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WorksheetsPrinciples of Business, Marketing, Finance Final Exam Review
Total questions: 123
Worksheet time: 41mins
Name
Class
Date
1.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
2.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
3.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
4.
What is a job?
a)
An activity
b)
A color
c)
Something you do to earn money
d)
Something you do for free
5.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
6.
6. Societies are faced with which three basic questions about production of goods?
a)
what, how, and why
b)
what, where, and when
c)
what, how, and for whom
d)
when, where, and for whom
7.
10. A nation's wealth is made up of
a)
all intangible items
b)
all goods and services
c)
all tangible items
d)
all tangible and intangible items
8.
Oil, natural gas, and coal are called ________resources because they are not easy to replace.
a)
fossil fuels
b)
conservation
c)
natural resources
d)
nonrenewable
9.
The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not
b)
Goods are tangible and services are not
c)
Services are available in unlimited quantaties and goods are not
d)
goods help satisfy unlimited wants and services do not
10.
Antonio has an Economic test tomorrow and knows that if he stays up and studies until 11 p.m. he has a good chance of making an A on the test. However he is really tired and knows that if he goes to bed at 10:00 p.m. he can easily make a B on the exam. What is Antonio's opportunity cost if he goes to bed at 11:00 p.m.
a)
An A on the exam
b)
making a B on the exam
c)
Losing one hour of sleep
d)
gaining one hour of sleep
11.
What is the major difference between scarcity and a shortage?
a)
They are really the same
b)
Shortages always exist and scarcity is temporary
c)
Shortages are temporary and scarcity always exist.
d)
Scarcity is limited and shortages are unlimited
12.
Bowdon Clothing Manufacturing decided several years ago to give up making suits for the public to take a contract with the Federal Government to produce Military Uniforms. Which eceonomic question did they answer.
a)
What to produce?
b)
How to Produce
c)
For whom to produce
d)
All of the above
13.
What term describes the tools and technology used to make a product?
a)
capital goods
b)
human capital
c)
exports
d)
imports
14.
A person that takes a risk by starting a new business.
a)
human capital
b)
capital goods
c)
entreprenuer
d)
tariff
15.
When people wait in line on Black Friday to get a 70" TV, this is an example of
a)
scarcity
b)
consumerism
c)
product marketing
d)
consumer responsibility
16.
Choosing to make cars instead of trucks results in
a)
opportunity cost
b)
increased wealth
c)
expanding the production possibilities curve
d)
TINSTAAFL rating upgrade
17.
________ is the most basic economic problem.
a)
Scarcity
b)
Labor
c)
Greed
d)
Capital
18.
Which of the following statements is true:
a)
An economist would consider something scarce only if it is limited (not anything else)
b)
A trade off occurs when you give up something you want in order to get something else you want
c)
The economic social goal, economic equity, means everyone gets the same amount of money
d)
In a traditional economy, the government gets to decide the answers to the 3 basic economic questions
19.
Which of the following is NOT one of the three basic questions of economics when looking at economic systems?
a)
What goods should be produced ?
b)
What is the price of the goods?
c)
How should the goods be produced?
d)
Who gets to consume the goods?
20.
How do you satisfy your unlimited wants in a world of limited resources?
a)
by making more money
b)
by making choices
c)
by stealing
d)
by setting a budget
21.
The government controls the factors of production in which type of economic system
a)
Centrally-planned
b)
Mixed
c)
Market
d)
Traditional
22.
Capitalism is most associated with which type of economy
a)
Free market with limited government intervention
b)
Centrally planned economy
c)
Traditional economy
d)
Centrally planned economy with limited free market initiatives
23.
This system is associated with the least governmental involvement.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
24.
How is a sole proprietorship taxed?
a)
The owner pays income tax on profits but the business isn't separately taxed
b)
The business is taxed on profits but the owner doesn't have to pay income tax
c)
The business is taxed on profits and the owner also pays income tax
d)
Neither the business nor the owner is subject to taxes
25.
How many people typically work for a sole proprietorship?
a)
It varies by state
b)
Only one
c)
One supervisor and no more than one other employee
d)
No more than five total people
26.
Catherine and Carl have a car washing business. They are general partners. When washing Collin's car, Carl accidentally causes severe water damage to the car's interior. Catherine wasn't there when it happened, and isn't in charge of washing the cars. Who can be held liable for the damage to Collin's car?
a)
Only Carl
b)
The business, Carl and Catherine
c)
Everyone who works at the business, including Carl and Catherine
d)
Only Carl and Catherine
27.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
28.
