Business Fundamentals Quiz

Debt financing involves:

• Borrowing money from a bank

• Selling ownership shares in a company

• Receiving government grants

• All of the above

A target market is:

• The entire population

• A specific group of customers that a business wants to reach

• Competitors

• Suppliers

Product differentiation involves:

• Making a product identical to competitors' products

• Making a product unique and different from competitors' products

• Reducing the price of a product

• Increasing the production of a product

Supply chain management involves:

• Managing the flow of goods and services from suppliers to customers

• Managing the production process

• Managing human resources

• Managing marketing and sales

Quality control involves:

• Ensuring that products and services meet customer expectations

• Reducing costs

• Increasing production

• Improving employee morale

Performance appraisal involves:

• Hiring new employees

• Training employees

• Evaluating employee performance

• Compensating employees

Intellectual property refers to:

• Tangible assets

• Intangible assets that are the result of human creativity

• Financial resources

• Physical

A contract is a legally binding agreement between:

• Two or more parties

• A business and a customer

• A government and a business

• None of the above

A breach of contract occurs when:

• A party to a contract fails to fulfill their obligations

• A contract is terminated

• A contract is amended

• A contract is formed

A trade agreement is a formal agreement between:

• Two or more countries

• A business and a customer

• A government and a business

• None of the above