Introduction to Business

Section 2: Business Activities

Self-Checks

1
Business is any commercial activity that seeks ______ .
A)profit
B)goods and services
C)retail
D)money
2
The reward that motivates businesses to supply goods and services is ______ .
A)prestige
B)employment
C)the profit motive
D)fees
3
Companies thrive on ______ .
A)competition
B)limits
C)service
D)monopoly power
4
Competition is possible because companies have the freedom to produce the products they think will be most ______ .
A)popular
B)profitable
C)inexpensive
D)unusual
5
For companies to compete successfully in a global market, they must combine quality, excellent service, and ______ .
A)market share
B)popularity
C)choice
D)competitive prices
6
Business success depends on how well key activities are managed, performed, and ______ .
A)financed
B)researched
C)coordinated
D)publicized
7
The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market is called ______ .
A)being nosy
B)planning
C)doing your job
D)market research
8
A person who uses goods or services is called ______ .
A)a consumer
B)lucky
C)an owner
D)rich
9
The decision to stop manufacturing products is often because of decreased ______ .
A)price
B)business size
C)demand
D)competition
10
When consumers choose not to purchase a business's products or services, the business usually ______ .
A)succeeds
B)loses
C)wins
D)fails
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