What is the most common form of business ownership?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
29.
A rural family who has been farming for generations and generally uses only what it produces without much outside help best represents which type of economic system
a)
Traditional
b)
Command
c)
Capitalist
d)
Mixed
30.
Profits DO NOT need to be split
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
31.
Ownership represented by stock
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
32.
Most expensive to start
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
33.
Managed by a board of directors
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Partnership and/or Corporation
34.
Usually must be dissolved if an owner leaves
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
All of these
35.
The easiest form of business to start and run
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
All of these are very difficult
36.
Must create bylaws or operating procedures
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
All of these
37.
Owned and controlled by two or more people
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
All of these
38.
What are the main disadvantages of setting up a partnership?
a)
Shared decision making
b)
Increased capital invested
c)
Unlimited liability, Profits have to be shared between partners, No continuity of existence, Partners may have disagreements
d)
Increased specialisation, Easy to set up – few legal requirements
39.
The majority of U.S. businesses
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Partnership and/or Corporation
40.
How does the franchiser make a profit?
a)
From the initial investment made by the franchisee
b)
From the initial investment made by the franchisee and a percentage of the monthly sales made
41.
What must the franchisee do?
a)
The franchisee can operate in the same way as the franchiser, to produce and sell the goods of the franchiser.
b)
The franchisee must operate in the same way as the franchiser, to produce and sell the goods of the franchiser. The franchisee pays the franchiser for this right
42.
_____ are taxes on _____.
a)
Quotas, exports
b)
Quotas, imports
c)
Tariffs, exports
d)
Tariffs, imports
43.
Which of the following is most directly affected by an embargo established by the United States?
a)
U.S. tariffs
b)
U.S. exports
c)
U.S. imports
d)
U.S. free traders
44.
Why do nations trade?
a)
so they can specialize
b)
because they believe that the products they receive are worth more than the products they give up
c)
because they need to acquire certain raw materials
d)
all are correct
45.
Exchange rates among the currencies of the world change _____.
a)
Constantly
b)
Rarely
c)
Annually
d)
Slowly
46.
Country A can produce more coal than Country B. An economist would say that Country A has ______ over country B.
a)
an export advantage
b)
a comparative advantage
c)
an absolute advantage
d)
a production possibility advantage
47.
Which countries are most directly affected by NAFTA?
a)
the United States, Canada, and Mexico
b)
members of the World Trade Organization
c)
the United Kingdom, France, and Germany
d)
all of the most favored nations (MFNs)
48.
What would a free-trader most likely support?
a)
the infant industries argument
b)
a revenue tariff
c)
NAFTA
d)
an embargo
49.
Corporations such as Ford Motor Company, Shell Oil Company, and British Petroleum, which produce and sell products in different countries, are called
a)
Multinational
b)
Mega companies
c)
Industries
d)
Globals
50.
Fixed and floating are both types of what?
a)
Exchange Rates
b)
Trade Barriers
c)
Opportunity Costs
d)
Trade Deficits
51.
Importing more than exporting is
a)
trade surplus
b)
trade deficit
c)
balance of trade
d)
balance of payment
52.
Borrowed money that a country owes to foreign countries and banks is called
a)
National debt
b)
External debt
c)
Internal debt
d)
Default
53.
Only producing certain goods instead of everything you need is known as
a)
importing
b)
specialization
c)
balance of trade
d)
absolute advantage
54.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancesetors
55.
In a market economy, if your mom dad are both teachers, do you have to be a teacher?
a)
NO
b)
Yes
c)
Maybe
56.
Which economy is dictated by supply and demand and the buyers and sellers?
a)
Market
b)
Socilaism
c)
Mixed
d)
Command
57.
What type of tax can be placed on imports?
a)
Quotas
b)
Embargos
c)
Tariffs
d)
Risks
58.
An embargo is a complete ban on certain products coming in or leaving the country?
a)
True
b)
False
59.
If the government makes me produce 70 T-Shirts, what economic system is this?
a)
Mixed
b)
Traditional
c)
Command
d)
Market
60.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
61.
Which is a franchisee?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
62.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
63.
Costs associate with beginning a business.
a)
Start-up costs
b)
Royalty fees
c)
Dividends
d)
Franchise fees
64.
An amount owed to others is a _________.
a)
Liability
b)
Equity
c)
Assets
d)
Ownership
65.
