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Intro to Business Review

Total questions: 72

Worksheet time: 36mins

Name
Class
Date
1.

Businesses emphasize customer service, product features, & brand reputation when involved in non-price competition.

a)

True

b)

False

2.
U.S. govt. serves as regulator; protecting consumers, workers, investors, & the environment.
a)
True
b)
False
3.
Sales and rebates are examples of what strategy?
a)
Price Competition
b)
Low Fares
c)
Competitive Edge
d)
Roll Backs
4.
Competition forces businesses to produce poor-quality products at low prices.
a)
True
b)
False
5.

When Mia's bakery produces more cupcakes than the local demand, she usually lowers their price.

a)

True

b)

False

6.
Ethics are guidelines for good behavior.
a)
True
b)
False
7.
What is the term for the struggle between companies for customers?
a)
Profit
b)
Promotion
c)
Surplus
d)
Competition
8.
What agency would regulate chemicals that are improperly stored causing employees to become ill?
a)
Environmental Protection Agency
b)
Security Exhange Commission
c)
Federal Trade Commission
d)
Occupational Safety and Health Administration
9.
DECA, the Red Cross, and the Girl Scouts of America are considered ____________organizations.
a)
Profit
b)
Non-profit
c)
Non-price 
d)
Price
10.
EPA
a)
Sets guidelines for good behavior. 
b)
Enviromental Protection Agency.
c)
Equal Employment Opportunity Commission.
d)
Prices products really high when the need is great. 
11.
This is the exclusive right to reproduce/sell work authored by an individual, ex: writings, music & artwork.
a)
Copyright
b)
Trademark
c)
Patent
d)
Monopoly
12.
›Determining the best ways for customers to locate, obtain, and use the products and services of an organization.
a)
Distribution
b)
Selling
c)
Marketing-information management
d)
Pricing
13.
›Setting and communicating the value of products and services.
a)
Promotion
b)
Pricing
c)
Financial analysis
d)
Marketing-information management
14.
Which ones of these words are not on the SWOT Analysis acronym? 
a)
Strength
b)
Weaknesses
c)
Organization
d)
 Threats
15.
Packaging can help attract the consumers attention to buy the product?
a)
True 
b)
False
16.
Retailers 
a)
are businesses that a government gives exclusive right to sell goods. 
b)
is the exclusive control over a product or means of producing it. 
c)
buys goods from wholesalers and sells them to the consumer. 
d)
is buying from the manufacturere and selling to another business. 
17.
Equilibrium is when supply exceeds demand. 
a)
Trues
b)
False
18.
The people that buy the products are____.
a)
producers
b)
consumers
c)
marketers
19.
People's wants and needs are ___.
a)
limited
b)
unlimited
c)
the same as resources
20.
The basic economic problem is ____.
a)
scarcity
b)
greed
c)
food shortage
d)
demand
21.
True or False:
In a a private enterprise economy the government controls exchange activities between producers and consumers.
a)
True
b)
False
22.
True or False:
You have scarcity if there are unlimited wants and needs combined with limited resources.
a)
True
b)
False
23.
Which of the following is one of the three basic questions all economies must answer.
a)
What goods and services will be produced? 
b)
How will they be produced?
c)
For whom will they be produced?
d)
All are correct
24.

All of the following are economic resources (factors of production) except ___.

a)
all are economic resources
b)
equipment
c)
labor
d)
capital
25.
The amount added to the cost of a product to set the selling price.
a)

price

b)

markup or margin

c)
operating expenses
d)

loss

26.
The locations and methods used to make a product or service available to the target market. 
a)

resourcing

b)

distribution or channel

c)
retailers
d)
price
27.
Intermediaries between manufacturers and retailers.
a)
retailers
b)
channel members
c)
wholesalers
d)
consumers
28.
The amount of money available to the business after all costs and expenses have been paid.
a)
selling price
b)
product costs
c)
operating expenses
d)
profit
29.
Which of these is NOT part of a consumer profile?
a)
Demographics
b)
Psychographics
c)
Polygraphics
d)
Buying Patterns
30.
What could you do to try to improve your net profit?
a)
All of the above
b)
Increase prices
c)
Increase number of items sold
d)
Decrease fixed expenses
31.
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
a)
Create a business pitch
b)
Get a mentor
c)
Immediately put down a deposit for a storefront property
d)
Estimate the target market
32.
In order to be a good entrepreneur you must be able to take ______.
a)
Risk
b)
naps 
c)
breaks
d)
people
33.
What role do entrepreneurs play in economics?
a)
Entrepreneurs tell consumers what they should want or need
b)
Entrepreneurs borrow money from the economy to start their businesses
c)
Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
d)
All of the above?
34.
________is a potential group of customers ,people,or  businesses that are able and willing to purchase a particular product or service. 
a)
The Market 
b)
An indirect Competitor 
c)
sales force 
d)
A direct competitor
35.
Generic products are usually more expensive that brand name products.
a)
True
b)
False
36.
Comparison shopping helps consumers make informed decisions.
a)
True
b)
False
37.
A financial intuition that is owned and operated by members to provide savings accounts and low interest loans is a
a)
Savings and loan
b)
Credit union
c)
Commercial bank
d)
Savings bank
38.
Money you receive after taxes
a)
Gross Income
b)
Net Income
c)
Disposable Income
d)
Discretionary Income
39.
Expenses that change from month to month
a)
stable pricing
b)
fixed expenses
c)
irrational pricing
d)
variable expenses
40.
What protects your wealth from unpredictable events
a)
insurance
b)
bonds
c)
stocks
d)
interest
41.
How often do you need to file your taxes?
a)
Once a month
b)
Once a year
c)
Every paycheck
d)
quarterly
42.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
43.
Which of the following is not a factor of production?
a)
natural
b)
labor
c)
entrepreneurial
d)
all of these are factors
44.
Which business type possibly is taxed twice, once on their revenue and again on the shareholders?
a)
entrepreneurs
b)
sole proprietorships
c)
corporations
d)
franchises
45.
True or False:
A GOOD is a tangible product.
a)
True
b)
False
46.
The amount of goods or services an industry provides at certain prices for its consumers.
a)
Supply
b)
Demand
c)
Equilibrium
d)
None of these
47.
Profit is the same thing as revenue
a)
True
b)
False
48.
Which of these are activities all business conduct?
a)
Identify Opportunities and Evaluate Demand
b)
Obtain Start Up Capital
c)
Manage inventory and Market Goods
d)
All of these are activities conducted by businesses
49.

