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Topic 1

Topic 1

Assessment

Quiz

Business

University

Hard

Created by

Esther Rachel

Used 4+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following best defines a business?

A non-profit organization providing volunteer services

An economic activity that involves the production, distribution, and exchange of goods and services

A government body that regulates laws

A financial institution for saving money

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Needs are different from wants because needs are:

Only available in stores

Luxury items we desire

Essential for survival like food and shelter

Unnecessary for daily life

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is an example of a capital good?

A smartphone

A washing machine

A delivery van used by a company

A packet of chips

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

True or False: Revenue is calculated as Revenue = Profit - Expenses.

True

False

5.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Match the business function to its primary responsibility:

1-Demand generation, 2-Product delivery, 3-Employee management, 4-Budgeting

1-Inventory, 2-Promotion, 3-Product design, 4-Training

1-Financial records, 2-Recruitment, 3-Supply chain, 4-Customer service

1-Customer service, 2-Marketing, 3-Product testing, 4-Procurement

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which of the following is an external stakeholder?

Employee

Manager

Shareholder

Customer

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Which market structure is characterized by many sellers offering similar but slightly differentiated products?

Monopoly

Oligopoly

Perfect Competition

Monopolistic Competition

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