Introduction to Business

_____ is the term for all activities involved in developing and exchanging products.

• Business

• Entrepreneurship

• Economics

• Corporation

Anything that is bought or sold is called a(n)_____.

• Item

• Service

• Business

• Product

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

• Store

• Workplace

• Restaurant

• Market

The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.

• Sales

• Profit

• Expenses

• Costs

The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.

• Supply and demand

• Physics

• Consumer behavior

• Business

The internal business environment consists of...

• factors that directly impact the organisation

• factors that influence the operations of the business

• factors that influence the wider environment in which the business operates

An example of an internal environmental factor is...

• Legal issues eg consumer law

• Suppliers

• Employees

• Competitors

Organisational culture is....

• The structure of the organisation - break down of roles and responsibilities

• The shared values, beliefs, expectations and attitudes of the people within the organisation (management and staff)

What is one factor of the external operating environment of a business?

• Customers

• Competitors

• Suppliers

• Interest Groups

• All of the above

Which of the following is INCORRECT about business?

• Business involves trading activities between buyer and seller

• Involve organized efforts and activities to produce and distribute goods and services for charity purpose.

• Business can be in the form of sole proprietorship, partnership or corporation

• Business is an economic activity, which is related with continuous and regular production and distribution of goods and services for satisfying human wants.