Business Fundamentals Week 1 Review

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Test your knowledge on the main goals of a business, the impact of technology, and the role of entrepreneurs.

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Questions 17

Answers

1
What is a loss in business?
Equal revenue and expenses
Profit generation
Expenses exceed revenue
Revenue exceeds expenses
2
Which era focused on branding?
Production Era
Marketing Era
Relationship Era
Entrepreneurship Era
3
Which era emphasizes relationships?
Production Era
Relationship Era
Marketing Era
Entrepreneurship Era
4
What is the relationship between price and value?
Price is irrelevant
Price equals value
Value is fixed
Value is subjective
5
When did the Industrial Revolution occur?
Early 1900s
Mid-1700s
21st century
Late 1800s
6
Which factor is NOT a part of production?
Natural resources
Capital
Marketing
Entrepreneurship
7
True or false: Businesses must avoid all risks
False
True
8
What is free trade?
Restricts goods flow
Increases tariffs
Limits trade agreements
Promotes goods flow
9
Why is worker satisfaction important?
Increases turnover
Boosts productivity
Reduces costs
Limits innovation
10
Which is a factor of production?
Human resources
Sales techniques
Customer service
Marketing strategies
11
What is the quality of life?
Economic stability
Overall well-being
Profit margins
Product availability
12
What is business technology?
Natural resources
Digital tools
Physical products
Human resources
13
How does technology impact businesses?
Limits growth
Increases efficiency
Reduces profits
Slows down processes
14
What defines a nonprofit?
Market-driven
Product-focused
Mission-driven
Profit-driven
15
What is the main goal of a business?
Adhere to ethics
Generate profit
Avoid risks
Evaluate market
16
How do businesses contribute to society?
Through innovation
By reducing jobs
By creating losses
By increasing costs
17
Who are entrepreneurs?
Managers
Employees
Investors
Risk-takers

Business Fundamentals Week 1 Review Flashcards | StudBud