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True / False Questions 1. Businesses have the right to keep

Question : True / False Questions 1. Businesses have the right to keep

True / False Questions
 

1. Businesses have the right to keep and use their profits as they choose, without limitations.


Within legal limitations, businesses have the right to keep and use their profits as they choose.

2. Finance refers to all activities concerned with obtaining money and using it effectively.


Finance refers to all activities concerned with obtaining money and using it effectively. Financial resources must be managed effectively if the business aims to succeed.

3. Owners have little responsibility to provide funds for the operation of the business.


The primary responsibility of the owners is to provide financial resources for the business.

4. A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.


Economics is the study of how resources are distributed for the production of goods and services.

5. The equilibrium price is represented by the point where a product's supply and demand curves intersect.
The price at which the number of products that businesses are willing to supply is equal to the amount of products that consumers are willing to buy at a specific point in time is the equilibrium price.

Multiple Choice Questions
 

6. _____ is the primary goal of business.
A. Charity
B. Profit
C. Bureaucracy
D. Quality
E. Strategy

7. The difference between what it costs to make and sell a product and what a customer pays for it is referred to as _____.
A. net value
B. gross price
C. profit
D. retail price
E. stake

8. Businesses differ from nonprofit organizations in that a business's focus is on:
A. profit.
B. goods.
C. price.
D. charity.
E. fund raising.

9. Which of the following is an example of an intangible product?
A. A movie DVD
B. A sandwich
C. A sports car
D. A music concert
E. Jewelry

10. Which of the following is an example of a tangible product?
A. An automobile
B. A movie
C. A theatre play
D. A music concert
E. A business conference

 

 

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