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Business Exam 1 Study Guide

Quiz by Sutton Lochmann

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17 questions
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  • Q1
    What is the definition of business?
    Business is an organized effort to produce goods and services to meet the needs of society in order to earn a profit.
    30s
  • Q2
    What are the four types of resources managed by managers?
    Human Resources, Financial Resources, Physical Resources, Informational Resources
    30s
  • Q3
    What are the types of economic structures?
    Planned (Command) Economy, Market Economy, Mixed Economy
    30s
  • Q4
    What are the types of competitive structures?
    Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition
    30s
  • Q5
    What is the definition of business ethics?
    Business ethics involves applying moral principles to business situations.
    30s
  • Q6
    What are the factors affecting ethical behavior?
    Personal Factors, Organizational Factors, Environmental Factors
    30s
  • Q7
    What are the methods companies use to promote ethical behavior?
    Code of Conduct, Ethics Training, Whistleblower Protection
    30s
  • Q8
    What is the definition of social responsibility?
    Social responsibility is the obligation of a business to contribute to society's well-being.
    30s
  • Q9
    What are the consumer rights?
    Right to Safety, Right to Be Informed, Right to Choose, Right to Be Heard.
    30s
  • Q10
    What is the definition of international business?
    International business involves conducting commercial activities across national borders.
    30s
  • Q11
    What is the difference between importing and exporting?
    Importing: Bringing goods or services into one country from another. Exporting: Selling goods or services to another country.
    30s
  • Q12
    What is the difference between offshore outsourcing and outsourcing?
    Offshore Outsourcing: Contracting out business functions to a third-party in a foreign country. Outsourcing: Delegating specific tasks to external providers.
    30s
  • Q13
    What is the difference between balance of trade and balance of payments?
    Balance of Trade: The difference between a country's exports and imports. Balance of Payments: The overall record of a country's economic transactions with the rest of the world.
    30s
  • Q14
    What is product dumping?
    Selling products in a foreign market at a lower price than in the domestic market.
    30s
  • Q15
    How does currency valuation affect export prices?
    A weaker domestic currency can make exports cheaper and more competitive.
    30s

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