Quiz: Questions About The General Business Elements

25 Questions | Total Attempts: 49

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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

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