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PBMF Fall Review

Total questions: 100

Worksheet time: 1hrs 18mins

Name
Class
Date
1.

What might happen if the demand for a new type of sneaker began rising quickly?

a)

The manufacturer would begin making fewer sneakers

b)

The sneaker company would raise the price of the sneakers

c)

People would refuse to pay more money for the sneakers

d)

The sneaker company would lower the price of the sneakers

2.

According to the laws of supply and demand, when will companies produce more of a product?

a)

When the price people will pay for it goes down

b)

When demand decreases

c)

When they can sell it for a higher price

d)

When the economy turns downward

3.

What is likely to happen if the price of a new pair of sneakers went up?

a)

Demand for the sneakers would increase

b)

Demand for the sneakers would decrease

c)

Merchants would begin offering sales on the sneakers

d)

It would be impossible to find a pair in stores

4.

Which condition would lead to the highest prices?

a)

Low supply, high demand

b)

High supply, high demand

c)

High supply, low demand

d)

Low supply, low demand

5.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
6.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
7.
The law of supply states that there is what type of relationship between price and supply?
a)
As price decreases demand increases.
b)
As price increases supply decreases.
c)
As price increases supply increases.
d)
As price decreases supply remains the same.
8.
The law of demand states that there is what type of relationship between price and demand?
a)
As price decreases demand decreases.
b)
As price increases demand increases.
c)
As price decreases demand remains the same.
d)
As price increases demand decreases.
9.
The point where supply and demand are balanced is?
a)
product
b)
demand
c)
surplus
d)
equilibrium
10.
What is GDP?
a)
The market value of the goods and services produced by a Country's economy and compare it to other countries
b)
 Grand Opening Procedure
c)
Germany Departing Poland 
d)
The grossness of a country an compare it by other countries
11.
Name all the economies
a)
Command, mixed, mixed, traditional
b)
Parliamentary and Democracy
c)
U.S, Canada, Europe and Mexico
d)
Red, Blue, Orange and Green
12.
What is Our Economy 
a)
Mixed
b)
Traditional 
c)
Market 
d)
Command 
13.
What is the economy when you go hunt just like your father
a)
Traditional
b)
 Command
c)
Mixed
d)
Market
14.
Which Economy has total control
a)
Command
b)
Traditional
c)
Mixed
d)
Market
15.
Society will never be able to satisfy all wants and ____.
a)
desires
b)
needs
c)
hungers
d)
money problems
16.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
17.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

18.
In this type of economy, the individual decides who to sell their products to.  
a)
Traditional 
b)
Mixed 
c)
Market
d)
Command
19.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Market
20.

Choose a want

a)
b)
c)
d)
21.

Choose a need

a)
b)
c)
d)
22.

Choose a want

a)

Clothes

b)

Food

c)

Shelter

d)

Toys

23.

Choose a need

a)

Food

b)

Cat

c)

Car

d)

iPad

24.
At a peak, what is occurring in the economy?
a)
high unemployment, high inflation
b)
high unemployment, low inflation
c)
low unemployment, high inflation
d)
low unemployment, low inflation
25.
What is a recession?
a)
increase in GDP
b)
decrease in GDP
c)
decrease in GDP for 6 months+
d)
GDP stays same for 1 year
26.
What is it called when GDP is decreasing?
a)
expansion
b)
trough
c)
peak
d)
contraction
27.
What occurs at a trough?
a)
high unemployment, high inflation
b)
high unemployment, low inflation
c)
low unemployment, high inflation
d)
low unemployment, low inflation
28.
What is a depression?
a)
when GDP crosses trend line
b)
when gdp is decreasing
c)
at a peak on cycle
d)
a prolonged recession
29.
What is true of business cycles?
a)
they are regular in communist economies
b)
they are measured from peak to peak
c)
they are regular and occur frequently
d)
they are a thing of the past
30.
An import is a
a)
Good/service brought into a country
b)
Good/service sent to another country
c)
Good brought into a country
31.
An export is a
a)
Good/service brought into a country
b)
Good/service sent to another country
c)
Good brought into a country
32.
What is a tariff?
a)
A fee added to imports
b)
A certain quantity of goods that are allowed to be brought in
c)
Government giving money to or helping manufacturers
33.
What is a subsidy?
a)
A fee added to imports
b)
A certain quantity of goods that are allowed to be brought in
c)
Government giving money to or helping manufacturers
34.
An oligopoly exists when a few large companies control an industry.
a)
True
b)
False
35.
An organiztion that brings countries together as a group to allow a free flow of products is called a/an
a)
industry
b)
corporation
c)
free-trade zone
d)
economic community
36.
The total amount of money coming into a country minus the total amount paid out is called
a)
a trade surplus
b)
the balance of payments
c)
the balance of trade
d)
a trade deficit
37.
In monopolistic competition, there are
a)
many sellers with identical products
b)
few sellers with slightly different products
c)
many sellers with slightly different products
d)
only one seller offering one product
38.
A company is worried that about the norms and customs of a country would need to consider which component of the international business environment?
a)
Geography
b)
Culture
c)
Economy
d)
Infrastructure
39.
Consists of the exchange of goods and services by different countries. 
a)
International Business
b)
International Trade
c)
International Exchange
d)
National Business
40.
A company that would like to build a golf course that could be played year round would need to consider which component of the international business environment?
a)
Geography
b)
Culture
c)
Economy
d)
Infrastructure
41.
A company is worried that about exchange rate would need to consider which component of the international business environment?
a)
Geography
b)
Culture
c)
Economy
d)
Infrastructure
42.
A country concerned about lack of skilled workers to complete jobs in emerging careers would have potential business partners concerned with which component?
a)
Geography
b)
Culture
c)
Economy
d)
Infrastructure
43.

