The Nature of Business: Raising the Standard of Living


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question 1 of 3

What's the best explanation of a business?

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1. What's the best explanation of standard of living?

2. What's the best explanation of risk?

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About This Quiz & Worksheet

This quiz and worksheet can help you assess your understanding of standard of living and ways businesses can improve this. In order to pass the quiz, you will need to explain definitions and concepts related to business and standard of living.

Quiz & Worksheet Goals

Use this worksheet and quiz to check your knowledge of business, mainly:

  • Profit
  • Standard of living
  • Ways businesses improve the standard of living
  • Risk

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related business lesson
  • Information recall - access the knowledge you have gained regarding standard of living
  • Problem solving - use acquired knowledge to solve business practice problems

Additional Learning

To learn more about businesses and standard of living, review the corresponding lesson called The Nature of Business: Raising the Standard of Living. This lesson will help you to:

  • Define business
  • Determine what standard of living is
  • Identify ways a business can improve the standard of living
  • Learn about profit and risk in business