pov1

Question 1

What is the definition of ‘business’?

Answer 1

A business is an organization that provides goods or services to consumers for profit.

Question 2

True or False: The primary goal of most businesses is to make a profit.

Answer 2

True

Question 3

Fill in the blank: A __________ is a person who starts and runs a business.

Answer 3

entrepreneur

Question 4

What are the four factors of production?

Answer 4

Land, labor, capital, and entrepreneurship.

Question 5

Which type of business is owned by one person?

Answer 5

Sole proprietorship

Question 6

What is a partnership?

Answer 6

A partnership is a business owned by two or more people who share profits and responsibilities.

Question 7

Multiple Choice: Which of the following is an example of a service business? A) Grocery store B) Hair salon C) Manufacturing plant

Answer 7

B) Hair salon

Question 8

What does ‘market research’ involve?

Answer 8

Market research involves gathering information about consumers’ needs and preferences.

Question 9

True or False: A nonprofit organization aims to make a profit.

Answer 9

False

Question 10

What is the role of marketing in business?

Answer 10

Marketing is the process of promoting and selling products or services.

Question 11

Fill in the blank: The __________ is the amount of money a business makes after expenses are deducted.

Answer 11

profit

Question 12

What is a business plan?

Answer 12

A business plan is a detailed document outlining a business’s goals, strategies, and financial forecasts.

Question 13

Multiple Choice: Which of the following is NOT a type of business ownership? A) Corporation B) Cooperative C) Syndicate

Answer 13

C) Syndicate

Question 14

What is the importance of customer service?

Answer 14

Customer service is crucial for maintaining customer satisfaction and loyalty.

Question 15

True or False: All businesses must register with the government.

Answer 15

True

Question 16

What is the function of accounting in business?

Answer 16

Accounting tracks and reports financial transactions and performance.

Question 17

Fill in the blank: __________ is the practice of managing a company’s resources effectively.

Answer 17

Management

Question 18

What is a target market?

Answer 18

A target market is a specific group of consumers targeted by a business for its products or services.

Question 19

Multiple Choice: Which of the following is a characteristic of a corporation? A) Limited liability B) Unlimited liability C) Owned by a single individual

Answer 19

A) Limited liability

Question 20

What is the purpose of advertising?

Answer 20

Advertising aims to inform and persuade consumers to purchase a product or service.

Question 21

True or False: A business’s brand is its identity in the marketplace.

Answer 21

True

Question 22

What is supply and demand?

Answer 22

Supply and demand refer to the relationship between the availability of a product and the desire for that product.

Question 23

Fill in the blank: __________ marketing involves directly reaching out to potential customers.

Answer 23

Direct

Question 24

What is the purpose of a SWOT analysis?

Answer 24

A SWOT analysis identifies the strengths, weaknesses, opportunities, and threats of a business.

Question 25

Multiple Choice: Which of the following is a fixed cost? A) Rent B) Raw materials C) Utilities

Answer 25

A) Rent

Question 26

What is e-commerce?

Answer 26

E-commerce is the buying and selling of goods or services over the internet.

Question 27

True or False: Social media can be an effective marketing tool for businesses.

Answer 27

True

Question 28

What is a franchise?

Answer 28

A franchise is a business model where a franchisee pays to use the brand and business model of a franchisor.

Question 29

Fill in the blank: __________ is the process of analyzing market conditions and trends.

Answer 29

Market analysis

Question 30

What is the role of human resources in a business?

Answer 30

Human resources manage employee relations, recruitment, and training.

Question 31

Multiple Choice: Which of the following is an example of a variable cost? A) Salaries B) Insurance C) Raw materials

Answer 31

C) Raw materials

Question 32

What is corporate social responsibility (CSR)?

Answer 32

CSR refers to a company's efforts to improve society and the environment while conducting business.

Question 33

True or False: A business can operate without a marketing strategy.

Answer 33

False

Question 34

What is a competitive advantage?

Answer 34

A competitive advantage is a unique benefit that allows a business to outperform its competitors.

Question 35

Fill in the blank: The __________ is the total revenue generated by a business before expenses are deducted.

Answer 35

gross income

Question 36

What does 'stakeholder' mean?

Answer 36

A stakeholder is any individual or group that has an interest in the success of a business.

Question 37

Multiple Choice: Which of the following is a type of marketing strategy? A) Penetration pricing B) Resource allocation C) Production scheduling

Answer 37

A) Penetration pricing

Question 38

What is the difference between gross profit and net profit?

Answer 38

Gross profit is revenue minus the cost of goods sold, while net profit is gross profit minus all other expenses.

Question 39

True or False: A business's mission statement outlines its purpose and values.

Answer 39

True

Question 40

What are the three main types of economic systems?

Answer 40

Traditional, command, and market economies.

Question 41

Fill in the blank: __________ is the ability to create and deliver value to customers.

Answer 41

Value proposition