Business Key Terms Quiz

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| By Kmmunroe

Kmmunroe

Community Contributor

Quizzes Created: 4 | Total Attempts: 16,171

Questions: 7 | Attempts: 978 | Updated: Mar 21, 2023

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Business studies are one of the most taught disciplines in the universities and this is because most people have the aim to become entrepreneurs these days other than hired workers. This therefore increases the need to understand some things about a business. Just how much do you know about some common business terms and their meaning? Take up this quiz to find out!

Questions and Answers

1.

A not-for-profit business is
- A.
  
  Is an organization that does charitable work, has no shareholders, may have paid staff but mainly relies on donations, grants and volunteers. Donations to them are tax deductible.
- B.
  
  Is a business, not a charity. There are no shareholders but members receive proceeds in relation to their investment. The goal is not to make money, however they do not except donations. In some cases all proceeds after expenses go to charity.
- C.
  
  An organization engaged in the trade of goods, services, or both to consumers.
Correct Answer
B. Is a business, not a charity. There are no shareholders but members receive proceeds in relation to their investment. The goal is not to make money, however they do not except donations. In some cases all proceeds after expenses go to charity.

Explanation
A not-for-profit business is a type of organization that operates like a business, but its main goal is not to make money. It does not have shareholders, but instead, members receive proceeds based on their investment. Although it does not accept donations like a charity, it may allocate all proceeds after expenses to charitable causes in some cases.

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2.

Anything ________ costs and expenses is profit.
- A.
  
  Above
- B.
  
  Below
- C.
  
  Equal to
Correct Answer
A. Above

Explanation
The word "above" indicates that the costs and expenses are greater than the profit. This suggests that the profit is a positive amount, as anything greater than zero would be considered profit.

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3.

What describes the rational of how an organization creates delivers and captures value?
- A.
  
  Key business elements
- B.
  
  A business canvas
- C.
  
  A business model
- D.
  
  A business outline
Correct Answer
C. A business model

Explanation
A business model describes the rational of how an organization creates, delivers, and captures value. It outlines the key business elements and provides a framework for understanding how the organization operates and generates revenue. It encompasses the overall strategy, target market, value proposition, revenue streams, cost structure, and key partnerships of the organization. A business model helps in identifying opportunities for growth and innovation, and is essential for the long-term success of any organization.

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4.

Business ethics are coming to know what it right or wrong in the workplace and doing what's right -- this is in regard to effects of products/services and in relationships with stakeholders.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Business ethics refers to the principles and standards that guide behavior in the business world. It involves understanding what is morally right or wrong in the workplace and making decisions that align with ethical values. This includes considering the impact of products and services on society and maintaining ethical relationships with stakeholders such as employees, customers, suppliers, and the community. Therefore, the statement that business ethics involve knowing what is right or wrong in the workplace and doing what is right is true.

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5.

Check all that apply: What are the different forms of business ownership in the private sector?
- A.
  
  Franchise
- B.
  
  Non-profit
- C.
  
  Sole trader
- D.
  
  Co-operative
- E.
  
  Not-for-profit
- F.
  
  Public Limited Company
- G.
  
  Private Limited Company
- H.
  
  Partnerships
Correct Answer(s)
A. Franchise
C. Sole trader
D. Co-operative
F. Public Limited Company
G. Private Limited Company
H. Partnerships

Explanation
The different forms of business ownership in the private sector include franchise, sole trader, cooperative, public limited company, private limited company, and partnerships.

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6.

It's a good idea to get into Senior health care businesses right now.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Getting into senior health care businesses right now is a good idea because the population of seniors is increasing, and there is a growing demand for healthcare services specifically tailored to their needs. Additionally, advancements in medical technology and increased awareness about senior health have created opportunities for businesses in this sector to thrive. By entering the senior health care industry, individuals or companies can tap into a potentially lucrative market and contribute to improving the well-being of seniors.

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7.

There are four major industry sectors. Which one of these is not a major sector?
- A.
  
  Manufacturing Industries
- B.
  
  Resource Industries
- C.
  
  Service Industries and Consumer Products
- D.
  
  Technologies
- E.
  
  Agriculture Industries
Correct Answer
E. Agriculture Industries

Explanation
The given options are Manufacturing Industries, Resource Industries, Service Industries and Consumer Products, Technologies, and Agriculture Industries. The question asks for the sector that is not a major sector. The other options are all major sectors in the industry, but Agriculture Industries is not considered a major sector.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Sep 04, 2011

Quiz Created by
Kmmunroe

Business Key Terms Quiz

A not-for-profit business is

Anything ________ costs and expenses is profit.

What describes the rational of how an organization creates delivers and captures value?

Business ethics are coming to know what it right or wrong in the workplace and doing what's right -- this is in regard to effects of products/services and in relationships with stakeholders.

Check all that apply: What are the different forms of business ownership in the private sector?

It's a good idea to get into Senior health care businesses right now.

There are four major industry sectors. Which one of these is not a major sector?