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      Home > Tests > Miscellaneous Tests > Sm. Business Ch.1 Test

 Sm. Business Ch.1 Test

Welcome to the QuizMoz Sm. Business Ch.1 Test. QuizMoz offers one of the Internet's largest collection of Tests for you to exercise your grey cells. Go ahead and find out how much do you know about your self and the world around you. Best of luck!!

All it takes is two minutes to take the Sm. Business Ch.1 Test and find out how much you know about the test and the characters in the test.

Quiz Created by:
Creation Date: 5 October 2009
1. Any activity which seeks to earn a profit by providing a good or service is known as a(n):
2. __________ is the amount a business earns over and above what it spends for salaries and other expenses.
3. A business incurs a ________ if its costs and expenses exceed its revenues.
4. _________ is the change a business owner will lose the time and money invested in a business that proves to be unprofitable.
5. The total amount of money that businesses earn by selling goods and services is called _______.
d.retained earnings
6. A(n) ________ is a person who assumes the risk of starting a business.
b.private investor
7. According to out text, which of these individuals is the richest person in the world?
a.Sam Walton
b.Sultan of Burnei
c.Bill Gates
d.Oprah Winfrey
8. Starting a business always involves a ______.
9. Often in business the greater the risk, the:
a.lower the expected revenues.
b.greater the number of stakeholders.
c.lower the value provided to society.
d.greater the potential reward.
10. Which of the following is the largest private employer?
a.U.S. federal government
c.General Motors
11. A country's _______ refers their general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
a.standard of living
b.quality of life
c.gross national income
d.social satisfaction index
12. The amount of goods and services people can buy with the money they have is called their:
a.nominal income
b.consumer price index
c.profit margin
d.standard of living
13. The customer, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:
a.market makers.
b.economic environment.
d.social mentors
14. The most important difference between businesses and nonprofit organizations is that:
a.business do not benefit society.
b.nonprofit organizations do not strive for financial gains.
c.nonprofit organizations focus on social and educational goals.
d.nonprofit organizations do not benefit society.
15. The knowledge and skills students acquire in business courses will be useful to them:
a.only if they work for a major corporation.
b.only if they work for a nonprofit organization.
c.only if they start their own businesses.
d.of they work for any organization that produces goods and services, including nonprofit and volunteer organizations as well as businesses.
16. Last year, MacTeck Enterprises had total revenues of $34 million while its total expenses were $22 million. Based on this information, MacTeck:
a.earned a profit of $12 million.
b.earned a profit of $16 million.
c.suffered a loss of $12 million.
d.suffered a loss of $16 million.
17. Shelley recently opened a new restaurant specializing in fast foods prepared with less fat calories for health-conscious diners who are in a hurry. Shelley knows that there are some risks associated with opening and managing a restaurant, but she is confident that she can earn a profit. Shelley is an example of a(n):
d.account manager.
18. A key characteristic of entrepreneurs is that they:
a.are willing to accept the risks involved in starting and manageing a business.
b.have a high level of scientific and technical expertise.
c.possess a great deal of personal wealth.
d.have experience in running large, complex organizations.
19. Which of the following is the best example of a business?
a.A community college
b.The Salvation Army
c.The Girl Scouts of America
20. In order to make an intelligent investment decision, entrepreneurs should:
a.limit their options to those business investments that are backed by the U.S. governement.
b.invest in business that have generated a stable rate of profit for at least the past ten years.
c.invest only in business opportunities where it is possible to take an active role in management.
d.compare the risks of potential investments to their expected profits and find the right balance between profit and risk.
21. The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's
a.market makers
b.economic environment
d.social mentors
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