Business Quiz

What is the primary purpose of a business?

• To lose money

• To provide jobs

• To make a profit

• To entertain people

Which of the following is NOT a main type of business organization?

• Sole Proprietorship

• Corporation

• Partnership

• Franchise

What is the term for statistical data about a population?

• Marketing

• Demographics

• Market Research

• Economics

Why is a logo important for a business?

• It makes products more expensive

• It helps people recognize the brand

• It replaces the business name

• It creates new products

What do businesses consider when setting prices?

• Competitor pricing

• Personal preferences

What are the 4 Ps of marketing?

• Product, Price, Place, Promotion

• Planning, Price, Product, Promotion

• People, Price, Packaging, Place

• Place, Product, Process, Promotion

What type of marketing program is "Buy One, Get One Free"?

• Loyalty Program

• Sponsorship

• Referral Program

• BOGO

What is the role of a business?

• To compete with other businesses

• To provide goods and services people value

• To eliminate all competition

• To collect taxes

What does a corporation allow owners to avoid?

• Personal liability

• Taxes

• Record-keeping

• Decision-making

Which is a disadvantage of a sole proprietorship?

• High start-up costs

• Shared liability