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Business Essentials Final Review

Total questions: 52

Worksheet time: 32mins

Name
Class
Date
1.

Many successful entrepreneurs work in a related business before starting their own company.

a)

TRUE

b)

FALSE

2.

A written description of a business venture that describes all aspects of the business is called...

a)

a company charter

b)

a company policy

c)

a business plan

d)

an executive summary

3.

What does BCC stand for, in reference to an email?

a)

Basic Carpo Copy

b)

Basic Carbon Copy

c)

Blind Copy Copy

d)

Blind Carbon Copy

4.

What is the economic problem?

a)

We have limited wants but unlimited resources.

b)

We have unlimited wants but limited resources.

5.
 Which of the following is an example of an entrepreneur? 
a)
David delivers pizza 
b)
Carlos has started a  carwash company
c)
Katie helps her mom with the housework to earn  money
6.
The type of economy a country has is determined by the ____.
a)
number of consumers and producers in the market
b)
 the interaction of supply and demand in the market
c)
amount of government  involvement in economic decision-making
7.
In the United States economic system, who makes decisions?
a)
Individuals, business, and government
b)
individuals only
c)
government only
8.
Which is the strongest motivating factor in a free market economy?
a)
 Ability to earn a profit
b)
 Government regulations
c)
A.  Few consumer choices
9.
In a market economy, who decides on the prices of goods and services?
a)
government
b)
buyers and sellers
c)
firms
d)
local leaders
10.

In email etiquette, the only correct punctuation to use is a comma.

a)

TRUE

b)

FALSE

11.

When demand exceeds supply you have ________________

a)

Surplus

b)

Scarcity

c)

Normal Balance

d)

Economic Problem

12.

There is no pure __________ economy in the world right now.

a)

Traditional

b)

Command

c)

Mixed

d)

Market

13.

A person who organizes, managers, and takes on initiative and risk of a business is called a(n)

a)

Marketer

b)

Entrepreneur

c)

Accountant

d)

Economist

14.

The social science that deals with the production, distribution, and consumption of goods and services

a)

Business Communication

b)

Accounting

c)

Economics

d)

Entrepreneurship

15.
Raw materials supplied by nature
a)
natural resources
b)
consumers
c)
human resources
d)
goods
16.
When you give up something to have something else.
a)
wants
b)
services
c)
trade-off
d)
goods
17.
In a command economy, buying decisions are made by consumers.
a)
True
b)
False
18.
The value of the next-best alternative that you did not choose is called
a)
trade-off cost
b)
scarcity
c)
opportunity cost
d)
economic cost
19.
People producing goods and services
a)
wants
b)
human resources
c)
services
d)
natural resources 
20.
Not having enough resources to satisfy every need.
a)
scarcity
b)
needs
c)
wants
d)
goods
21.
Those who buy and use goods and services.
a)
consumers
b)
human resources
c)
economics
d)
goods
22.
The quantity of a good or service that consumers are willing and able to buy is called
a)
supply
b)
an economic want
c)
demand
d)
this is not a correct answer
23.
Things that add comfort and pleasure to your life
a)
wants
b)
needs
c)
services
d)
goods
24.
Things that you can see and touch
a)
wants
b)
needs
c)
services
d)
goods
25.

T/F: Social Responsibility is the duty of a business to succeed only for themselves

a)

True

b)

False

26.

Protection from fires & other hazards falls under what Social Responsibility of business?

a)

Environmental protection

b)

Job Safety

c)

Workplace Diversity

d)

Employee Wellness

27.

The rules of how businesses & their employees ought to behave is known as:

a)

Business Ethics

b)

Business Morals

c)

Ethical Behavior

d)

Unethical Behavior

28.

What is an activity that seeks profit by providing goods or services to others?

a)

business

b)

consumer

c)

goal

d)

vacation

29.

All of the following are part of decision making except:

a)

Identify the problem

b)

List the alternatives

c)

Determine the Pros and Cons

d)

Only choose the decision that is best for only you

e)

Evaluate your Decision

30.

Which of the following only allows each person to have only a fixed amount:

a)

sacrifice

b)

rationing

c)

allocation

d)

opportunity cost

31.

A Pizza Oven is an example of...

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

d)

Entrepreneurship

32.

Oil is an example of

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

d)

Entrepreneurship

33.

A Factory Worker is an example of...

a)

Natural Resources

b)

Human Resources

c)

Capital Resources

d)

Entrepreneurship

34.
The people who decide to buy.
a)
Producers
b)
Consumers
c)
Economist
d)
Entreprenuers
35.
What are the three economic questions?
a)
What to produce? How to produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
36.
If the price of printers goes down, what happens in the market for ink cartridges?
a)
Supply increases.
b)
Supply decreases.
c)
Demand increases.
d)
Demand decreases
37.

Printers and ink cartridges are typically purchased together. Economists would call these

a)

Substitute Goods

b)

Complementary Goods

c)

Elastic

d)

Inelastic

38.

Which causes supply to increase?

a)

Bad natural events

b)

Cost of production increases

c)

More sellers enter the market

d)

Technology is out dated

39.

Which causes demand to increase?

a)

Trend and popular items

b)

Complimentary good increases

c)

Consumers leave market

d)

Trend is two years old

40.

What is the equilibrium price?

a)

supply is greater than demand

b)

supply = demand

c)

demand is greater than supply

41.
What is meant by GDP?
a)
General Domestic Product
b)
Gross Domestic Product
c)
Great Domestic Product
42.

True or False. GDP is the total value of final goods and services produced by a nation.

a)

True

b)

False

43.

What are goods that are things that are produced and then used up in the production of other goods/services?

a)

intermediate goods

b)

final goods

44.

What are goods that last less than 3 years?

a)

durables

b)

non-durables

45.

Which is not part of GDP?

a)

imports

b)

exports

c)

final goods

d)

final services

46.

What is the federal minimum wage rate?

a)

$7.00

b)

$7.25

c)

$7.50

d)

$8.00

47.

Which type of unemployment consisting of search unemployment and wait unemployment ( for workers who are either searching for jobs or waiting to take jobs in the near future)???

a)

frictional

b)

cyclical

c)

functional

d)

structural

48.

When the skills of workers do not match the jobs that are available, it is called:

a)

Seasonal Unemployment

b)

Cyclical Unemployment

c)

Frictional Unemployment

d)

Structural Unemployment

49.

When unemployment rises during an economic downturn and falls when the economy improves, it is called:

a)

Seasonal Unemployment

b)

Cyclical Unemployment

c)

Frictional Unemployment

d)

Structural Unemployment

50.
Seth is laid off from work because he is a life guard at the local water park. He is experiencing what kind of unemployment?
a)
Structural
b)
Seasonal
c)
Frictional
d)
Cyclical
51.

What is it called when ones buying power decreases, which causes a general increased in price of goods?

a)

budget deficit

b)

budget surplus

c)

inflation

d)

national debt

52.

Which government agency protects consumers from dangerous or falsely advertised products?

a)

OSHA

b)

FDA

c)

EPA

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