Business 101
A _______ is an organization or activity that offers goods and services in an effort to earn a profit.
A. Business B. Corporation
C. Market D. Nonprofit
A. Business
Which of the following is NOT a main function of a business?
A. Distribution B. Finance
C. Management D. Sales
A. Distribution
Which of the following is NOT one of the four key components of the external environment?
A. Economic B. Legal
C. Political D. Technological
B. Legal
In order to be considered a business, an entity must:
A. Have a store B. Have a website
C. Try to earn a profit D. Have money
C. Try to earn a profit
Which of the following are the four factors of production?
A. Capital, Entrepreneurship, Human Resources, Natural Resources
B. Knowledge, Land, Machinery, and Power
A. Capital, Entrepreneurship, Human Resources, Natural Resources
Revenue - Expenses = ?
A. Breakeven B. Loss
C. Profit D. Sales
C. Profit
The process of promoting new products would be considered which function of business?
A. Management B. Marketing
C. Operations D. Sales
B. Marketing
This component of the external environment includes government policies and regulations:
A. Economic B. Legal
C. Political D. Technological
C. Political
This type of organization provides goods and services without seeking a profit:
A. Corporation B. Firm
C. Nonprofit D. Buisness
C. Nonprofit
Any natural resource that is used in the production of goods and services are considered which factor of production?
A. Technological B. Capital
C. Human Resources D. Natural Resources
D. Natural Resources
When expenses of a business are greater than its revenue, the business is said to have a __________.
A. Gain B. Loss
C. Return D. Profit
B. Loss
Tasks such as budgeting and raising capital are done by which function of a business?
A. Accounting B. Finance
C. Management D. Operations
B. Finance
Charities and volunteer service organization are examples of what?
A. Businesses B. Government
C. Nonprofit D. Service
C. Nonprofit
Which of the following is NOT one of the four main types of a business?
A. Manufacturing B. Merchandising
C. Warehousing D. Service
C. Warehousing
The physical, intellectual, and creative contributions of everyone working within a business are considered which factor of production?
A. Entrepreneurship B. Human Resources
C. Knowledge D. Power
B. Human Resources
The Supply Shack has to pay bills for utilities, wages, rent, insurance, supplies, and raw materials. These are examples of:
A. Earnings B. Expenses
C. Net Profit D. Revenue
B. Expense
Which function of business allocates company resources to efficiently produce products that consumers want?
A. Marketing B. Operations
C. Human Resources D. Sales
B. Operations
The goal of a nonprofit organization is to:
A. Contribute to society
B. Generate financial gain
C. Earn revenues higher than expenses
D. Offer products in order to earn a profit
A. Contribute to society
The Burger Shack sells fresh burgers and other popular quick meal options at their restaurant, as well as merchandise that can be purchased in store. What type of business is this?
A. Hybrid B. Warehousing
C. Merchandising D. Service
A. Hybrid
Which of the following factors of production would include tools, technology and buildings?
A. Capital B. Human Resources
C. Technological D. Entrepreneurship
A. Capital
In order to be considered a business, an entity must:
A. Earn a profit B. Spend money
C. Pursue a profit D. Have a building
C. Pursue a profit
Which function of business hires employees, trains employees and keeps up with employee relations?
A. Management B. Marketing
C. Human Resources D. Finance
C. Human Resources
Which business environment would include the attitudes, beliefs, norms, customs, and lifestyles of the consumer?
A. Political B. Social-Cultural
C. Technological D. Economic
B. Social-Cultural
A hairdresser cuts and styles hair for their clients. What type of business would this be considered?
A. Hybrid B. Warehousing
C. Merchandising D. Service
D. Service
Which of the following factors of production would include the work the engineer did to design the school bus that you rode to school on?
A. Human Resources B. Natural Resources
C. Capital D. Technological
A. Human Resources