BUSINESS ESSENTIALS MOCK EXAM AND STUDY MATERIAL WITH BUSINESS CASE STUDIES AND DECISION-MAKING PRACTICE

BUSINESS ESSENTIALS MOCK EXAM AND
STUDY MATERIAL WITH BUSINESS CASE
STUDIES AND DECISION-MAKING PRACTICE

◉ b.
Answer: All of the following involve offering services except
a.
banking.
c.
sports and entertainment.
b.
DVDs.
d.
tourism.


◉ profit.
Answer: The reward for satisfying the needs and wants of
consumers and businesses is


◉ competition.
Answer: _________ forces businesses to decide how to best use and
conserve their resources

,◉ d.
Answer: For businesses to stay successful, they must offer
a.
quality products.
c.
competitive prices.
b.
outstanding service.
d.
all of the above.


◉ a.
Answer: When developing a product or service, a business must do
all of the following except
a.
create a need for the product or service.
b.
evaluate the demand for the product or service.
c.
obtain start-up and operating capital.
d.

,keep records to satisfy government requirements.


◉ d.
Answer: Market research provides information that can help a
business
a.
identify opportunities.
b.
evaluate demand.
c.
respond to market goods and services.
d.
all of the above


◉ make a profit.
Answer: Businesses supply goods and services to


◉ decreasing demand for it.
Answer: A business may stop manufacturing a product because
there is a


◉ will be most profitable.

, Answer: Competition is possible because companies have the
freedom to produce products they think


◉ clothing.
Answer: The basic needs of people include food, water, shelter and


◉ needs.
Answer: businesses provide goods and services to satisfy wants and


◉ b.
Answer: All of the following are resources except
a.
money.
c.
fuel.
b.
transportation.
d.
labor.


◉ competition.
Answer: The contest among businesses to win customers is called