Business and Economics Vocab
Quiz by Molly Golding
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- Q1
Select the correct definition for: Product Safety Recall
When a business must notify consumers and organise for
a faulty or dangerous product to be returned to the
business
30s - Q2
Select the correct definition for: Investing
Putting money into shares, property or other financial schemes in the hope of making a profit.
30s - Q3
Select the correct definition for: Labour Market
The supply and demand for labour, also known as the job market
30s - Q4
Select the correct definition for: Entrepreneur
A person who starts a business or independent organisation, takes risks and uses initiative to achieve success
30s - Q5
Select the correct definition for: Wage
An amount of money that an employee is paid based on the work they provide
30s - Q6
Select the correct definition for: Market
Where buyers and sellers interact to exchange money for goods and services
30s - Q7
Select the correct definition for: Needs
Things that we physically cannot survive without including food, water and shelter.
30s - Q8
Select the correct definition for: Workforce
The group of people who are employed
30s - Q9
Select the correct definition for: self-esteem
The opinion a person has about themselves or how they feel about themselves
30s - Q10
Select the correct definition for: Outsourced
To have obtained goods and services from outside suppliers to reduce cost
30s - Q11
Select the correct definition for: Direct action
Forms of public protest like demonstrations, boycotts and strikes, to raise awareness about issues and to influence decisions made by elected representatives. Also known as non-violent resistance.
30s - Q12
Select the correct definition for: Employee
People who work for a business.
30s - Q13
Select the correct definition for: Audit
A detailed investigation and check of whether the records
of a business are accurate
30s - Q14
Select the correct definition for: Revenue
The total amount of income generated by the sale of
goods and services
30s - Q15
Select the correct definition for: Economy
A system that involves the production, distribution, trade and consumption of goods and services by individuals, businesses, organisations, or governments
30s