Trivia Questions Quiz On Business Terms And Keywords!
This quiz is all about basic business terms and keywords widely used by professionals. Here, we have got you a list of such keywords, so, use the words below to fill-in-the-blanks for the following questions. ProfitProfit motiveCompetitionNeedsWantsConsumerGoodsServicesSole proprietorshipPartnershipFranchiseNon-profit organizationCorporationMultinational corporationAccountingManagementMarketingInformation TechnologyOperationsHuman Resources
Questions and Answers
- 1.
Money that remains after a business has paid for the expenses of running the business. Income > Expenses
Explanation
The given answer, "Profit," is the correct explanation for the given statement. It states that profit is the money that remains after a business has paid for its expenses. This means that when the income of a business exceeds its expenses, the leftover amount is considered as profit. Profit is an important measure of a business's financial success and can be reinvested or distributed to shareholders.Rate this question:
- 2.
A person's incentive to work to gain something for himself or herself (that is to make money).
Explanation
The profit motive refers to an individual's desire or motivation to work in order to make money or gain financial benefits for themselves. It is the driving force behind entrepreneurship and business activities, as individuals are incentivized to invest their time, skills, and resources in order to generate profits. The profit motive encourages individuals to take risks, innovate, and create value in the economy, ultimately leading to economic growth and development.Rate this question:
- 3.
The contest between businesses to win customers' business and loyalty
Explanation
The term "competition" refers to the contest or rivalry between businesses to attract and retain customers. It involves various strategies, such as offering competitive prices, superior products or services, effective marketing campaigns, and excellent customer service. Businesses engage in competition to gain a larger market share, increase sales, and build customer loyalty. This constant competition drives innovation, improvement, and overall growth in the business world.Rate this question:
- 4.
Items are necessary for existence, such as clothing, food, and shelter.
Explanation
The given statement emphasizes the importance of items that are necessary for survival and basic human needs. These needs include clothing, food, and shelter, which are essential for existence and overall well-being. Therefore, the correct answer is "Needs".Rate this question:
- 5.
Items that would be nice to have, but are not necessary.
Explanation
The question states that these items are not necessary, indicating that they are not essential for survival or basic functioning. Instead, they are things that people desire or wish to have. Therefore, the correct answer is "Wants," as it accurately reflects the non-essential nature of these items.Rate this question:
- 6.
A person who uses goods or services. Many times the consumer is also the customer (purchaser).
Explanation
A consumer refers to an individual or entity that utilizes goods or services. They are often the ones who make the purchase as well. In other words, consumers are the end-users of products or services.Rate this question:
- 7.
Items businesses sell that can be physically weighed or measured, such as iPods and CDs.
Explanation
The question is asking for the term that refers to items that can be physically weighed or measured, such as iPods and CDs. The term that fits this description is "goods." Goods are tangible products that can be bought and sold in the marketplace.Rate this question:
- 8.
Tasks that businesses perform or provide for customers, such as hair cuts and car washes.
Explanation
The given answer "Services" is correct because the question is asking for tasks that businesses perform or provide for customers, such as hair cuts and car washes. These tasks are examples of services that businesses offer to their customers. Services refer to intangible activities or benefits that are provided by one party to another, usually in exchange for money. In this case, businesses are offering services to customers in the form of haircuts and car washes.Rate this question:
- 9.
A business owned by only one person.
Explanation
A sole proprietorship is a business structure where the business is owned and operated by a single individual. This means that the owner has complete control over the business and is solely responsible for its profits, losses, and liabilities. The owner has the authority to make all decisions regarding the business and retains all the profits generated. This type of business is easy to set up and has minimal legal requirements, making it a popular choice for small businesses and entrepreneurs.Rate this question:
- 10.
A business owned by two or more people.
Explanation
A partnership is a business structure where two or more individuals come together to jointly own and operate a business. In a partnership, each partner contributes capital, shares profits and losses, and participates in the decision-making process. This type of business arrangement allows for shared responsibilities, resources, and expertise among the partners. It also provides flexibility in terms of management and taxation.Rate this question:
- 11.
A contract between a parent company and a franchisee to use the name and sell the goods or services of the parent company, such as KFC.
