CPAS Practice Unit 1 and 2 BMF

What is effective communication?

• The form of communication where the results requires an action by the receiving party

• The ability to deliver a clear message in the shortest amount of time

• when a message is delivered to a person or group and the desired result of that message is successfully achieved

• none of these

You decided to take a certain action because you know it's the wrong thing to do. You have made this decision based on your

• peers

• ethics.

• regulations

• law

One difference between business ethics and law is that business ethics

• are often unwritten

• must be published

• are enforced by government

• are easy to determine

Factors of production include which of the following?

• land, labor, capital, entrepreneurship

• technology, products, and entrepreneurship

• goods and services

• all of the products produced in an economy

The value of the next best alternative that has been given up for the action that was chosen is:

• factor of production

• trade-off

• opportunity cost

• productivity

What is the basic problem of economics?

• pricing

• scarcity

• consumer behavior

• government policies

Free market economies and capitalist economies are also referred to as:

• free enterprise systems

• factor production units

• circular flow models

• factor

What is the most common method of allocating resources in the United States?

• Force

• First come-first come

• counting the number of freckles on a person's face

• markets

Sellers must carefully set prices so that buyers feel they are receiving ______value for their money

• no

• minimum

• little

• optimum

What might happen if a business's customers feel that they are not getting the most value for their money?

• sales increase

• customers spend money elsewhere

• customers purchase more

• sales remain the same