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Quiz 1_Chapter1-3

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Slide 1
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Quiz 1
This quiz will cover Chapter 1 until Chapter 3
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Question 2
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Q.
Which of the following is the definition of profit?
answer choices
the amount of money that a business earns after all expenses have been deducted from sales revenue
the amount of money invested by owners into a business
the gross income of the business after the end of its financial term
the amount of money that is paid to the government bodies yearly
<p>the amount of money that a business earns after all expenses have been deducted from sales revenue </p>
alternatives
<p>the amount of money invested by owners into a business </p>
<p>the gross income of the business after the end of its financial term </p>
<p>the amount of money that is paid to the government bodies yearly </p>
answer explanation
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Question 3
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Q.
Process of POLC is the organizational resources in order to achieve its goal. This statement refers to ______________functions of business.
answer choices
Finance
Marketing
Information system
Management
<p>Finance </p>
alternatives
<p>Marketing </p>
<p>Information system </p>
<p>Management </p>
answer explanation
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Question 4
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The activity of providing goods and services to fulfill customer’s needs and wants is termed as ______________.
answer choices
management
marketing
business
finance
<p>management </p>
alternatives
<p>marketing</p>
<p>business </p>
<p>finance </p>
answer explanation
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Question 5
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Q.
Mission is the _________ by which a business can fulfill its purpose. It indicates ________a business will achieve its purpose.
answer choices
way, goals
reason, when
means, how
result, what
<p>way, goals </p>
alternatives
<p>reason, when</p>
<p>means, how</p>
<p>result, what</p>
answer explanation
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Question 6
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Q.
There are four (4) factors of production such as all below EXCEPT:
answer choices
Capital
Labour
Entrepreneurship
Finance
<p>Capital</p>
alternatives
<p> Labour</p>
<p>Entrepreneurship </p>
<p>Finance</p>
answer explanation
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Question 7
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Q.
Business is set up by an organization to
answer choices
Earn profit
Paid taxes
Support the government
All the above
<p>Earn profit</p>
alternatives
<p>Paid taxes</p>
<p>Support the government</p>
<p>All the above</p>
answer explanation
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Question 8
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One of these items is not recognized as one of the types of goals.
answer choices
Profits
Purpose
Objectives
Mission
<p>Profits</p>
alternatives
<p>Purpose</p>
<p>Objectives</p>
<p>Mission</p>
answer explanation
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Question 9
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Q.
Free economic systems, private enterprise or laissez faire normally based on the following features EXCEPT
answer choices
the right to property ownership
conflict of interest
the opportunity to compete
the profit incentive
<p>the right to property ownership </p>
alternatives
<p>conflict of interest</p>
<p>the opportunity to compete</p>
<p>the profit incentive</p>
answer explanation
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Question 10
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Q.
Five main functions of business are
answer choices
Management, finance, accounting, marketing and information system
Management, fulfilment, accounting, information system and marketing.
Management, finance, accounting, production system and marketing.
Customer service, finance, accounting, information system and marketing.
<p>Management, finance, accounting, marketing and information system</p>
alternatives
<p>Management, fulfilment, accounting, information system and marketing.</p>
<p>Management, finance, accounting, production system and marketing.</p>
<p>Customer service, finance, accounting, information system and marketing.</p>
answer explanation
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Question 11
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Q.
The business success can be measured in several ways EXCEPT
answer choices
Standard of living
Inflation
Employment
Information system
<p>Standard of living </p>
alternatives
<p>Inflation </p>
<p>Employment </p>
<p>Information system</p>
answer explanation
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