Business Fall Semester Exam Questions
and Answers
business - correct answer-Any activity that seeks profit by providing goods or services
to others.
consumer - correct answer-A person who selects, purchases, uses, or disposes of
goods or services.
resources - correct answer-Anything that people can use to make or obtain what they
want or need.
profit - correct answer-The amount of money left over after all cost of creating goods or
services.
economics - correct answer-The study of how society chooses to use resources to
produce goods & services
from production to distribution.
demand - correct answer-The amount of goods and services that consumers want or
need.
supply - correct answer-The amount of goods and services that producers will provide
at various prices.
scarcity - correct answer-Society's shortage of resources.
business cycle - correct answer-Repeated rise and fall of economic activity over time.
inflation - correct answer-A general rise in the prices of goods and services.
ethics - correct answer-The principles you live by, like honor and integrity.
social responsibility - correct answer-The obligation a business has to do what is best
for society.
conflict of interest - correct answer-A conflict between business social well-being and
profits.
entrepreneur - correct answer-A person who recognizes an opportunity and assumes
the risks of a business enterprise.
and Answers
business - correct answer-Any activity that seeks profit by providing goods or services
to others.
consumer - correct answer-A person who selects, purchases, uses, or disposes of
goods or services.
resources - correct answer-Anything that people can use to make or obtain what they
want or need.
profit - correct answer-The amount of money left over after all cost of creating goods or
services.
economics - correct answer-The study of how society chooses to use resources to
produce goods & services
from production to distribution.
demand - correct answer-The amount of goods and services that consumers want or
need.
supply - correct answer-The amount of goods and services that producers will provide
at various prices.
scarcity - correct answer-Society's shortage of resources.
business cycle - correct answer-Repeated rise and fall of economic activity over time.
inflation - correct answer-A general rise in the prices of goods and services.
ethics - correct answer-The principles you live by, like honor and integrity.
social responsibility - correct answer-The obligation a business has to do what is best
for society.
conflict of interest - correct answer-A conflict between business social well-being and
profits.
entrepreneur - correct answer-A person who recognizes an opportunity and assumes
the risks of a business enterprise.
