15 Questions
What is the primary goal of a business?
To strive for profit
What is the difference between goods and services?
Goods are tangible, while services are intangible
What is the meaning of the term 'revenue' in a business context?
The money a company earns from providing services or selling goods
What is the definition of 'profit' in a business?
The money a company has left over after paying expenses
What is the term for the chance that an investment's actual return will be different than expected?
Risk
What is one of the benefits that businesses offer?
An array of goods
What is a factor that affects the business environment?
Global access
What is the authority of the Federal Government in terms of money and banking?
Money and banking
What is the main purpose of transfer payments?
To provide financial assistance to provinces
What does a patent give an inventor?
The exclusive right to manufacture, use, and sell an invention for 20 years
What is the purpose of consumer protection laws?
To reflect the struggle for power between buyers and sellers
What is the purpose of bankruptcy laws?
To relieve individuals or businesses of their debts
What is the purpose of taxation?
To fund government programs and services
What is the purpose of deregulation?
To remove rules and regulations governing business competition
What is the purpose of a trademark?
To create uniqueness in the minds of consumers
This quiz covers the basic concepts in business, including definitions of goods, services, revenue, and costs. Test your knowledge on how businesses strive for profit by satisfying society's needs.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
