Business Exam 1 Study Guide
Quiz by Sutton Lochmann
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17 questions
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- Q1What 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
- Q2What are the four types of resources managed by managers?Human Resources, Financial Resources, Physical Resources, Informational Resources30s
- Q3What are the types of economic structures?Planned (Command) Economy, Market Economy, Mixed Economy30s
- Q4What are the types of competitive structures?Perfect Competition, Monopoly, Oligopoly, Monopolistic Competition30s
- Q5What is the definition of business ethics?Business ethics involves applying moral principles to business situations.30s
- Q6What are the factors affecting ethical behavior?Personal Factors, Organizational Factors, Environmental Factors30s
- Q7What are the methods companies use to promote ethical behavior?Code of Conduct, Ethics Training, Whistleblower Protection30s
- Q8What is the definition of social responsibility?Social responsibility is the obligation of a business to contribute to society's well-being.30s
- Q9What are the consumer rights?Right to Safety, Right to Be Informed, Right to Choose, Right to Be Heard.30s
- Q10What is the definition of international business?International business involves conducting commercial activities across national borders.30s
- Q11What 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
- Q12What 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
- Q13What 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
- Q14What is product dumping?Selling products in a foreign market at a lower price than in the domestic market.30s
- Q15How does currency valuation affect export prices?A weaker domestic currency can make exports cheaper and more competitive.30s