Ems
Created on 20th November 2024
Grade level: Grade 7th grade
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18 Questions
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Questions (18)
1. What is the main purpose of a business plan?
To outline business goals and strategies
4 choice options
2. Which of the following is a type of market structure?
Monopoly
4 choice options
3. What is an asset in financial terms?
A resource owned by a business
4 choice options
4. Which financial statement shows a company's revenues and expenses?
Income statement
4 choice options
5. What does the term 'liability' refer to?
A company's debts and obligations
4 choice options
6. What is the purpose of a budget?
To plan and control financial resources
4 choice options
7. Which of the following is NOT a factor of production?
Money
4 choice options
8. What is entrepreneurship?
The process of starting and running a new business
4 choice options
9. What is the term for the difference between total revenue and total costs?
Profit
4 choice options
10. Which of the following is a characteristic of a sole proprietorship?
Owned by one person
4 choice options
11. What is a target market?
A specific group of consumers a business aims to reach
4 choice options
12. What does 'return on investment' (ROI) measure?
The profitability of an investment
4 choice options
13. What is the role of advertising in business?
To promote products and services
4 choice options
14. Which of the following is a benefit of teamwork?
Diverse ideas and perspectives
4 choice options
15. What is a marketing strategy?
A plan to reach and engage customers
4 choice options
16. Which of the following is an example of a fixed cost?
Rent for office space
4 choice options
17. What is the purpose of market research?
To gather information about consumers and competitors
4 choice options
18. What does 'branding' refer to?
Creating a unique image for a product or company
4 choice options