by alex
Are you ready to challenge your understanding of the business world? This quiz is designed to test your knowledge on essential business concepts and theories that every business major should know. From management principles to marketing strategies, and financial fundamentals to economic theories, this quiz covers it all. Sharpen your pencils and get ready to see how much you really know about the business field. Good luck!
Business Major Quiz Questions Overview
1. Which of the following is considered one of the four Ps of marketing?
Price
Profit
People
Process
2. What is the primary goal of financial management?
Maximizing profits
Minimizing costs
Maximizing shareholder wealth
Ensuring liquidity
3. In economics, what does the term ‘opportunity cost’ refer to?
The cost of the next best alternative foregone
The total cost of all alternatives
The monetary cost of a decision
The cost of production
4. Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Retained Earnings
5. What is the primary function of human resource management?
Managing financial resources
Overseeing production processes
Managing employee relations and development
Marketing and sales
6. Which of the following is a key characteristic of a monopolistic market?
Many sellers
Single seller
Few sellers
No sellers
7. What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
Sales, Workforce, Operations, Technology
Strategy, Weakness, Objectives, Tactics
Systems, Workflow, Organization, Training
8. Which economic principle states that as the price of a good or service increases, the quantity demanded decreases, and vice versa?
Law of Supply
Law of Demand
Law of Diminishing Returns
Law of Comparative Advantage
9. Which management theory emphasizes the importance of understanding human behavior, needs, and attitudes in the workplace?
Scientific Management
Bureaucratic Management
Human Relations Theory
Systems Theory
10. Which of the following is a key component of Porter’s Five Forces model?
Supplier Power
Market Share
Product Life Cycle
Corporate Social Responsibility
