BUSINESS 101 EXAM 1: CHAPTERS 1-3 UPDATED
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. 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
Answer:
A. Revenue
Question:
2. If a business is operating and NOT making money, it is
operating at a _________
A. Deficit
B. Recession
C. Loss
D. Non-profit
Answer:
C. Loss
Question:
3. Which of the following is NOT one of the Environments of
Business?
A. Economic and Legal
B. Technological
C. Competitive
D. Moral
Answer:
D. Moral
, Question:
4. The 5 factors of production include all of the following
except:
A. Land
B. Labor
C. Capital
D. Entrepreneurship
E. Liberty
Answer:
E. Liberty
Question:
5. True/False: the U.S. is primarily an agricultural economy.
Answer:
False
Question:
6. True/False: The U.S. has the highest standard of living.
Answer:
False
Question:
7. People who are willing to gamble with large amounts of
money have a high tolerance for______.
A. Gambling
B. Alcohol
C. Risk
D. Uncertainty
Answer:
C. Risk
Question:
8. 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
Answer:
B. Entreprneur
ACTUAL QUESTIONS AND CORRECT ANSWERS
Question:
1. 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
Answer:
A. Revenue
Question:
2. If a business is operating and NOT making money, it is
operating at a _________
A. Deficit
B. Recession
C. Loss
D. Non-profit
Answer:
C. Loss
Question:
3. Which of the following is NOT one of the Environments of
Business?
A. Economic and Legal
B. Technological
C. Competitive
D. Moral
Answer:
D. Moral
, Question:
4. The 5 factors of production include all of the following
except:
A. Land
B. Labor
C. Capital
D. Entrepreneurship
E. Liberty
Answer:
E. Liberty
Question:
5. True/False: the U.S. is primarily an agricultural economy.
Answer:
False
Question:
6. True/False: The U.S. has the highest standard of living.
Answer:
False
Question:
7. People who are willing to gamble with large amounts of
money have a high tolerance for______.
A. Gambling
B. Alcohol
C. Risk
D. Uncertainty
Answer:
C. Risk
Question:
8. 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
Answer:
B. Entreprneur
