Applied Economics (Q2) Business Concepts Quiz
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Applied Economics (Q2) Business Concepts Quiz

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Questions and Answers

What is the main characteristic of a sole proprietorship?

  • Shares profit equally among partners
  • Controlled by a single individual (correct)
  • Managed by a group of individuals
  • Limited liability for the owner

    • What is the primary distinction between a general partnership and a limited partnership?

  • Number of partners involved
  • Extent of liability for debts (correct)
  • Level of government regulation
  • Type of goods produced

    • What is the key difference between consumer goods and producer goods?

  • Processing methods involved
  • Source of raw materials
  • Level of government regulation
  • Final use by consumers (correct)

    • What is the primary focus of the industry?

    <p>Processing of raw materials</p> Signup and view all the answers

    Which type of partnership involves partners who contribute only capital and have limited liability?

    <p>Limited partnership</p> Signup and view all the answers

    What is the fundamental characteristic of business?

    <p>Transaction or exchange of value</p> Signup and view all the answers

    What is the classification of a business as 'MICRO' according to the text?

    <p>Total assets below Php 1,500,001</p> Signup and view all the answers

    What does SWOT analysis stand for?

    <p>Strengths, Weaknesses, Opportunities, Threats</p> Signup and view all the answers

    Who is credited with developing the Porters Five Forces Analysis?

    <p>Michael E. Porter</p> Signup and view all the answers

    What is the main focus of Industry Analysis as per the text?

    <p>Understanding the competitive dynamics of an industry</p> Signup and view all the answers

    What is considered a subset of the market where a specific product is produced?

    <p>Niche Market</p> Signup and view all the answers

    Which element is NOT included in Porter's Five Forces Analysis?

    <p>Price competitiveness</p> Signup and view all the answers

    What does the acronym 'SWOT' represent in SWOT analysis?

    <p>Strengths, Weaknesses, Opportunities, Threats</p> Signup and view all the answers

    What is the main purpose of Environmental Analysis according to the text?

    <p>Identifying all external and internal elements affecting a firm's performance</p> Signup and view all the answers

    Which factor is NOT included in the tools used for evaluating a business according to the text?

    <p>Type of government and stability</p> Signup and view all the answers

    Business takes place when there is transaction or exchange of value between one company and another. Profit - financial measure of how efficient a ______.

    <p>business</p> Signup and view all the answers

    Industry - aggregation of different businesses engaged in the same line of ______.

    <p>undertaking</p> Signup and view all the answers

    Industry - aggregation of different businesses engaged in the same line of ______.

    <p>undertaking</p> Signup and view all the answers

    Consumer good – goods we ultimately ______.

    <p>use</p> Signup and view all the answers

    Producer goods – goods used to produce other ______.

    <p>goods</p> Signup and view all the answers

    Sole proprietorship - it’s by a single individual who is singly responsible for running the ______.

    <p>business</p> Signup and view all the answers

    SWOT ANALYSIS - An analytical framework used to determine and define your strengths, weaknesses, opportunities, and ______.

    <p>threats</p> Signup and view all the answers

    CORPORATION - legal entity that is separate from its ______.

    <p>owners</p> Signup and view all the answers

    PORTERS FIVE FORCES ANALYSIS - a framework or a guide for assessing the competitive strength and position of a certain ______.

    <p>industry</p> Signup and view all the answers

    Industry Analysis - a market assessment tool used by businesses and analysis to understand the competitive dynamics of an ______.

    <p>industry</p> Signup and view all the answers

    Economic Forces – involves the look at economic ______.

    <p>factors</p> Signup and view all the answers

    Physical Environment – includes a look at the population size, geography of the place where the business will be located, land distribution, climate and in today’s global warming ______.

    <p>situation</p> Signup and view all the answers

    Political Factors – type of government, stability and type of government, and good ______.

    <p>leadership</p> Signup and view all the answers

    MICRO – total assets are worth below Php 1,500,001 b. SMALL – total assets are worth from 1,500,000 to 15,000,000 c. MEDIUM – total assets are worth from 15,000,000 to 60,000,000 d. LARGE– total assets are worth 60,000,000 and ______.

    <p>above</p> Signup and view all the answers

    Environmental Analysis - describes as the process which examines all the components, internal or external that influences the performance of the business ______.

    <p>organization</p> Signup and view all the answers

    Tools in evaluating a business 1. geographic Area 2. Size and Outlook 3. Description of the product 4. Identification of buyers (target market) 5. Regulatory Environment 6. Knowing the ______ 7. Factors that will affect the growth of the business.

    <p>Competition</p> Signup and view all the answers

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