Business Concepts Quiz

What is the primary goal of a business?

• To lose money

• To produce goods only

• To provide goods and services while making a profit

• To compete with other businesses

Which of the following is NOT a factor of production?

• Labor

• Capital

• Technology

• Market demand

Which of the following is an example of a fixed cost for a farm business?

• Seeds

• Tractor repairs

• Rent for farmland

• Feed for livestock

What is the difference between revenue and profit?

• Revenue is total income, profit is income after expenses

• Revenue is income after expenses, profit is total income

• Revenue includes taxes, profit does not

• There is no difference

Which business structure offers limited liability to its owners?

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

What is meant by the term 'entrepreneurship'?

• The practice of running a business

• The skill of creating and managing a business

• A government program for businesses

• A type of business that only focuses on agriculture

Which of the following would be classified as a short-term goal for an agricultural business?

• Expanding the business globally

• Paying off a loan within a year

Which of the following is an example of an input in an agricultural business?

• Farm equipment

• Crops harvested

• Profit from sales

• The land where crops are grown

What is the purpose of a business plan?

• To reduce taxes

• To outline the structure, goals, and financial plan of the business

• To help businesses avoid regulations

• To increase marketing costs

Which of the following is a type of business ownership where two or more people share control and profits?

• Sole proprietorship

• Partnership

• Corporation

• Franchise