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Business and Economics Vocab

Quiz by Molly Golding

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16 questions
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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

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