BEP Unit 1 Key Concepts Quiz

What is the primary goal of a business?

• To engage in industrial activities

• To satisfy the needs, wants, and demands of consumers

• To provide professional services

• To create new inventions

What is an organisation?

• A group of people who come together for a particular purpose or reason

• A business that sells goods and services

• A nonprofit entity

• A type of commercial activity

What are commercial activities related to?

• Manufacturing and storage

• Selling goods and services to make a profit

• Providing professional services

• Operating strictly to help people in a community

What are industrial activities related to?

• Selling goods and services

• Manufacturing, storage, and material handling

• Providing professional services

• Helping people in a community

What is a professional activity?

• Selling goods and services

• Engaging in industrial activities

• Using knowledge and skills to provide a service

• Operating strictly to help people in a community

What are goods?

• Intangible items

• Services provided to others

• Items that can be seen and touched

• Opportunities for profit

What is a service?

• A tangible item

• Assistance to others without a physical item

• A type of industrial activity

• A nonprofit operation

What is a for-profit business?

• A business that operates strictly to help people

• A business that sells goods and services for profit

• A nonprofit organisation

• A business that provides professional services

What is profit?

• The total revenue of a business

• The sales income left after all costs and expenses

• The cost of goods sold

• The total expenses of a business

What is a non-profit organisation?

• A business that sells goods for profit

• An organisation that operates strictly to help people

• A group of people with a common purpose

• A type of industrial activity