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WorksheetsChapter 5 - Free Enterprise System
Total questions: 27
Worksheet time: 12mins
Starting your own company can be considered a type of business risk.
True
False
A federal judge declared Microsoft Windows operating system, a monopoly.
True
False
____________ competition, businesses choose to compete on the basis of factors that are not related to price.
Nonprice
Price
Cash
Credit
Anthony purchased a ticket to the upcoming football game for $300. Anthony decided to sell his ticket for $550. Anthony just gained a _______________ by making $250 from the sale.
Trade
Demand
Profit
Loss
The amount of goods producers are willing to make and sell is which of the following?
Demand
Business Risk
Profit
Supply
The price of a movie ticket goes from $7 to $8.50. What should happen to the demand for this movie ticket?
Go Up
Go Down
Demand will stay the same
What does the term "business risk" mean?
Any potential for failure
Any potential for gain
Any potential to not move at all
When you own the rights to an item or idea you have a ______________ on it.
Copyright
Trademark
Patent
Profit
These are an example of ___________.
Copyright
Patent
Trademark
Monopoly
Business ownership by ordinary people, not the government is which of the following?
Competition
Private Enterprise
Public Enterprise
Free Trade
Which of the following is a synonym for surplus?
Excess
Oversupply
Extra
All Selection are Correct
As prices increase, demand increases.
True
False
As prices increase, supply increases.
True
False
Price competition involves competing with a lower price.
True
False
Nonprice competition does not involve special services and reputation.
True
False
The free enterprise system means companies have freedom to own, to compete, to profit and to risk.
True
False
When the amount of a product supplied is equal to the amount the is demanded, a state of __________________ exists.
Panic
Pressure
Equilibrium
Stand Off
Shoes Inc. has their main factory for distribution in the U.S.A, they also only sell their products in the U.S.A. What type of business does Shoe Inc. do?
Global
Private
Industry
Domestic
Apple Inc. sells their products all over the world, this makes them a ______________ business.
Domestic
Public
Global
Finance
A ________________ seeks to make a profit from its operations.
Nonprofit Organization
For-Profit Organization
Public Sector
Private Sector
When business is not associated with government agencies it is known as a __________________.
Public Sector
Nonprofit Organization
Private Sector
For Profit Organization
An industry consists of a group of establishments primarily engaged in producing or handling the same product or group of products.
True
False
Government financed agencies are ____________________.
Public Sector
Private Sector
Derived Demand
Retailers
____________________ obtain goods from manufactures and resell them to organizational users.
Retailers
Wholesalers
Production
Industry
__________________ buy goods from wholesalers or directly from manufacturers and resell them to the consumers.
Wholesalers
Non Profit Organization
Profit Organization
Retailers
An example of a public service is which of the following?
School
Library
Police Station
All Answers Are Correct
Why do wholesalers generally refuse to sell to individual consumers?
Wholesalers only sell goods in large quantities.
Wholesalers are picky who they sell to.
Wholesalers do not sell goods or services to anyone but their employees.
Wholesalers do not have enough product to meet demand.
