WorksheetsFree Enterprise System
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Which of the following is the driving force behind people going into business?
a)
profit margin
b)
profit motive
c)
opportunity cost
d)
taxes
2.
The concept that people have the right and privilege to control their possessions as they wish is called which of the following terms?
a)
legal equality
b)
open opportunity
c)
private property
d)
profit incentive
3.
The term to describe the rivalry between sellers to get more customers by lowering costs & better goods/services?
a)
voluntary exchange
b)
competition
c)
incentives
d)
legal equality
4.
An exclusive right to publish or sell a piece of written material (ex. need permission to produce a movie based on a book).
a)
copyright
b)
patent
c)
invention
d)
incentive
5.
Business ownership by ordinary people
a)
free enterprise system
b)
free response system
c)
free travel system
d)
freedom of choice
6.
What are four main functions of an organization’s operation?
a)
production, marketing, management, and finance
b)
accounting, production, promotion, and sales
c)
management, accounting, finance, and advertising
d)
marketing, management, accounting, and finance
7.
Intellectual property rights for inventions are known as?
a)
trademarks
b)
copyrights
c)
design plans
d)
patents
8.
Which of the following are economic benefits of profitable businesses?
a)
The value of a company’s stock goes down
b)
Profitable companies attract competition
c)
The demand for a company’s product goes down
d)
Profitable businesses can cut back on research and development
9.
Businesses who choose to compete on the basis of product quality, service, financing, location, and reputation?
a)
Competition
b)
Non-Price Competition
c)
Price Competition
d)
Monopoly
10.
Businesses not associated with government agencies are part of which of the following?
a)
Non-profit organization
b)
Public Sector
c)
Private Sector
d)
Domestic Business
100 %
