Introduction To Business

Which of the following is NOT a primary function of business?

• Marketing

• Finance

• Human Resources

• Entertainment

What term refers to the process of identifying market opportunities and turning them into products or services that customers will buy?

• Marketing

• Production

• Entrepreneurship

• Management

Which economic system relies on private ownership of businesses and resources, with minimal government intervention?

• Capitalism

• Socialism

• Communism

• Mercantilism

Which of the following is an example of a "SWOT" analysis in business?

• Identifying strengths, weaknesses, opportunities, and threats

• Studying sales, wages, operations, and taxes

• Analyzing supply, demand, costs, and competition

• Assessing risks, rewards, profit, and loss

The process of transforming raw materials into finished goods is known as:

• Distribution

• Marketing

• Production

• Advertising

The process of finding, attracting, and hiring new employees is known as:

• Training

• Compensation

• Recruitment

• Performance Appraisal

Which type of business organization is characterized by having unlimited liability for its owners?

• Corporation

• Partnership

• Sole Proprietorship

• Limited Liability Company (LLC)