Business Terms Quiz

What is the definition of 'business'?

• An activity to make a loss

• An activity for entertainment

• An activity to satisfy needs

• An activity to make a profit

What are 'needs' in the context of business?

• Things that are harmful

• Things that are not important

• Luxurious things in life

• Essential things in life

What are 'wants' in the context of business?

• Essential things in life

• Things that are harmful

• Luxurious things in life

• Things that are not important

Who is a 'customer'?

• A person that buys or consumes goods or services

• A person that sells goods or services

• A person that manufactures goods or services

• A person that doesn't engage in business

What is 'profit' in business?

• The total costs of a business

• The surplus remaining after total costs are deducted from total revenue

• The investment made in a business

• The total revenue of a business

What are 'goods' in the context of business?

• Intangible commodities that we cannot see, feel, and touch

• Money or resources used to start a business

• Tangible commodities that we can see, feel, and touch

• Services provided by businesses

What are 'services' in the context of business?

• Intangible commodities that we cannot see, feel, and touch but has the power to satisfy us

• Tangible commodities that we can see, feel, and touch

• The surplus remaining after total costs are deducted from total revenue

• The investment made in a business

Who is an 'entrepreneur'?

• A person who takes risk and contributes capital to start as well as sustain the business

• A person who buys goods and services

• A person who consumes goods and services

• A person who doesn't engage in business

What is a 'market' in the context of business?

• Interaction between buyers and sellers

• A place to buy groceries

• A place to buy clothes

• A place to buy electronics

What is 'capital' in the context of business?

• Money or resources used to start as well as sustain the business

• The surplus remaining after total costs are deducted from total revenue

• The total costs of a business

• The total revenue of a business