Business Basics Quiz for Grade 3

What is the term used to describe the money a business earns from selling goods or services?

• Expense

• Revenue

• Investment

• Debt

Which of the following is a basic marketing concept?

• Supply Chain

• Target Audience

• Balance Sheet

• Inventory

What happens to the price of a product when the demand is high but the supply is low?

• The price decreases

• The price stays the same

• The price increases

• The product is discontinued

• $30

• $70

• $100

• $170

Which type of business is owned by one person?

• Corporation

• Partnership

• Sole Proprietorship

• Cooperative

What is the term for the amount of goods available for sale?

• Demand

• Supply

• Revenue

• Profit

Which of the following is a type of business that is owned by shareholders?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

What is the main goal of marketing?

• To increase production

• To reduce costs

• To satisfy customer needs

• To hire more employees

• $200

• $300

• $500

• $800

What is the term for the desire of consumers to purchase goods and services?

• Supply

• Demand

• Inventory

• Revenue