Business Quiz for Grade 8

Test your knowledge of business concepts with the following quiz! Answer all the questions to the best of your ability. Good luck!

What is the main purpose of a business?
- (Answer in your own words)
Which of the following is considered a service? A. A textbook
B. A haircut
C. A smartphone
D. A car
What does the term "marketing" refer to?
- (Answer in your own words)
Which of the following is an example of a public corporation? A. Apple Inc.
B. Joe's Coffee Shop
C. A local grocery store
D. A family-owned bakery
What is the role of an entrepreneur?
- (Answer in your own words)
Which of the following is NOT a factor of production? A. Land
B. Labor
C. Capital
D. Credit
What does "profit" mean?
- (Answer in your own words)
Which of the following is an example of a nonprofit organization? A. Habitat for Humanity
B. Amazon
C. Target
D. Microsoft
What is a budget?
- (Answer in your own words)
Which of the following is a common form of business ownership? A. Partnership
B. Cooperative
C. Sole proprietorship
D. All of the above
What is 'supply and demand'?
- (Answer in your own words)
Which of the following is typically associated with technology businesses? A. Electrician services
B. Software development
C. Farming
D. Landscaping
What is the purpose of a business plan?
- (Answer in your own words)
Which of the following is an example of market research? A. Analyzing internet traffic
B. Creating a financial statement
C. Assembling a product
D. None of the above
What does it mean to be "financially literate"?
- (Answer in your own words)

Answer all questions, providing your thoughts where prompted.
For multiple-choice questions, select the letter corresponding to the correct answer.