An advertising agency is a type of:
a)
Service company
b)
Wholesale company
c)
Buyer
d)
Seller
66.
Individuals or companies that are interested in a particular product or service and are willing and able to pay for it.
a)
Target market
b)
Customer profile
c)
Secondary data
d)
Demographics
67.
An interview with groups of target customers who provide valuable ideas on products or services.
a)
Focus group
b)
Economic want
c)
Secondary data
d)
Target market
68.
This makes it possible for businesses to raise funds by selling stock.
a)
Incorporation
b)
Franchising
c)
Option to sell
d)
Negotiation to buy
69.
This occurs when two companies combine to form a new company.
a)
Merger
b)
Acquisition
c)
Purchase
d)
Take-over
70.
A _______________ is a business owned and controlled by those who use its services.
a)
Cooperative
b)
Not-for-profit business
c)
For profit business
d)
Franchise
71.
An _____________ is the purchase of one company by another with no new company being formed.
a)
Acquisition
b)
Purchase
c)
Option to buy
d)
Contract of offer
72.
A ______________ is an act of assuming control that is resisted by the targeted company’s management and its board of directors.
a)
Hostile takeover
b)
Redemption
c)
Stock offer
d)
Lease
73.
A fee paid instead of a salary, usually as a percentage of a sale.
a)
Commission
b)
Hourly rate
c)
Salary
d)
Stock
74.
Money or funding may be obtained by applying and receiving a(n) ________.
a)
Loan
b)
Lottery
c)
Ticket
d)
Stock
75.
People who give an entrepreneur money to help start the business are:
a)
Investors
b)
Customers
c)
Suppliers
d)
Retailers
76.
A WRITTEN CODE OF BEHAVIOR DEMANDED BY AN INDIVIDUAL OR BUSINESS IS A:
a)
CODE OF ETHICS
b)
DOCUMENTARY
c)
BYLAWS
d)
MISSION
77.
WHEN ONE COMPANY CONTROLS ALL OF THE MARKET, IT IS CALLED A:
a)
MONOPOLY
b)
BIG WHEEL
c)
CONTROL FREAK
d)
DOUBLE JEOPARDY
78.
Ethics is:
a)
A set of moral principles by which people conduct themselves personally, socially, or professionally
b)
A set of standards or ideals which serves as guides or standards by which we live and make decisions
c)
A practical application of ethical principles
d)
All of the above
79.
Distributions of profits to shareholders of corporations are:
a)
Dividends
b)
Stock
c)
Money
d)
Interest
80.
Conflict of Interest means:
a)
a. The
obligation to do what is best for the welfare of society
b)
a. When a business
puts its interest before the interests of society
c)
a. Business
practices that are illegal
d)
a. None of the
above
81.
Which of the following is business dealings involving companies in more than one state?
a)
interstate commerce
b)
intrastate commerce
82.
An act of an employee exposing an employer’s wrongdoing to outsiders.
a)
Ethical Issue
b)
Plagiarism
c)
Consumerism
d)
Whistleblowing
83.
Which of the following gives the inventor the sole right to make, use, or sell the item for 20 years?
a)
trademark
b)
patent
c)
copyright
84.
Which of the following is an agreement to exchange goods or services for something of value, usually money?
a)
contract
b)
legality
c)
regulation
85.
Which of the following must be included in order for a contract to be valid and enforceable?
a)
consideration
b)
regulation
c)
code of ethics
86.
Respecting the contributions of coworkers who are unlike you.
a)
stereotyping
b)
diversity
c)
equity
d)
discrimination
87.
Which of the following must be included in order for a contract to be valid and enforceable?
a)
consideration
b)
regulation
c)
code of ethics
88.
THE 4 P's - product, place, promotion, price
a)
price
b)
selling
c)
target market
d)
Marketing mix
89.
Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product
a)
Price
b)
Place
c)
Promotion
d)
Product
90.
Any place buyers and sellers exchange goods, services, and some form of money.
a)
Goods
b)
Advertising
c)
Marketing
d)
Marketplace
91.
Which of the following is the last step in the market research process?
a)
Collecting the Data
b)
Identifying the Design
c)
Analyzing and Interpreting the Data
d)
None of the Above
92.
The rule "pay yourself first" means to
a)
Save and invest first
b)
Have fun before you pay the bills
c)
Only cash your checks
93.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
94.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
95.
