Intro to Business Chapter 1 Quiz

One reason to study business includes _______, which includes having an understanding of cultural (or workplace) diversity.

• helping to choose a career

• starting your own business

• being a better informed consumer

• being a successful employee

Which of the following is not included in material resources?

• 
  Buildings

• Labor

• Minerals

• Machinery

Which of the following is a material resource for General Motors?

• Labor

• 
  Leadership intellect

• Paint

• Money

Organizations that combine machinery, labor, and raw materials to produce goods are called _____.

• processing plants

• manufacturing businesses

• service businesses

• market intermediaries

Costco stores would most likely be classified as _____.

• 
  sole proprietorships

• 
  manufacturing establishments

• marketing intermediaries

• service businesses

Which of the following equations represents the relationship between sales and profits?

• Sales Revenue - Expenses = Profit

• Gain +Profit = Sales Reenue

• Expenses + Loss = Sales revenue + Profit

• Profit - Expenses = Sales Revenue

______ is the study of the national and global economy.

• Macroeconomics

• Microeconomics

• Entrepreneurship

• Economics

According to economists, factors of production would not include which of the following: _______.

• entrepreneurship

• money

• 
  labor

• capital

Economists describe inflation as ______.

• a general rise in the level of prices

• a general rise in the cost of goods

• an unnatural rise in prices

• 
  periodically adjusted by corporations

At what stage in the business cycle do companies become more focused on value in their production decisions?

• 
  Peak

• Recession

• 
  Recovery

• 
  Trough