BUSINESS 101 CHAP 1 ACTUAL EXAM
QUESTIONS WITH VERIFIED SOLUTIONS
What is an organization?
A) A business that sells products for profit
B) A group of people working together to accomplish a specific purpose
C) Any company owned by the government
D) A group that only sells services
Answer: B
What is a business?
A) Any activity run by the government
B) A group of volunteers with no revenue
C) Any activity that seeks to make a profit by meeting needs through goods or services
D) An organization that does not earn money
Answer: C
What is the main purpose of a for-profit organization?
A) To raise money only for charity
B) To make enough money to cover expenses only
C) To make money or profit by selling goods or services
D) To provide services for free
Answer: C
What is the main purpose of a nonprofit organization?
A) To make money for owners
B) To earn money only for government use
C) To earn enough money to cover expenses and further its goals
D) To sell goods for profit
Answer: C
Which of the following is a for-profit organization?
A) Red Cross
B) Humane Society
C) Camping World
D) Some hospitals
Answer: C
Which of the following is a nonprofit organization?
A) Uber
B) Facebook
,C) Under Armour
D) Humane Society
Answer: D
What is the biggest difference between for-profit and nonprofit organizations?
A) Number of employees
B) Ownership structure
C) Government involvement
D) Their measure of accomplishment
Answer: D
How do for-profit organizations measure success?
A) Donations received
B) Profit (or loss)
C) Number of volunteers
D) Goods given away
Answer: B
How do nonprofit organizations measure success?
A) Profit earnings
B) How effectively services are delivered
C) Number of products sold
D) How many members they employ
Answer: B
Some nonprofit organizations operate in which sector?
A) Private sector only
B) Public sector only
C) Both public and private sectors
D) Government sector only
Answer: C
Which of the following is an example of a for-profit organization?
A) Red Cross
B) United Autoworkers
C) PetSmart
D) Some hospitals
Answer: C
Which of the following is an example of a nonprofit organization?
A) Uber
B) Under Armour
, C) Facebook
D) Humane Society
Answer: D
Which sector includes nonprofit organizations that are controlled by the government?
A) Private sector
B) Public sector
C) Investor-owned sector
D) Retail sector
Answer: B
In which sector are nonprofits not controlled by the government?
A) Public sector
B) Government sector
C) Private sector
D) Investment sector
Answer: C
What is the biggest difference between for-profit organizations and nonprofit
organizations?
A) Number of employees
B) Ownership structure
C) Advertising budget
D) Their measure of accomplishment
Answer: D
Which organization below is for-profit?
A) NFL
B) Some colleges and universities
C) Camping World
D) Red Cross
Answer: C
Which organization below is nonprofit?
A) Uber
B) Under Armour
C) Facebook
D) United Autoworkers
Answer: D
What do for-profit companies focus on to measure success?
A) Number of volunteers
B) Profit or loss
QUESTIONS WITH VERIFIED SOLUTIONS
What is an organization?
A) A business that sells products for profit
B) A group of people working together to accomplish a specific purpose
C) Any company owned by the government
D) A group that only sells services
Answer: B
What is a business?
A) Any activity run by the government
B) A group of volunteers with no revenue
C) Any activity that seeks to make a profit by meeting needs through goods or services
D) An organization that does not earn money
Answer: C
What is the main purpose of a for-profit organization?
A) To raise money only for charity
B) To make enough money to cover expenses only
C) To make money or profit by selling goods or services
D) To provide services for free
Answer: C
What is the main purpose of a nonprofit organization?
A) To make money for owners
B) To earn money only for government use
C) To earn enough money to cover expenses and further its goals
D) To sell goods for profit
Answer: C
Which of the following is a for-profit organization?
A) Red Cross
B) Humane Society
C) Camping World
D) Some hospitals
Answer: C
Which of the following is a nonprofit organization?
A) Uber
B) Facebook
,C) Under Armour
D) Humane Society
Answer: D
What is the biggest difference between for-profit and nonprofit organizations?
A) Number of employees
B) Ownership structure
C) Government involvement
D) Their measure of accomplishment
Answer: D
How do for-profit organizations measure success?
A) Donations received
B) Profit (or loss)
C) Number of volunteers
D) Goods given away
Answer: B
How do nonprofit organizations measure success?
A) Profit earnings
B) How effectively services are delivered
C) Number of products sold
D) How many members they employ
Answer: B
Some nonprofit organizations operate in which sector?
A) Private sector only
B) Public sector only
C) Both public and private sectors
D) Government sector only
Answer: C
Which of the following is an example of a for-profit organization?
A) Red Cross
B) United Autoworkers
C) PetSmart
D) Some hospitals
Answer: C
Which of the following is an example of a nonprofit organization?
A) Uber
B) Under Armour
, C) Facebook
D) Humane Society
Answer: D
Which sector includes nonprofit organizations that are controlled by the government?
A) Private sector
B) Public sector
C) Investor-owned sector
D) Retail sector
Answer: B
In which sector are nonprofits not controlled by the government?
A) Public sector
B) Government sector
C) Private sector
D) Investment sector
Answer: C
What is the biggest difference between for-profit organizations and nonprofit
organizations?
A) Number of employees
B) Ownership structure
C) Advertising budget
D) Their measure of accomplishment
Answer: D
Which organization below is for-profit?
A) NFL
B) Some colleges and universities
C) Camping World
D) Red Cross
Answer: C
Which organization below is nonprofit?
A) Uber
B) Under Armour
C) Facebook
D) United Autoworkers
Answer: D
What do for-profit companies focus on to measure success?
A) Number of volunteers
B) Profit or loss
