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Intro Ch 1
Test Description: Intro to business basics
Instructions: Answer all questions to get your test result.
1) What is the term for tasks that people or machines perform for payment?
A
profit
B
public service
C
services
D
goods
2) What must business provide to consumers in order to satisfy their wants and needs?
A
technology
B
cost-effectiveness
C
goods and services
D
intangible desires
3) What are most public wants satisfied by?
A
nonprofit organizations
B
local, state, and federal governments
C
businesses
D
technology
4) Which is a want that government cannot satisfy?
A
new roads
B
bicycles and skates
C
education
D
shelter
5) What is an activity that seeks profit by providing goods or services to others?
A
decision-making processes
B
goods and services
C
public service
D
business
6) Business is defined as....any activity that seeks profit by providing goods and services to others.
A
F
B
T
7) Competition is defined as the contest between businesses to win customers
A
T
B
F
8) Things we wish we could have are ..
A
Needs
B
Services
C
Wants
D
Goods
9) The amount of money left over after a business has paid for the cost of producing its goods or services is ..
A
Business
B
Profits
C
Resources
D
Needs
10) Every business does which of the following?
A
Produces a good or service
B
All of the above
C
Manages
D
Organizes
*select an answer for all questions
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