Which is not one of the three types of business ownership?

a)

Sole Proprietorship

b)

Company

c)

Corporation

d)

Partnership

44.

A sole proprietorship can have more than one owner

a)

True

b)

False

45.

McDonalds has which type of ownership

a)

Sole proprietorship

b)

Company

c)

Partnership

d)

Corporation

46.

If you were to start a business and be the only owner which type of ownership would you display

a)

Corporation

b)

Partnership

c)

Selfish

d)

Sole Proprietorship

47.

Two Brothers Pizza would most likely show which type of ownership

a)

Partnership

b)

Corporation

c)

Stock and Bonds

d)

Single Ownership

48.

Which type of business ownership has the most risk

a)

Partnership

b)

Sole Proprietorship

c)

Corporation

d)

LLC

49.

Partnerships always have the largest number of owners

a)

True

b)

False

50.
A ________ must name a board of directors that will make the major policy and financial decisions for the business.
a)
limited liability company
b)
proprietorship
c)
corporation
d)
limited liability partnership
51.
A common disadvantage of a sole proprietorship is
a)
Difficulty starting the business
b)
The limited life of the business
c)
That the owner must share profits with others
d)
double taxation of earnings
52.
The easiest form of business to start and end is a(n)
a)
limited liability partnership
b)
multinational corporation
c)
franchise
d)
proprietorship
53.
When groups of workers band together for higher pay  and better working conditions they are forming a________________.
a)
labor union
b)
Collective Bargaining
c)
Blacklst 
d)
Yellow Dog Contract
54.
Competition between business is __________.
a)
usually bad for the consumer
b)
usually good for the consumer
55.
settling a dispute by agreeing to accept the decision of an impartial outsider
a)
lockout
b)
arbitration
c)
industrial union
d)
closed shop
56.
The Sherman Anti-Trust Act sought to outlaw 
a)
Nativists
b)
Bootleggers
c)
Monopolies
d)
price discrimination
57.
What is the driving force behind producers?
a)
Taxes
b)
Profit
c)
Government Regulations
d)
Worker Safety
58.
Accounts Payable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
59.
Accounts Receivable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
60.
An building is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
61.
A mortgage is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
62.
A business' inventory is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
63.
What does a balance sheet tell you?
a)
tells current and prospective investors how much money the company has
b)
Tells current and prospective investora what a companyowes and whats left over after paying creditors 
c)
Gives a detailed report on various aspects of a busniess
d)
All of the above
64.
What is Owner capital?
a)
The amount that stockholders contribute in exchange for company share
b)
Sole proprietorship 
c)
Partnership
d)
B and C
65.
Which of these does a balance sheet show
a)
How much gross profit a business made
b)
Its total revenue
c)
What a business owns and owes
d)
How much it paid in rent
66.
What period of time does a balance sheet cover?
a)
One quarter
b)
One moment in time
c)
One year
d)
One tax year
67.
The Accounting Equation is: Assets = Capital - Liabilities
a)
True
b)
False
68.
The Income Statement lists a businesses:
a)
Assets and Expenses
b)
Owner's Equity and Revenue
c)
Revenue, cost of goods and Expenses
d)
Expenses and Net Assets
69.
An expense is...
a)
money a business spends on the general operation of business
b)
money the business owes to other organisations and people
c)
money Owed to the Business
d)
None of the above
70.
Net Profit is:
a)
Assets less Liabilities
b)
Gross Profit less Expenses
c)
Revenue less Liabilities
d)
Liabilities less Assets
71.

A Net Profit occurs if:

a)

Gross Profit is greater than expenses

b)

Expenses greater than Gross Profit

c)

None of the listed choices

72.

