21 Questions
What is a key concept in business that focuses on increasing the worth of a product or service?
Adding value
Which of the following is NOT one of the major types of businesses?
Government agency
What are the five major environments in which every business operates?
Political, Economic, Social, Technological, Competitive
Why is it important for a business to have functional areas?
To ensure all key aspects of the business are covered
What is one of the purposes of identifying various business professions?
To promote diversity in the workforce
What is a key characteristic of great team players?
Showing loyalty to the organization
What is the importance of maintaining a confident, positive outlook according to the text?
Negative energy can make the office environment miserable
What is etiquette as defined in the text?
The expected norms of behavior in a particular situation
Which is a common misconception about successful people based on the text?
They avoid obstacles at all costs
In business, what does 'adding value' refer to?
Improving customer experience without increasing cost
What is a major characteristic of successful businesses mentioned in the text?
Creating and maintaining competitive advantage
What is revenue in a business context?
Money that a company brings in through the sale of goods and services
Which term describes the money left over after all business costs have been deducted from the revenue?
Profit
What is a competitive advantage in business?
The aspect of a product or company that makes it more appealing to its target customers
What do goods-producing businesses typically focus on?
Making tangible products
Why are service businesses considered labor-intensive?
Because they perform activities that require human effort
In the context of business, what is meant by 'barrier to entry'?
Resource or capability a company must have before competing in a market
Which functional area of a business is responsible for conceiving and designing new products?
Research and development (R&D)
What is the primary responsibility of the finance and accounting department in a business?
Ensuring the company has necessary funds, monitoring spending, and financial reporting
What is the role of human resources (HR) in a business?
Recruiting, hiring, developing, and supporting employees
What do service businesses primarily focus on delivering?
Intangible benefits to customers
Test your knowledge on business terminology related to profit-seeking organizations, revenue, and adding value to satisfy customers. This quiz covers definitions of key terms used in the business world.
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