WorksheetsEconomics Intro
Total questions: 14
Worksheet time: 7mins
The difference between the revenue that a company brings in from selling goods and services and the cost of generating this revenue is called
profit
gross margin
accounts receivable
cost of goods sold
A ______ is any activity that provides goods or services to consumers for the purpose of making a profit.
value excahnge
business
service
transaction
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):
$4,000
$3,000
$2,000
$1,000
As a producer and seller of cosmetics, NYX sells ______.
Supplies
goods
services
gross domestic products
Because LaDeirda's bank provides payment services, loan and insurance products, investments, credit cards, and online banking, it is a _____________ company.
management
service
goods
not-for-profit
Ultimately, the goal of any business is to satisfy the needs of its _____.
employee
customers
owners
creditors
Which of the following is an example of a service company?
lumber mill
insurance company
Nike
mobile home manufacturer
Gigi's Cupcakes produces goods that are
tangible
intangible
services
mixed
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?
Accounting Manager
Finance Manager
Marketing Manager
Operations Manager
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?
private corporation
public corporation
non-profit organization
sole proprietorship
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 resource
an input
an external factor
an internal factor
Dance instructors at Tyranesha's Hip-Hop Factory dance studio would serve as _______________ for Tyranesha's business.
resources
capital
managers
services
Households not only provide factors of production (or resources) but also _____________ goods and services.
compete for
sell
consume
consider
The circular flow of inputs and outputs shows the cycle of outputs and inputs between
business and industry
retail and wholesale
supply and demand
businesses and households
