Business Concepts Quiz

What is revenue in a business context?

• Money left after expenses

• Total money earned

• Money spent on operations

• Profit minus expenses

What is profit in a business context?

• Total expenses

• Revenue plus expenses

• Revenue minus expenses

• Total assets

What is the main purpose of a non-profit organization?

• To maximize profit

• To serve the public good

• To compete in the market

• To generate revenue for shareholders

In a sole proprietorship, who is liable for all debts?

• The shareholders

• The partners

• The owner

• The government

How many people are required to form a partnership?

• One

• Two or more

• Five

• Fifteen

What is the minimum paid-up capital for a corporation in the Philippines (as stated in the text)?

• P1,000

• P2,000

• P5,000

• P10,000

Which economic system features mostly government-owned businesses?

• Capitalism

• Communism

• Socialism

• Free-market

What is a key role of business organizations in socioeconomic development?

• Reducing taxes

• Creating employment opportunities

• Increasing government regulation

• Decreasing competition

What does ethics enable a person to do?

• Discern right from wrong

• Maximize profit

• Avoid legal trouble

• Increase market share

What is a central concern of business ethics?

• Avoiding legal repercussions

• Ethical decision-making

• Maximizing shareholder value

• Increasing competition