What is something financially wise consumers do?
a)
postpone major purchases until money can be saved for it
b)
spend now, figure out how to pay for it later
c)
worry about emergencies when they happen
d)
set only short term financial goals
96.
Find the overtime rate if straight time pay is $12.00 per hour and time and a half is paid for overtime.
a)
$18.00
b)
$6.00
c)
$24.00
d)
$20.00
97.
Steve is a computer programmer and he works 35 hours a week. Steve gets paid $25 / per hour. Calculate his gross pay before deductions.
a)
$350
b)
$875
c)
$400
d)
$250
98.
Occurs when you spend more money than you actually have
a)
withdrawal
b)
income
c)
overdraft
d)
goal
99.
when you put money in the bank you are making a
a)
withdrawal
b)
debt
c)
deposit
d)
income
100.
The amount of money you have available in your account to spend
a)
deposit
b)
debt
c)
balance
d)
withdrawal
101.
Which of the following should a financial planner provide upon request?
a)
credentials
b)
certificates
c)
fee charts
d)
all of the above
102.
Money you receive for working at a job is an example of
a)
Income
b)
An expense
c)
Discretionary Income
d)
a financial goal
103.
Interest paid on an investment and on any interest previously earned.
a)
Compound Interest
b)
Simple Interest
c)
Debt
d)
Credit
104.
The fee for borrowed money generally defined as a percentage; also, the earned interest on money you save or invest.
a)
Net Worth
b)
Interest
c)
Personal Finance
d)
Asset
105.
The total value of a person's assets (things owned) minus their liabilities (things owed).
a)
Budget
b)
Investments
c)
Net Worth
d)
Personal Finance
106.
Anything of value that is owned by an individual
a)
Budget
b)
Liability
c)
Asset
d)
Consumer
107.
The granting of a loan and the creation of debt.
a)
Debit
b)
Credit
c)
Interest
d)
Budget
108.
Someone who receives money if an insured person dies
a)
claim
b)
beneficiary
c)
dependent
d)
employee benefits
109.
Someone who relies on someone else for income and care
a)
beneficiary
b)
claim
c)
deductible
d)
dependent
110.
Deductible
a)
The amount of money you must pay each year before the insurance company pays anything
b)
A type of medical savings account
c)
A type of policy in which you save for emergencies
d)
A shared expense between the insured and the employer
111.
Premium
a)
Percentage of the allowed amount that is the patients responsibility.
b)
Fee paid for the health insurance coverage
c)
Purchased by an organization for the benefit of members
d)
Portion of the cost of service to be paid by the insured
112.
Medicaid
a)
Federal health insurance program administered by the state for people with income below the poverty level
b)
Federal health insurance for the elderly
c)
Fee paid for services rendered
d)
Health insurance for members of the military and their families
113.
HMO
a)
Health Maintenance Organization
b)
Health Managed Organization
c)
Health Maintained Operation
d)
Health Managed Operation
114.
Medicare
a)
Fee paid for health insurance
b)
portion of the cost of service
c)
Federal program that provides insurance for those 65 or older or disabled
d)
Federal program who insures the poor
115.
PPO
a)
Preferred Plan Operation
b)
Preferred Provider Organization
c)
Preferred Practice Organization
d)
Preferred Participation Operation
116.
The higher your deductible is, the lower your cost for insurance will be?
a)
True
b)
False
117.
What type of life insurance does NOT serve as a type of investment?
a)
Universal life insurance
b)
Permanent insurance
c)
term insurance
d)
whole life insurance
118.
Over the next decade, which of the following groups will experience a DECLINE in employment growth rates in the United States?
a)
African-American workers
b)
Asian-American workers
c)
Hispanic-American workers
d)
White non-Hispanic workers
119.
A written legal document defining ownership and operating procedures and conditions for a corporation is called the
a)
corporate code of ethics
b)
partnership agreement
c)
articles of confederation
d)
articles of incorporation
120.
What percentage of the U.S. workforce is made up of contingent workers?
a)
1 percent
b)
20 percent
c)
5 percent
5 percent
5 percent
d)
35 percent
121.
A country in which a multinational company conducts business activities is called the
a)
home country
b)
host country
c)
economic community
d)
free-trade zone
122.
Which of the following is NOT a cultural/social factor that affects international business?
a)
language
b)
religion
c)
values
d)
climate
123.
The largest producer of goods and services in the world is
a)
Japan
b)
Russia
c)
The United States
d)
China
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