BS 8 MODULE 22: QUIZ #5

This is a fundamental economic concept that describes the total amount of a specific goods or service that is available to consumers

• Scarcity

• Demand

• Supply

• Cost

• Benefit

It refers to basic economic problem that refers to the gap between availability and limited resources.

• Scarcity

• Demand

• Supply

• Cost

• Benefit

This refers to an advantage or profit gained from something.

• Scarcity

• Demand

• Supply

• Cost

• Benefit

This refers to the monetary value of expenditures for raw materials, equipment, supplies, services, labor, products and others that need to be paid or purchased.

• Scarcity

• Demand

• Supply

• Cost

• Benefit

This is an economic principle referring to a consumer's desire to purchase goods and services and the willingness to pay its price.

• Scarcity

• Demand

• Supply

• Cost

• Benefit

It is a social science concerned with the production , distribution and consumption of goods and services. It studies how individuals, businesses, governments and nations in general make choices about how to allocate resources.

• Economics

• Politics

• Psychology

• Management

It is a payment or concession to stimulate greater output or investment.

• Demand

• Supply

• Benefit

• Incentive

This is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period.

• Financial Position Statement

• Profit and Loss Statement

• Cash Flow Statement

• Balance Sheet

This is the gross sales less than the total expenditures.

• Loss

• Net Profit

• Gross Income

• Revenues

What term is used when your total expenditure exceeds your gross sales?

• Profit

• Loss

• Revenues

• Income