Intro To Business Intro Test

Question 1

A person who risks both time and money to start and manage and business.

Answer 1

Entrepreneur

Question 2

In business, stakeholders is defined as:

Answer 2

All the people who stand to gain or lose by the policies and activities of a business.

Question 3

The amount of money a business earns above and beyond what it spends for salaries and other expenses is called:

Answer 3

Profit

Question 3

As of 2018, which country leads the world in manufacturing outputs?

Answer 3

China

Question 4

The activity of providing goods or services to others at a profit is called a(n):

Answer 4

Business

Question 5

Define revenue”

Answer 5

Total sales during a stated period.

Question 6

Which items are the factors of production?
I. Labor
II. Land
III. Capital
IV. Knowledge
V. Entrepreneurship

Answer 6

All of the above

Question 7

Productivity is:

Answer 7

The amount of output you generate given the amount of input.

Question 8

The branch of economics that studies the operation of a nation’s economy as a whole:

Answer 8

Macroeconomics

Question 9

The right to own land, to keep the majority of their profits, the right of freedom of competition and the right to freedom of choice are features of what economic system?

Answer 9

Capitalism

Question 10

What does GDP stand for?

Answer 10

Gross Demestic Product

Question 11

What is inflation?

Answer 11

A general rise in the prices of goods and services over time.

Question 12

True or False: Business is becoming more management-driven than customer-driven.

Answer 12

False

Question 13

True or False: Mixed economies benefits tend never feature a capitalist model.

Answer 13

False

Question 14

True or False: Standard of living is the amount of goods and services people can buy with the money they have.

Answer 14

True