Business Practice Quiz

Instructions: Answer the following questions to test your knowledge of general business concepts and
practices. Choose the best answer for each question.

1. What does ROI stand for in business?

a) Return on Investment

b) Return on Income

c) Revenue on Investment

d) Revenue on Income

2. Which of the following is NOT a primary function of management?

a) Planning

b) Selling

c) Organizing

d) Controlling

3. What is the term for the process of gathering, analyzing, and interpreting information about a
market?

a) Market research

b) Product development

c) Sales forecasting

d) Marketing strategy

4. What is the financial statement that reports a company's revenues and expenses over a specific
period of time?

a) Balance sheet

b) Income statement

c) Cash flow statement

d) Statement of retained earnings

5. Which of the following is NOT a characteristic of a sole proprietorship?

a) Limited liability

b) Single ownership

c) Simple to establish

d) Taxed as personal income

6. What is the term for the process of dividing a market into distinct groups of buyers who have different
needs, characteristics, or behaviors?

a) Market segmentation

b) Product differentiation

c) Competitive analysis

d) Target marketing

7. What does SWOT analysis stand for?

a) Strengths, Weaknesses, Opportunities, Threats

b) Sales, Wealth, Operations, Taxes

c) Strategies, Workflows, Objectives, Targets

d) Stock, Wage, Operations, Taxes

8. What is the term for the amount of money that remains after deducting expenses from revenue?

a) Gross profit

b) Net profit

c) Operating income

d) Gross margin

9. Which of the following is NOT a type of business ownership structure?

a) Corporation

b) Partnership
 c) LLC (Limited Liability Company)

d) NGO (Non-Governmental Organization)

10. What does B2B stand for in the context of business?

a) Business to Business

b) Business to Consumer

c) Buy to Build

d) Barter to Buy

Answers:

1. a) Return on Investment

2. b) Selling

3. a) Market research

4. b) Income statement

5. a) Limited liability

6. a) Market segmentation

7. a) Strengths, Weaknesses, Opportunities, Threats

8. b) Net profit

9. d) NGO (Non-Governmental Organization)

10. a) Business to Business