WorksheetsIntro to Business Review 1
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
When a country decides to focus on advanced technology and a skilled labor force, it is primarily answering which of the basic economic questions?
a)
What to produce
b)
How to produce
c)
Which needs to satisfy
d)
Which wants to satisfy
2.
Demand for a product will most likely be reduced is customers cannot find a good substitute for a product that they want.
a)
True
b)
False
3.
The interest rate financial institutions are charged to borrow funds from Federal Reserve banks is called the discount rate.
a)
True
b)
False
4.
Highly complex and technical products generally have higher prices than simple products.
a)
True
b)
False
5.
A markup should be thought of as a pricing mistake because it reduces the amount of money the business has to cover operating expenses and profits.
a)
True
b)
False
6.
This marketing function involves setting and communicating the value of products and services.
a)
financial analysis
b)
distribution
c)
selling
d)
pricing
7.
A target market is a small number of consumers expressing opinions about a new product or service in a group discussion.
a)
true
b)
false
8.
Product costs + Operating expenses + Profit =
a)
gross margin
b)
selling price
c)
markup
d)
markdown
9.
Businesses usually specialize in producing a specific type of product, while consumers want to purchase a variety of products. This illustrates differences in
a)
assortment
b)
quantity
c)
location
d)
timing
10.
Personal selling is an example of personalized promotion.
a)
true
b)
false
11.
Advertising is non-paid promotion presented by the media rather than by a business.
a)
true
b)
false
12.
Unemployment is the highest during a recession.
a)
true
b)
false
13.
A partnership
a)
is the most common form of business in the U.S.
b)
limits the liability of the owners to the amount of money invested
c)
is funded through the sale of stock
d)
requires at least two owners
14.
Proprietorships are the easiest type of business to start.
a)
true
b)
false
15.
Corporations are the most common type of business in the United States.
a)
true
b)
false
100 %
