Intro to Business Final Exam Review

Front

Sabrina and Kason are starting a new company. What should be their primary goal as business owners?

Back

Making profits

Front

Timmy and Jordan are discussing different types of businesses. Which of the following is an example of a service business? Adidas, Sony, Target, FedEx

Back

FedEx

Front

Grace and Nicholas started a small business selling handmade candles. Revenue is the total amount of money their business: Check all that apply.

Back

Receives from sales

Front

Briana and CJ are starting a new company. Which function of their business involves managing employee relations and recruitment?

Back

Human resources

Front

At a local bakery, Sabrina and CJ use their physical and mental abilities to prepare delicious pastries every morning. Which factor of production do Sabrina and CJ represent?

Back

Human capital

Front

What does the term "operations" refer to in a business context?

Back

Day-to-day activities to produce goods or services

Front

Lamis, Deshaun, and Easton want to organize a school event, but they realize they have limited resources and must decide how to use them. What is the basic economic problem they are facing?

Back

Scarcity

Front

Anika and Joel are starting a small bakery. They need to answer some important economic questions. Which of the following is NOT one of the three basic economic questions they should consider? What to produce? How to produce? For whom to produce?

Back

When to produce?

Front

What is the opportunity cost of Anika's decision to buy a new book instead of going to the movies with her friends?

Back

The value of the next-best alternative you give up

Front

Leigha and CJ both open lemonade stands on the same street. Competition between their businesses usually results in:

Back

Lower prices for consumers