Principles of Business Quiz 1

Jargons Write the letter to indicate the correct statement for each Jargon

1. Enterprise ___C___ a) This is a good that is traded, usually raw materials such as copper or
coffee.

2. Entrepreneurship______ b) This means the exchange of goods for other goods

3. Barter______ c) ‘A business’. Generally, it is used to describe an undertaking or

activity with some degree of difficulty or risk.
4. Profit ______ d) The individual who identifies the opportunity and risks the time and
money to start to organize this new adventure.

5. Loss ______ e) When the costs of production and other expenses are greater than the
revenue
6. Trade ______ f) This is the person (or group) that buys goods and services to satisfy
wants.

7. Organization ______ g) This is the money remaining or left over after the costs of production,
distribution and taxes have been paid. It is the financial gain for the
business or entrepreneur.
8. Economy ______ h) Money and other resources or things that are used to start a business

9. Producer ______ i) This is the giving of one thing and the receiving of another. The things
exchanged are usually of similar value.

10. Consumer ______ j) This means buying and selling

11. Exchange ______ k) These are things that are made to be sold, otherwise called products.

12. Goods ______ l) This is a person or business that makes or creates goods or services.
Usually, the goal is to make a profit.

13. Services ______ m) This means a group of persons using resources or things that are
arranged in a certain way to carry out specific activities in order to
achieve a goal or objective.
14. Market ______ n) Any situation in which buyers and sellers meet or communicate in
order to exchange goods and services. The buyers and sellers do not
have to meet face-to-face!
15. Commodity ______ o) This means work that is done for another; assistance or benefit given.

16. Capital ______ p) This is a system that allocates or shares up scarce resources by
deciding what should be produced, how and for whom.
17. Labour ______ q) This is the physical or mental work of a person. It also means ‘the
worker.

Instruction: Write the letter to indicate the correct statement for each Jargon on the space provided.