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