Business Essentials Exam Study Guide|
2025/2026 UPDATE | QUESTIONS AND
ANSWERS | WITH COMPLETE SOLUTION
The stock market crash on October 29, 1929, is known as - ANSWERS-Black
Tuesday
Recovery is marked by - ANSWERS-people going back to work.
more money to purchase goods and services.
increases in production.
Physical products - ANSWERS-goods
Money left over after a business has paid the cost of providing its goods and
service - ANSWERS-profit
Tasks that businesses perform for consumers - ANSWERS-services
The act of gathering and analyzing information about the wants, needs, and
preferences of consumers in a certain market - ANSWERS-market research
The contest between businesses to win customers - ANSWERS-competition
Any commercial activity that seeks profit by providing goods and services to
others in exchange for money - ANSWERS-business
, Items that people can use to make or obtain what they need or want -
ANSWERS-resources
A person who uses goods or services - ANSWERS-consumer
Things that you do not have to have to survive, but would like to have -
ANSWERS-needs
Wants that are shared by many people are - ANSWERS-public wants
Competition forces businesses to - ANSWERS-lower their prices.
Market research provides information that can help a business - ANSWERS-
a. identify opportunities. b. evaluate demand. c. respond to market goods
and services.
Businesses supply goods and services - ANSWERS-to make a profit
business may stop manufacturing a product because - ANSWERS-theres a
decrease demand for it
he basic needs of people include food, water, shelter and - ANSWERS-
clothing
Businesses provide goods and services to satisfy wants and - ANSWERS-
needs
Not a resource - ANSWERS-transportation
2025/2026 UPDATE | QUESTIONS AND
ANSWERS | WITH COMPLETE SOLUTION
The stock market crash on October 29, 1929, is known as - ANSWERS-Black
Tuesday
Recovery is marked by - ANSWERS-people going back to work.
more money to purchase goods and services.
increases in production.
Physical products - ANSWERS-goods
Money left over after a business has paid the cost of providing its goods and
service - ANSWERS-profit
Tasks that businesses perform for consumers - ANSWERS-services
The act of gathering and analyzing information about the wants, needs, and
preferences of consumers in a certain market - ANSWERS-market research
The contest between businesses to win customers - ANSWERS-competition
Any commercial activity that seeks profit by providing goods and services to
others in exchange for money - ANSWERS-business
, Items that people can use to make or obtain what they need or want -
ANSWERS-resources
A person who uses goods or services - ANSWERS-consumer
Things that you do not have to have to survive, but would like to have -
ANSWERS-needs
Wants that are shared by many people are - ANSWERS-public wants
Competition forces businesses to - ANSWERS-lower their prices.
Market research provides information that can help a business - ANSWERS-
a. identify opportunities. b. evaluate demand. c. respond to market goods
and services.
Businesses supply goods and services - ANSWERS-to make a profit
business may stop manufacturing a product because - ANSWERS-theres a
decrease demand for it
he basic needs of people include food, water, shelter and - ANSWERS-
clothing
Businesses provide goods and services to satisfy wants and - ANSWERS-
needs
Not a resource - ANSWERS-transportation
