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Introduction to Business and Economics - Ch. 1

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

_____ is the term for all activities involved in developing and exchanging products.

a)

Business

b)

Entrepreneurship

c)

Economics

d)

Corporation

2.

The customer of a service business is often called a _____.

a)

Customer

b)

Consumer

c)

Client

d)

None of the above

3.

Anything that is bought or sold is called a(n)_____.

a)

Item

b)

Service

c)

Business

d)

Product

4.

Customers who purchase goods and services for their own use are called _____Groups

a)

Individuals

b)

Consumer

c)

Purchasers

d)

Groups

5.

_____ utility is added when a business changes the form of a good or service to make it more useful.

a)

Possession

b)

Time

c)

Form

d)

Place

6.

A _____ is anywhere buyers and sellers meet to buy and sell goods and services.

a)

Store

b)

Workplace

c)

Restaurant

d)

Market

7.

The difference between the income earned and the expenses incurred by a business during a specific period of time is called _____.

a)

Sales

b)

Profit

c)

Expenses

d)

Costs

8.

A science that examines how goods and services are produced, sold, and used is called _____.

a)

Economics

b)

Social Studies

c)

Biology

d)

Chemistry

9.

A _____ economy is one in which economic decisions are based on a values, culture, and customs.

a)

Command

b)

Market

c)

Traditional

d)

Mixed

10.

The law of ____________ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.

a)

Supply and demand

b)

Physics

c)

Consumer behavior

d)

Business