Which of the following choices lists the elements of the distribution channel in the correct order?

a)

Manufacturer, Wholesaler, Retailer, Customer

b)

Wholesaler, Customer, Manufacturer, Retailer

c)

Retailer, Manufacturer, Customer, Wholesaler

d)

Manufacturer, Retailer, Wholesaler, Customer

73.

Ashley Furniture is an example of what type of retailer?

a)

Direct selling

b)

Wholesale club

c)

Specialty store

d)

Convenience store

74.

Which of the following terms describes wholesale?

a)

Individually selling products directly to the customer

b)

The sale of products in bulk directly from the manufacturer

c)

Locations where manufacturers distribute and sell their goods

d)

Large self-service grocery stores

75.

Which of the following terms describes retail?

a)

Individually selling products directly to the customer

b)

The sale of products in bulk directly from the manufacturer

c)

Locations where manufacturers distribute and sell their goods

d)

Large self-service grocery stores

76.

Which of the following is NOT an example of distance retailing?

a)

Websites

b)

Infomercials

c)

Catalogs

d)

Door-to-door retailing

77.

Which of the following is an example of an accessory store?

a)

An auto parts store

b)

A shoe store

c)

An electronics store

d)

A bridal alterations store

78.

Which of the following retail outlets often sells in bulk?

a)

Supermarkets

b)

Department stores

c)

Warehouse clubs

d)

Chain stores

79.

Which of the following is an example of a distance retailer which does NOT have a physical location?

a)

Kohl’s.com

b)

Amazon.com

c)

Wal-Mart.com

d)

Target.com

80.

Sale of products in bulk directly from the manufacturer; often to retailers who then re-sell the product to the customer.

a)

Franchise

b)

Retail Outlet

c)

Wholesale

d)

Street Market

81.

Locations where manufacturers distribute and sell their goods through retailers.

a)

Street Market

b)

Franchise

c)

Retail Outlet

d)

Department Store

82.

Large stores offering a variety of goods; often broken into departments with separate managers.

a)

Supermarket

b)

Retail Outlet

c)

Department store

d)

Street Market

83.

The government discourages competition among businesses.

a)

True

b)

False

84.

Common law is based on precedents established by judges’ decisions.

a)

True

b)

False

85.

The Sherman Antitrust Act of 1890 did which of the following?

a)

Established the Federal Trade Commission

b)

Established the Federal Reserve Bank

c)

Allowed the government to break up companies with control of a market

86.

What is the term for the removal or relaxation of the rules affecting businesses within certain industries?

a)

Regulation

b)

Deregulation

c)

Exertion

d)

Inexertion

87.

When union representatives and management come together to discuss issues arising between employees and employers this is known as which of the following? A.

a)

Featherbedding

b)

Uionizing

c)

Striking

d)

Collective bargaining

88.

percentage of total income deducted from a paycheck; graduated tax

a)

Featherbedding

b)

Property Taxes

c)

Corporate Income Tax

d)

Personal income Tax

89.

more money made, the higher percentage of taxes will need to be paid

a)

Property Taxes

b)

Corporate Income Taxes

c)

graduated tax

d)

Collective Bargaining

90.

paid by businesses on land, structures and other property they own

a)

Corporate Income Taxes

b)

Property Taxes

c)

Personal Income Taxes

d)

Excise Taxes

91.

Budgeting provides a guide for efficient business decisions.

a)

True

b)

False

92.

The two basic parts of a budget are __________ and __________.

a)

Wants; Needs

b)

Equity; Debt

c)

Income; Expenses

d)

Resources; Consumption

93.

Which of the following is NOT a step involved in creating a budget?

a)

Gather financial records

b)

Track spending

c)

Expand earning avenues

d)

Balance the budget

94.

Which of the following is NOT an example of an asset?

a)

Children

b)

Cash

c)

Equipment

d)

Buildings

95.

Which of the following is NOT an example of a liability?

a)

Cash

b)

Equipment loans

c)

Charge accounts

d)

Rental fees

96.

Net worth = assets - liabilities

a)

True

b)

False

97.

Net Income Ratio

a)

Sales / Net Income

b)

Gross Profit / Sales

c)

Net Profit / Gross Profit

d)

Net Profit / Owner's equity

98.

Return on Owner's Equity

a)

Net Profit / Owner's Equity

b)

Net Profit / Opening Owner's Equity

c)

Average Owner's Equity / Net Profit

d)

Net Profit / Closing Owner's Equity

99.

Debt to Equity Ratio

a)

Total Liabilities / Owner's Equity

b)

Gross Profit / Sales

c)

Net Profit / Gross Profit

d)

Net Profit / Owner's equity

100.

Current Ratio

a)

Current Assets / Current Liabilities

b)

Gross Profit / Sales

c)

Current Liabilities / Current Assets

d)

Net Profit / Owner's equity

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