BUS 211 Week 1 Quiz
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1) Which of the following best describes a joint-stock company structure?
2) What are the four productive resources that make a business possible?
3) What law shows that there is a direct relationship between the price of a product and the amount that is supplied in the market?
4) If a company were to have total sales revenue of $50 and a total operating cost of $37, what is the total profit?
5) This is the point at which the supply of the product just meets the demand for it
6) Which of the following businesses is the best example of when to set up a limited liability company in order to control financial risk of stockholder(s)?
7) What is defined as the absolute monetary difference between sales revenues and operating costs?
8) How does specialization assist a business in becoming more productive?
9) Which of the following is the best advantage of joint-stock company?
10) Which of the following best describes a partnership?
11) Which of the following is the best example of a business partnership?
12) What is the best way to raise funding for a joint-stock company?
13) Which term refers to the total money or assets of business?
14) Which term refers to the total money or assets of a business?
15) Imagine Company A has a total profit of $40 million and that it invested $400 million in the course of a year. Company B has a total profit of $20 million and has invested $80 million over the course of the year. Which company has the greater profitability?
16) What measures how efficient a company uses its capital and resources to generate returns for its investors?
17) Which of the following is the best describes a system through which goods or services are exchanged for capital with the aim of making a profit?
18) What was the original purpose of the limited liability company?
19) In economics, what principle indicates the value placed on a product lessens as consumption increases?
20) Capital, land, enterprise, and labor are all costs associated with making and selling goods. What do they determine?
21) Who assumes all liability for debt created in a sole proprietorship?
22) What is an obstacle that professionals avoid in a sole proprietorship?
23) What law refers to the tendency of people to buy more of a product when the price is lower and less of it when its price is higher?
24) In general, the more a particular is valued, the more it is demanded. Which is true in regard to this statement?
25) Which of the following best describes limited liability as it relates to a business?
26) Information technology, e-commerce, human resource management and procurement are included in what type of value chain function in a business?
27) Which of the following businesses best matches the definition of a sole proprietorship?
28) What are the three components that make up a business system?
29) What will most likely increase the demand for better quality goods and services?
30) Which equation correctly shows how to calculate profitability?
31) What defines a group of companies that have similar products and business activities?
32) What equation correctly shows how profit is calculated?
33) Enterprises, as a main component of business, require which of the following?
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