report
- D.
  
  Individual Expense Report
18.

A system of recording that shows a retailer the goods he has on hand, the items he has sold and their value?
- A.
  
  Physical Inventory
- B.
  
  Inventory Control
- C.
  
  Return on Investment
- D.
  
  Record Keeping
19.

The arrangement of the Advertising copy and art on the printed page?
- A.
  
  Layout
- B.
  
  Heading
- C.
  
  Copy
- D.
  
  Text
20.

A sale that the retailer uses to remove leftover items from the selling floor?
- A.
  
  Lost Leader
- B.
  
  Liquidation Sale
- C.
  
  Clearance Sale
- D.
  
  Seasonal Sale
21.

A system by which assortments of similar merchandise are offered at the same prices, for example, $100, $150, and $200 suits?
- A.
  
  Price Fixing
- B.
  
  Brands
- C.
  
  Product Lines
- D.
  
  Price Lines
22.

Products that carry the label of the retailer who sells them rather than the manufacturer's brand name is called what?
- A.
  
  Private Brands
- B.
  
  Family Brands
- C.
  
  Service Brands
- D.
  
  Corporate Brands
23.

You have limited liability when you invest in this type of business?
- A.
  
  Sole Proprietorship
- B.
  
  Partnership
- C.
  
  Franchise
- D.
  
  Corporation
24.

A person who assumes the responsibility and the risk for starting and operating a business?
- A.
  
  Manager
- B.
  
  Entrepreneur
- C.
  
  Administrator
- D.
  
  Stockholder
25.

The continuous striving of businesses to gain larger shares of their respective markets?
- A.
  
  Market Share
- B.
  
  Market Potential
- C.
  
  Competition
- D.
  
  Market Vulnerability