PBMF Fall Final Review

If a business is owned by two or more persons who share the risks and rewards of the business, then a, _____                would exist.

• partnership

• proprietorship

• corporation

• non-profit business

Which of the following laws requires one and a half times the regular rate of pay for more than 40 hours worked for qualified employees

• The Equal Pay Act of 1963

•  The Fair Labor Standards Act of 1968     

• The Americans With Disabilities Act of 1990

• Title VII of the Civil Rights Act of 1964

Which of the following steps in the ethical decision-making process involves devising an accurate problem definition?

• Selecting the best choice

• Defining the problem

• Listing all alternatives and consequences

• Evaluating your decision

The quantity of a good or service that consumers are willing and able to buy is?

• mixed economy

• demand

• supply

• Market Economy

The functions of management are _____, organizing, ___, implementing and _____.

• hoping, working, delegating

• planning, staffing, controlling

• planning, staffing, working

• overseeing, doing, delegating

Intrastate commerce is business that occurs where?

• across any states as long as it's within 100 miles of the company 

• within the state itself

• within the borders of the United States

• anywhere within North America

Which of the following a service business?

• A Home Improvement Store

• A Hair Salon

• A Car Dealership

• A Grocery Store

In the business cycle, when unemployment is rising, and production is being reduced is called:

• Peak

• expansion

• recession

• depression

What is an export?

• Goods coming into a country     

• Preventing trade with another country

• Goods going out to other countries

• Charging a tax for other country to purchase

In a command economy, who would control the three economic questions?

• The people

• Businesses

• The government

• Entrepreneurs