Intro to Business Terminology Quiz

Select your class from the list below:

• 8th Grade - B Class
• 7th Grade - A Class
• 7th Grade - B Class

What is a brand?

• A type of business loan
• The name, logo, or image that makes a product or company stand out
• A marketing strategy
• A type of business expense

Which of the following best describes brand loyalty?

• When a customer buys from different brands each time
• A marketing strategy to attract new customers
• Customer's consistent preference for a specific brand due to positive experiences
• A type of business competition

What is a business?

• Any activity where people sell goods or services to make money
• A type of government organization
• A charity that helps people
• A place where products are manufactured

What does competition mean in business?

• When businesses work together
• When two or more businesses try to win customers
• When a business has no rivals
• When customers compare prices

What is demand in business terms?

• How many people want to buy a product or service
• The supply of a product
• The cost of producing a good
• The profit a business makes

Which of the following best describes expenses?

• Money earned by a business
• Costs a business has to pay to make and sell its product or service
• The total value of a company
• The amount of products a business can produce

What is a 'good' in business terms?

• A physical item that people can buy and use
• A type of service
• A business strategy
• A form of advertising

What does income mean for a business?

• The money spent on advertising
• The cost of producing goods
• The money earned by selling goods or services
• The amount of products in stock

When does a business experience a loss?

• When it earns more money than it spends
• When it spends more money than it earns
• When it has equal income and expenses
• When it increases its production