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Multiple Choice Quiz
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1
All of the following are considered crucial ingredients that are needed in order for a business to be able to make a profit except _________.
A)land
B)capital
C)labor
D)financial counselors
2
When a consumer wants or needs to buy a good or service that has value to the consumer, it can be stated that item represents a/an ___________.
A)product
B)productive resource
C)operating cost
D)enterprise
3
The sum total of the resources, assets, riches, and material possessions owned by people and groups in society are best referred to as ____________.
A)productive resources
B)competitive advantage
C)capital wealth
D)sales revenue
4
Organizations that are in business primarily to provide value to the people and groups they serve versus earning revenue for their stockholders are classed as being _________ organizations.
A)business model
B)nonprofit
C)franchise
D)competitive advantage
5
Which one of the following would not be considered to have a related meaning to the term business?
A)Centralization
B)Commerce
C)Occupation
D)Organization
6
When money is used by individuals to exchange products, it is referred to as ________.
A)barter
B)franchising
C)competitive advantage
D)trade
7
John was very thirsty and had a strong desire for a milkshake. He truly enjoyed the first milkshake when he drank it. However, by the time he reached his third milkshake, he found he experienced less enjoyment from it than from the other ones he had consumed. It can be stated John is most likely experiencing ________.
A)fluid overload
B)the law of supply
C)diminishing marginal utility
D)barter
8
A/An ________ is a group of companies that make similar products and compete for the same customers.
A)business model
B)nonprofit organization
C)industry
D)business system
9
Of the following statements regarding business and business transactions, which one would not be considered to be true?
A)All people involved in a business exchange wish to increase their own utility from that transaction.
B)People who act in a self-interested way in a business transaction reveal their personal nature to be selfish.
C)People wish to profit from their business transactions.
D)People behave in a self-interested way during a business transaction to protect their own welfare.
10
The task-specific operations needed to convert resources into finished goods and services sold to customers are called ________.
A)primary functions
B)organizational structures
C)business models
D)functional activities





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