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Economics Intro

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

The difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue is called

a)

profit

b)

gross margin

c)

accounts receivable

d)

cost of goods sold

2.

A ______ is any activity that provides goods or services to consumers for the purpose of making a profit.

a)

value excahnge

b)

business

c)

service

d)

transaction

3.

This week Raveen's Milk Barn had sales of $4,000. Employees were paid $1,000; food costs were $1,500; and rent was $500. Profit for the week was (select one):

a)

$4,000

b)

$3,000

c)

$2,000

d)

$1,000

4.

As a producer and seller of cosmetics, NYX sells ______.

a)

Supplies

b)

goods

c)

services

d)

gross domestic products

5.

Because LaDeirda's bank provides payment services, loan and insurance products, investments, credit cards, and online banking, it is a _____________ company.

a)

management

b)

service

c)

goods

d)

not-for-profit

6.

Ultimately, the goal of any business is to satisfy the needs of its _____.

a)

employee

b)

customers

c)

owners

d)

creditors

7.

Which of the following is an example of a service company?

a)

lumber mill

b)

insurance company

c)

Nike

d)

mobile home manufacturer

8.

Gigi's Cupcakes produces goods that are

a)

tangible

b)

intangible

c)

services

d)

mixed

9.

Taylor's Guitars needs to borrow some funds in order to expand their production facilities. Which department manager will be in charge of securing these funds?

a)

Accounting Manager

b)

Finance Manager

c)

Marketing Manager

d)

Operations Manager

10.

Eli is started a company producing plastic bracelets in order to finance conservation efforts for green anole lizards. What type of business plan should he have drawn up?

a)

private corporation

b)

public corporation

c)

non-profit organization

d)

sole proprietorship

11.

The current 2019 U.S. government shutdown might influence the magic marker industry in a negative way because fewer government workers will be drawing charts during the shutdown. The shutdown would serve as _______________ for Lauren's Marker factory.

a)

a resource

b)

an input

c)

an external factor

d)

an internal factor

12.

Dance instructors at Tyranesha's Hip-Hop Factory dance studio would serve as _______________ for Tyranesha's business.

a)

resources

b)

capital

c)

managers

d)

services

13.

Households not only provide factors of production (or resources) but also _____________ goods and services.

a)

compete for

b)

sell

c)

consume

d)

consider

14.

The circular flow of inputs and outputs shows the cycle of outputs and inputs between

a)

business and industry

b)

retail and wholesale

c)

supply and demand

d)

businesses and households