Explanation
A franchise is a contractual agreement between a parent company and a franchisee, allowing the franchisee to use the parent company's name and sell their goods or services. This arrangement is commonly seen in businesses like KFC, where individual owners operate under the KFC brand and sell their products. The franchise model allows for the expansion of a brand without the parent company having to directly manage each location, providing a mutually beneficial relationship between the parent company and the franchisee.Rate this question:
- 12.
A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
Explanation
A non-profit organization is a type of business that operates with the goal of providing a service or benefiting a cause, rather than making a profit. The American Red Cross is an example of a non-profit organization as its primary objective is to provide humanitarian aid and services to those in need. Non-profit organizations typically rely on donations, grants, and volunteers to support their operations and fulfill their mission.Rate this question:
- 13.
A business considered separate from the owners of the business by law. The owners are the stockholders.
Explanation
A corporation is a legal entity that is distinct from its owners, known as stockholders. This means that the business has its own rights, liabilities, and obligations, separate from those of its owners. The owners, or stockholders, hold shares in the corporation, which represents their ownership interest. This structure provides limited liability protection for the owners, meaning that their personal assets are generally protected from the corporation's debts or legal actions.Rate this question:
- 14.
A company that does business and has business facilities in many countries, such as Coca Cola.
Explanation
The given correct answer, "Multinational corporation," accurately describes a company that operates and has business facilities in multiple countries. This type of company, like Coca Cola, has a global presence and conducts business across borders, often with subsidiaries or branches in various countries. Being a multinational corporation signifies the company's ability to navigate international markets, adapt to different cultural contexts, and engage in global trade and investment activities.Rate this question:
- 15.
The process of recording and reporting the financial data for a business.
Explanation
Accounting is the process of recording and reporting the financial data for a business. It involves keeping track of all financial transactions, such as sales, purchases, expenses, and investments, and organizing this information into financial statements, such as balance sheets, income statements, and cash flow statements. Accounting provides valuable information to business owners, investors, and stakeholders, helping them make informed decisions and assess the financial health and performance of the business. It is a crucial function for businesses to ensure accurate financial reporting and compliance with regulations.Rate this question:
- 16.
The process of leading and directing all or part of an organization
Explanation
Management refers to the process of leading and directing all or part of an organization. It involves planning, organizing, coordinating, and controlling resources to achieve organizational goals. Managers are responsible for making decisions, setting objectives, allocating resources, and overseeing the work of employees. They play a crucial role in ensuring that the organization operates efficiently and effectively. Therefore, the answer "Management" accurately describes the process of leading and directing an organization.Rate this question:
- 17.
The process of creating, promoting, and presenting a product to the consumers.
Explanation
Marketing refers to the overall process of creating, promoting, and presenting a product or service to the consumers. It involves activities such as market research, product development, advertising, sales, and customer relationship management. Through marketing, companies aim to identify and satisfy customer needs and wants, build brand awareness, and ultimately drive sales and profitability. It encompasses various strategies and tactics to reach and engage target audiences, communicate the value proposition of the product, and persuade consumers to make a purchase.Rate this question:
- 18.
The process of developing, installing, and implementing computer information systems and applications.
Explanation
The given correct answer is "Information Technology". The explanation for this answer is that Information Technology refers to the process of developing, installing, and implementing computer information systems and applications. It involves the use of computers, software, networks, and other technologies to manage and process information. Information Technology plays a crucial role in organizations by enabling efficient data management, communication, and decision-making processes.Rate this question:
- 19.
The activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
Explanation
The term "operations" refers to the various activities that are carried out on a daily basis in order to ensure the smooth functioning of a business and to create value for its stakeholders. These activities can include production, manufacturing, distribution, and other processes that are essential for the business to operate effectively. By focusing on operations, a business can optimize its resources, improve efficiency, and ultimately generate profits for its stakeholders.Rate this question:
- 20.
The activities that deal with the hiring, firing, training and other personnel (employee) issues.
Explanation
Human Resources refers to the department or activities that handle various personnel issues within an organization, such as hiring, firing, training, and managing employees. This department is responsible for recruiting and selecting suitable candidates, providing training and development programs, managing employee benefits and compensation, and ensuring compliance with labor laws and regulations. Human Resources plays a crucial role in maintaining a productive and harmonious work environment by addressing employee concerns, resolving conflicts, and promoting employee engagement and satisfaction.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Feb 10, 2013Quiz Created by
Rpmccormick
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