Business Concepts Quiz 1

What are resources in a business context?

• Materials used to provide goods or services

• Finished products sold to customers

• Money earned from sales

• Customer feedback

Which of the following is an example of a durable good?

• Ice cream

• Sandwich

• Fridge

• Window cleaning

What is the role of 'enterprise' in a business?

• To provide equipment for production

• To identify opportunities and bring resources together

• To manage customer relations

• To sell finished products

Which of the following is a personal service?

• Catering services

• Window cleaning

• Selling clothes

• Producing machinery

What is the primary function of a business?

• To transform outputs into resources

• To transform resources into outputs

• To transform customers into products

• To transform products into customers

Which function involves understanding customers and promoting products?

• Finance function

• Operations function

• Marketing function

• Human resource function

What is the role of the human resource function in a business?

• Managing money and finances

• Recruiting and training staff

• Producing goods and services

• Marketing products

Which function is responsible for managing money and ensuring sufficient funds?

• Marketing function

• Operations function

• Finance function

• Human resource function

What does the interdependent nature of business activities mean?

• Business functions operate independently.

• Changes in one business function affect others.

• Marketing and finance are unrelated.

• Human resources do not impact production.

What is included in the business environment?

• Only internal factors of a business.

• Only technological changes.

• All factors outside of a business that can affect it.

• Only economic changes.