Business 101 Week Two Quiz Chapters 3 to 5 of Understanding Business
1. A business’s concern for the welfare of a society as a whole is called
__________________________.
2. A company is involved in _________________when it is selling products to another country.
3. A __________________is an arrangement whereby someone with a good idea for a business
sells the rights to use the business name and to sell a product or service to others in a given
territory.
4. Standards of moral behavior, or ____________, is behavior that is accepted by society as right
or wrong.
5. A country is involved in __________________ when it is buying products from another country.
6. There is ______________ when the movement of goods and services among nations occurs
without political or economic barriers.
7. A ______________________is a company that develops a product concept and sells others
the rights to make and sell the products.
8. A nation’s _________________is the total value of a nation’s exports compared to its
imports measured over a period of time.
9. A business that is owned, and usually managed, by one person is a(n) ___________________.
10. A state-chartered legal entity with authority to act and have liability separate from its owners is
a(n) _______________________.