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WorksheetsSEM Chapter 3 Review
Total questions: 38
Worksheet time: 22mins
An economic impact is the effect produced by decisions made by consumers and businesses.
True
False
When a business does not make enough revenue to cover expenses, it operates at a profit.
True
False
The study of how goods and services are produced, distributed, and consumed is called marketing.
True
False
The study of how goods and services are produced, distributed, and consumed is called economics.
True
False
Building a company without outside assistance is often referred to as crowd sourcing.
True
False
Venture capital is financing provided to start a company in return for owning part of the company.
True
False
Risk cannot be controlled and must always be covered by purchasing insurance.
True
False
Because people have limited time and money to spend on entertainment, they must make decisions about how to spend their limited resources.
True
False
When the physical characteristics of a product or service are improved, it is called possession utility.
True
False
Risks can be classified as controllable, insurable, and involving gain or loss.
True
False
Risk retention means purchasing insurance to cover possible losses.
True
False
A perception exists among the general public that sports and entertainment celebrities no longer value ethics.
True
False
The best entertainment decisions are both effective and ethical.
True
False
An activity that will produce money is called a(n)
revenue stream
possession utility
economic utility
profit motive
Profit is
the amount of money remaining after income is paid
revenue plus expenses
the amount of money remaining from revenues after all expenses are paid
none of the above
The amount of satisfaction that people believe they receive from the entertainment is referred to as
form utility
economic utility
place utility
time utility
Bringing a new professional team to a major city is an example of a(n)
speculative risk
controllable risk
insurable risk
uncontrollable risk
Ethical behavior involves
making easy routine decisions
always making decisions that produce the greatest financial profits
acting in a mature, responsible manner
all of the above
Forecasting involves
purchasing and promotion
pricing and ticket sales
predicting costs and revenue
planning, distribution, price and advertising
Costs of sports and entertainment events include
high salaries
facilities
promotion for events
all of the above
__________ is the possibility of financial gain, loss, or personal injury.
Profit
Risk
Insurance
Utility
Risk retention involves
buying insurance
assuming the cost of an uninsurable risk
Insurance
the possibility of loss or gain
When a business is legally responsible for losses suffered by an injured person, it is said to be
liable
ethical
avoiding risk
risk averse
The greatest reason for being in business is
the challenge
the profit motive
the tax write off
the lack of competition
The __________ shows assets, liabilities, and net worth.
balance sheet
income statement
check register
purchases journal
Pure loss risks
involve the possibility for gain
involve no possibility for gain
are never insurable
are speculative in nature
Sources of revenue for NFL teams include
budgets, editing, and talk shows
first downs, field goals, and passes completed
TV, partners, sponsorship, and ticket sales
all of the above
This chapter has been over
Money and Banking
Risk Management
Marketing
Business Management
Strategies for managing risk include
risk avoidance and risk acceptance
risk transfer and risk retention
risk acceptance and risk denial
risk avoidance, risk transfer, risk retention
