BUSAD 101 - Introduction to Business » Fall 2020 » Chapter 1 Quiz

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Question #1
Which of the following statements is NOT true regarding businesses?
A.   Successful businesses seek to meet their social and ethical responsibilities. 
B.   Businesses are nonprofit organizations that provide services to the public.
C.   Businesses provide goods and services necessary to an economic system.
D.   Businesses are the economic pulse of a nation.
Question #2
Which of the following is a public sector, not-for-profit organization?
A.   Museum
B.   Labor union
C.   Charitable group
D.   Library
Question #3
A company that values employees as sources of ideas and innovation is utilizing its _____.
A.   capital
B.   human resources
C.   entrepreneurship
D.   natural resources
Question #4
Namesh recently sold his Ford Taurus to a personal friend. Namesh’s sale of his automobile illustrates the right to _____.
A.   profit making
B.   private property
C.   freedom of choice
D.   set ground rules for competitive activity
Question #5
Which of the following is considered to be the most fundamental right of the private enterprise system?
A.   The right to private property
B.   The right to exercise price discrimination
C.   The right to fair competition
D.   The right to guaranteed profits
Question #6
When government sets ground rules for competitive activity, the intent is to reduce “cutthroat” competition.
A.   FALSE
B.   TRUE
Question #7
The current philosophy among managers today is best described as transaction management.
A.   TRUE
B.   FALSE
Question #8
Managers are beginning to recognize the different needs of workers of different ages.
A.   FALSE
B.   TRUE
Question #9
Not-for-profit organizations are commonly exempt from federal, state, and local taxes.
A.   FALSE
B.   TRUE
Question #10
When farmers rent land in order to increase crop production, they are acquiring capital.
A.   FALSE
B.   TRUE

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