BUSINESS 101 EXAM 1: CHAPTERS 1-3 ACTUAL
EXAM QUESTIONS WITH VERIFIED
SOLUTIONS
The total amount of money a business takes in during a given period by selling goods and
services
A. Revenue
B. Profit
C. Loss
D. GDP
A. Revenue
If a business is operating and NOT making money, it is operating at a _________
A. Deficit
B. Recession
C. Loss
D. Non-profit
C. Loss
Which of the following is NOT one of the Environments of Business?
A. Economic and Legal
B. Technological
C. Competitive
D. Moral
D. Moral
The 5 factors of production include all of the following except:
A. Land
B. Labor
C. Capital
D. Entrepreneurship
E. Liberty
E. Liberty
True/False: the U.S. is primarily an agricultural economy.
False
True/False: The U.S. has the highest standard of living.
False
, People who are willing to gamble with large amounts of money have a high tolerance
for______.
A. Gambling
B. Alcohol
C. Risk
D. Uncertainty
C. Risk
A person who has an idea for a new business or wants to take over another business is a/an
_________.
A. Capitalist
B. Entrepreneur
C. Angel investor
D. Stock broker
B. Entreprneur
A person who creates new products or services while working for someone else is called
a/an.
Intrapreneur
Many people feel the need to upgrade her phone because all their friends have new
iPhones. Which environment is benefitting Apple? _________.
A. Technological
B. Economic
C. Competitive
D. Social
D. Social
Nike is facing a challenge because so many people are getting older and their products are
geared toward younger people. Which environment is affecting them?
A. Social
B. Economic
C. Demographic
D. Competitive
C. Demographic
Which of the following would be an example of an external challenge for companies?
A. Management
B. Intellectual property
C. Pandemics
D. Talent
C. Pandemics
EXAM QUESTIONS WITH VERIFIED
SOLUTIONS
The total amount of money a business takes in during a given period by selling goods and
services
A. Revenue
B. Profit
C. Loss
D. GDP
A. Revenue
If a business is operating and NOT making money, it is operating at a _________
A. Deficit
B. Recession
C. Loss
D. Non-profit
C. Loss
Which of the following is NOT one of the Environments of Business?
A. Economic and Legal
B. Technological
C. Competitive
D. Moral
D. Moral
The 5 factors of production include all of the following except:
A. Land
B. Labor
C. Capital
D. Entrepreneurship
E. Liberty
E. Liberty
True/False: the U.S. is primarily an agricultural economy.
False
True/False: The U.S. has the highest standard of living.
False
, People who are willing to gamble with large amounts of money have a high tolerance
for______.
A. Gambling
B. Alcohol
C. Risk
D. Uncertainty
C. Risk
A person who has an idea for a new business or wants to take over another business is a/an
_________.
A. Capitalist
B. Entrepreneur
C. Angel investor
D. Stock broker
B. Entreprneur
A person who creates new products or services while working for someone else is called
a/an.
Intrapreneur
Many people feel the need to upgrade her phone because all their friends have new
iPhones. Which environment is benefitting Apple? _________.
A. Technological
B. Economic
C. Competitive
D. Social
D. Social
Nike is facing a challenge because so many people are getting older and their products are
geared toward younger people. Which environment is affecting them?
A. Social
B. Economic
C. Demographic
D. Competitive
C. Demographic
Which of the following would be an example of an external challenge for companies?
A. Management
B. Intellectual property
C. Pandemics
D. Talent
C. Pandemics
