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Christ University Entrance Business and Economic Systems — practice questions

Explore 30 free Business and Economic Systems questions in Christ University Entrance Business Studies. Open each question or exercise to read its content, reference answers and available explanation.

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Business and Economic Systems questions and exercises with answers

Showing questions 1–30 of 30.

An organisation seeking profit by supplying goods and services people want is a:Read the answer and worked solution →The money a company receives from selling goods or services is its:Read the answer and worked solution →A company whose costs exceed its revenues records a:Read the answer and worked solution →An organisation whose aim is something other than profit is a:Read the answer and worked solution →The largest and most pervasive not for profit group is the:Read the answer and worked solution →Four traditional factors of production are capital, entrepreneurship, natural resources and:Read the answer and worked solution →Many experts now add a fifth factor of production, namely:Read the answer and worked solution →Commodities that are useful inputs in their natural state are called:Read the answer and worked solution →Tools, machinery, equipment and buildings used in production are known as:Read the answer and worked solution →In the factors of production sense, capital does not include:Read the answer and worked solution →People who take risks and reshape a business to find a better path are:Read the answer and worked solution →Applying science and engineering skills to solve production problems is:Read the answer and worked solution →Major economic systems fall into free market and which other broad category?Read the answer and worked solution →The complete opposite of capitalism is:Read the answer and worked solution →A system where basic industries are owned or tightly controlled by government is:Read the answer and worked solution →Countries using more than one economic system at once are called:Read the answer and worked solution →The study of the economy as a whole is called:Read the answer and worked solution →The study of households, firms and industries is called:Read the answer and worked solution →Economists identify how many types of market structure?Read the answer and worked solution →A market where a single firm makes all the industry's sales is a pure:Read the answer and worked solution →Clothing and food markets, where firms differentiate products, show:Read the answer and worked solution →In a market with very few firms, each firm's action affects the others. That structure is:Read the answer and worked solution →Catch the factors of productionRead the answer and worked solution →Pop the market structuresRead the answer and worked solution →Run the business gatesRead the answer and worked solution →Slice the business wordsRead the answer and worked solution →Free market or plannedRead the answer and worked solution →Sort the business ideasRead the answer and worked solution →Type the numberRead the answer and worked solution →Business basics bingoRead the answer and worked solution →

Worked practice questions

An organisation seeking profit by supplying goods and services people want is a:

  1. Business
  2. Bulletin
  3. Barrister
  4. Broadcast
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Correct answer: A. Business

1. It serves customers who want something. 2. It aims to earn more than it spends. 3. That organisation is a business. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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The money a company receives from selling goods or services is its:

  1. Rebate
  2. Revenue
  3. Reserve
  4. Retainer
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Correct answer: B. Revenue

1. It arrives before costs are taken out. 2. It is the top line of the accounts. 3. That money is revenue. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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A company whose costs exceed its revenues records a:

  1. Loss
  2. Lien
  3. Lease
  4. Levy
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Correct answer: A. Loss

1. Nothing is left after paying costs. 2. The shortfall shows in the accounts. 3. That result is a loss. _Source: OpenStax Introduction to Business, Chapter 1, Understanding Economic Systems and Business._

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