Intro to Business Exam 1 / Q-
Bank / Complete Accurate
Quizzes with Verified Answers /
2025
Quiz____?
What is the primary focus of a profit organization? -
Answer✓✓
To make a profit.
Quiz____?
What are the four functions of management? -
Answer✓✓
Planning, organizing, controlling, and leading
Quiz____?
What are the factors of production used to make goods and services? -
Answer✓✓
quality products, efficient operations, social responsibility, and business
ethics.
Quiz____?
What is Communism? -
Answer✓✓
Page 1 of 17
,Owned and operated by by government. No competition, the government
owns and operates everything. Excess income goes to the government.
Consumers have limited choice of goods and services, prices usually high.
Little choice in career choice, most work for government-owned farms and
industries.
Quiz____?
What is Socialism? -
Answer✓✓
Gov owns and operates major industries, individuals own small
businesses. Restricted in major industries, encouraged in small business.
Profits earned in small business may be reinvested in business, profits
from gov owned industries go to gov. Consumers have some choice of
goods and services, prices determined by supply and demand. Some
choice of careers, many work in gov jobs.
Quiz____?
What is Capitalism? -
Answer✓✓
Individuals own and operate all business. Encouraged by market forces
and government regulations. People are free to keep profits and use them
as they wish. Consumers have wide choice of goods and services, prices
determined by supply and demand. Unlimited choice of careers.
Quiz____?
What is pure competition? -
Answer✓✓
Many small businesses in same product market.
Page 2 of 17
, Quiz____?
What is monopolistic competition? -
Answer✓✓
small number of businesses little difference in products.
Quiz____?
What is oligopoly? -
Answer✓✓
Very few businesses selling a product.
Quiz____?
What is a monopoly? -
Answer✓✓
The market structure that exists when there is only one business providing
a product in a given market.
Quiz____?
What is economic expansion? -
Answer✓✓
Economy is growing and consumers are spending money.
Quiz____?
What is a depression? -
Answer✓✓
unemployment very high; consumer spending low; business output
sharply reduced
Page 3 of 17
Bank / Complete Accurate
Quizzes with Verified Answers /
2025
Quiz____?
What is the primary focus of a profit organization? -
Answer✓✓
To make a profit.
Quiz____?
What are the four functions of management? -
Answer✓✓
Planning, organizing, controlling, and leading
Quiz____?
What are the factors of production used to make goods and services? -
Answer✓✓
quality products, efficient operations, social responsibility, and business
ethics.
Quiz____?
What is Communism? -
Answer✓✓
Page 1 of 17
,Owned and operated by by government. No competition, the government
owns and operates everything. Excess income goes to the government.
Consumers have limited choice of goods and services, prices usually high.
Little choice in career choice, most work for government-owned farms and
industries.
Quiz____?
What is Socialism? -
Answer✓✓
Gov owns and operates major industries, individuals own small
businesses. Restricted in major industries, encouraged in small business.
Profits earned in small business may be reinvested in business, profits
from gov owned industries go to gov. Consumers have some choice of
goods and services, prices determined by supply and demand. Some
choice of careers, many work in gov jobs.
Quiz____?
What is Capitalism? -
Answer✓✓
Individuals own and operate all business. Encouraged by market forces
and government regulations. People are free to keep profits and use them
as they wish. Consumers have wide choice of goods and services, prices
determined by supply and demand. Unlimited choice of careers.
Quiz____?
What is pure competition? -
Answer✓✓
Many small businesses in same product market.
Page 2 of 17
, Quiz____?
What is monopolistic competition? -
Answer✓✓
small number of businesses little difference in products.
Quiz____?
What is oligopoly? -
Answer✓✓
Very few businesses selling a product.
Quiz____?
What is a monopoly? -
Answer✓✓
The market structure that exists when there is only one business providing
a product in a given market.
Quiz____?
What is economic expansion? -
Answer✓✓
Economy is growing and consumers are spending money.
Quiz____?
What is a depression? -
Answer✓✓
unemployment very high; consumer spending low; business output
sharply reduced
Page 3 of 17
