BF10 BE Units 1-6 test

When employees are working faster or better, they are increasing their

• wages.

• benefits.

• value.

• efficiency.

A hurricane that destroys a business is an example of a(n) _______ risk.

• operational

• financial

• strategic

• hazard

A gap between unlimited wants and limited resources creates

• economics.

• resources.

• wants.

• scarcity.

Seeing a movie at a theater would be considered a(n) __________ want.

• economic

• unlimited

• limited

• non-economic

Which of the following statements about perfect competition is correct:

• There is a limited supply of goods and services.

• Businesses have a good deal of control over the market.

• Products vary from seller to seller.

• It is used as a benchmark to compare real market structures against.

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

• transfer

• insure against

• retain

• prevent or control

To use resources wisely, business owners must reduce

• risk.

• reward.

• waste.

• wages.

In business terms, what is profit?

• A good investment

• A holiday bonus

• A monetary reward

Which one of the following groups of words best describes wants:

• Limited, changing, and compensating

• Unlimited, changing, and competing

• Limited, unchanging, and competing

• Unlimited, unchanging, and compensating

Every business must accomplish which of the following:

• Produce or provide goods/services

• Obtain venture capital

• Issue corporate bonds

• Trade or sell business assets/property