BUSAD 101 - Introduction to Business » Summer 2022 » Chapter 1 Quiz

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Question #1
Revenue is the amount a business earns above and beyond what it spends for expenses and costs.
A.   True
B.   False
Question #2
Stakeholders are all people who stand to gain or lose by the policies and activities of a business.
A.   False
B.   True
Question #3
Outsourcing means selling goods and services to people in other countries.
A.   False
B.   True
Question #4
Business and nonprofit organizations often strive to accomplish the same objectives.
A.   True
B.   False
Question #5
The only way that a business can increase its profits is to increase its sales revenue.
A.   True
B.   False
Question #6
The amount of profit or loss earned by a business can be found by subtracting the company's expenses from its revenues.
A.   True
B.   False
Question #7
A charitable organization such as the American Red Cross or Salvation Army, is classified as a for-profit organization.
A.   False
B.   True
Question #8
Money is one of the five factors of production that contribute to creation of wealth.
A.   False
B.   True
Question #9
Productivity is the amount of output you generate given the amount of input such as hours worked.
A.   False
B.   True
Question #10
Although employment in the service sector has increased rapidly in recent years, the vast majority of workers are still employed in the goods producing sector.
A.   True
B.   False

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