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Business Basics Quiz

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Business Basics Quiz

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Core commerce concepts

Created by

Adanri Anuoluwapo Anuoluwapo
Adanri Anuoluwapo Anuoluwapo
Nigeria

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Business Basics Quiz
 

Business Basics QuizOnline version

Core commerce concepts

by Adanri Anuoluwapo Anuoluwapo
1

Business can best be defined as?

2

Main purpose of advertising is?

3

Which is NOT a factor of production?

4

The reward for labour is?

5

Main function of a retailer is?

6

Which is a public enterprise?

7

Main function of insurance is?

8

The major function of a bank is?

9

The main purpose of a business is?

10

The main function of a wholesaler is?

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Other options focus on parts of business; the essence is exchange of goods and services.

Advertising informs or educates, not only sells or compete.

Land, labour, and capital are traditional factors; money is a resource, not a productive factor.

Labour is compensated with wages or salaries, not rents or interest.

Retailers move goods from producers to consumers, not primarily produce or consume.

Public enterprises are government-owned, like the Nigerian Railway Corporation.

Insurance provides financial indemnity after loss, not prevention.

Banks primarily lend, finance, and manage money, not produce goods.

Profit motive drives most businesses, alongside other aims.

Wholesalers bridge producers and retailers, focusing on distribution.

 
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