Unit 1 Test Intro to Business

Imagine James and Harper both run lemonade stands on the same street. What is the term for the contest between their businesses to win customers' business and loyalty?

• Needs

• Competition

• Marketing

• Partnership

Daniel, Nora, and Ava are planning a camping trip! They need to pack items that are absolutely necessary for their survival, like clothing, food, and shelter. What do we call these essential items?

• Needs

• Wants

Olivia, Arjun, and Samuel are making a wish list for their dream classroom. They add some items that would be nice to have, but aren't really necessary. What do we call these kinds of items?

• Needs

• Wants

Grace loves shopping for the latest gadgets, while Aria enjoys trying out new ice cream flavors. What do we call a person like Grace or Aria who uses goods or services? Many times, they are also the customer (AKA: purchaser).

• Competition

• Accounting

• Consumer

• Sole Proprietorship

Rohan and Luna are running a shop where they sell items that can be physically weighed or measured, like clothing and candy. What are these items called?

• Goods

• Services

Ava needs a haircut and Kai wants his car washed. What do we call these helpful tasks that businesses perform for customers?

• Goods

• Services

Imagine James wants to start his own lemonade stand, and he wants to be the only boss! What type of business is James running?

• A partnership

• A Sole Proprietorship

• A Non Profit

• A corporation

Imagine Hannah, Mason, and Arjun want to start a lemonade stand together. What type of business are they creating?

• A corporation

• A Franchise

• A sole proprietorship

• A Partnership

Priya and Daniel are curious about how KFC restaurants around the world can use the same name and sell the same delicious chicken. What is the special contract called that allows a parent company to let others use its name and sell its goods or services?

• Franchise

• Corporation

• Multinational Corporation

• Non-profit organization

Oliver and Benjamin are discussing organizations that focus on helping others instead of making money. Which type of business is the American Red Cross, whose main goal is to provide a service rather than earn a profit?

• Franchise

• Sole Proprietorship

• Non-profit organization

• Multinational Corporation