Which of these factors of production refers to man or woman power or people?

a)
Natural
b)
Capital
c)
Entrepreneurial
d)
Labor
50.
The study of how people make decisions about how to best use their resources.
a)
Marketing
b)
Finance
c)
Econcomics
d)
Entrepreneurship
51.
When supply is greater than the demand, you have a 
a)
surplus
b)
deficit
c)
equilibrium
d)
shortage
52.
GDP stands for
a)
Gross Domestic Product
b)
Gross Demand Process
c)
Great Deal Program
d)
Gross Deal Profit
53.
When a country exports more than it imports, you have a 
a)
Trade Surplus
b)
Trade Deficit
c)
Trade Balance
d)
All of these
54.
When a country places a limit on the quantity of a type of import, this type of trade barrier is referred to as a ...
a)
Tariff
b)
Embargo
c)
Quota
d)
All of these
55.
Trade barriers are set up to protect domestic businesses.
a)
True
b)
False
56.
Which business type has unlimited liability on the owner.
a)
Sole Proprietorship
b)
Corporation
c)
Franchise
d)
Non-Profit
57.
Jimmy Johns is an example of a ...
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Not for Profit
58.
In regards to channels of distribution, the more channel members, the higher the final price of the product.
a)
True
b)
False
59.
Age, gender, location, income, race, and more are facts about consumers. These are referred to as:
a)
Demographics
b)
Psychographics
c)
Traits
d)
None of these
60.
In media measurement terms, which word refers to each single view by an audience?
a)
Frequency
b)
Impression
c)
CPM
d)
All of these
61.
In media measurement terms, which term refers to how many times a viewer is exposed to the ad?
a)
Frequency
b)
Impression
c)
CPM
d)
All of these
62.

What is the most important skill that most employers look for when hiring new employees?

a)

personal hygiene

b)

technological knowledge

c)

work well with others

d)

acquiring and applying information

63.

This is a portion of corporate profits paid to stockholders.

a)

Wages

b)

Certificates

c)

Capital

d)

Dividends

64.

Which describes the risks & returns of investing in stocks?

a)

lowest risk and the highest potential returns

b)

highest risk and the lowest potential returns

c)

highest risk and the highest potential returns

d)

lowest risk and the highest potential returns

65.

If I have $1000 in assets and $800 in liabilities, what is my net worth?

a)

1800

b)

200

66.

Select the best definition from the following for the term: Competition

a)

Money that remains after businesses paid for its expenses.

b)

Contest between businesses to win customers business and loyalty.

c)

A person's incentive to work to gain something for themselves.

d)

A person who uses goods or services.

67.

What is the main purpose of market research for a business?

a)

To understand the competition

b)

To set prices for products

c)

To identify potential customers

d)

All of the above

68.

This stage of the entrepreneurial process is where you determine if your idea fills a void or gap in the marketplace, whether it meets a want or need:

a)

Discovery

b)

Resourcing

c)

Harvesting

d)

Business Plan

69.

Choosing between two things that cannot be had or done at the same time, which may require a compromise is a/an:

a)

Noneconomic Want

b)

Opportunity Cost

c)

Resource

d)

Trade-Off

70.

The price of car gasoline fluctuates up and down frequently. However, people’s demand for gasoline doesn’t vary by much. This is an example of which of the following elements of supply and demand?

a)

Elastic Demand

b)

Inelastic Demand

c)

Equilibrium

d)

Demand

71.

Items that people do not plan on wanting or needing are:

a)

Convenience Products

b)

Shopping Products

c)

Specialty Products

d)

Unsought Products

72.

When one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive, this is called a/an:

a)

Monopoly

b)

Oligopoly

c)

Perfect Competition

d)

Monopolistic Competition

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