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WorksheetsBusiness and Marketing 1-4
Total questions: 37
Worksheet time: 37mins
Name
Class
Date
1.
____ are businesses that use supplies from other producers to make products.
a)
Assemblers
b)
Factories
c)
Manufacturers
d)
Extractors
2.
____ competition is a competitive advantage based on factors other than price.
a)
Price
b)
Perfect
c)
Nonprice
d)
Monopolistic
3.
____ is a general decline in prices throughout an economy.
a)
Inflation
b)
Profitability
c)
Stagnation
d)
Deflation
4.
____ is the market value of all products in a country during a specific time period.
a)
Standard of living
b)
Annual sales
c)
Product value
d)
Gross domestic product
5.
____ is the term for all activities involved in developing and exchanging products.
a)
Business
b)
Entrepreneurship
c)
Economics
d)
Corporation
6.
____ utility is added when a business changes the form of a good to make it more useful.
a)
Possession
b)
Time
c)
Form
d)
Place
7.
A ____ economy is one in which decisions are based on a society’s values, culture, and customs.
a)
command
b)
market
c)
traditional
d)
mixed
8.
A ____ is a document that dictates how business should be conducted.
a)
code of ethics
b)
set of standards
c)
proxy
d)
handbook
9.
A ____ is a legally binding agreement between two or more people or businesses.
a)
receipt
b)
document
c)
contract
d)
report
10.
A ____ is an association of two or more who co-own a business with the objective of profit.
a)
store
b)
partnership
c)
proprietorship
d)
company
11.
A ____ is anywhere buyers and sellers meet to buy and sell goods and services.
a)
store
b)
workplace
c)
restaurant
d)
market
12.
A ____ is the simplest and most common form of business ownership.
a)
corporation
b)
partnership
c)
store
d)
proprietorship
13.
A business that buys large quantities of products from producers and sells to retailers is a:
a)
wholesaler
b)
middle-man
c)
store
d)
company
14.
A science that examines how goods and services are produced, sold, and used is called ____.
a)
economics
b)
social studies
c)
biology
d)
chemistry
15.
A share of ownership in a corporation is called a____.
a)
stock
b)
partnership
c)
dividend
d)
liability
16.
A(n) ____ business is an organization that generates revenue.
a)
consumer
b)
for-profit business
c)
collective
d)
union
17.
A(n) ____ contract lists the products provided by a business and the price the customer pays.
a)
partnership
b)
lease
c)
sales and service
d)
employment
18.
A(n) ____ is a contract to rent something.
a)
agreement
b)
license
c)
hand shake
d)
lease
19.
A(n) ____ is a proposal to provide a good or service.
a)
offer
b)
request
c)
discussion
d)
contract
20.
Anything that is bought or sold is called a(n) ____.
a)
item
b)
service
c)
business
d)
product
21.
Customers who purchase goods and services for their own use are called ____.
a)
individuals
b)
consumers
c)
purchasers
d)
groups
22.
Fiscal policy is the tax and spending decisions made by the president and ____.
a)
the Federal Reserve
b)
the IRS
c)
the Supreme Court
d)
Congress
23.
In a private enterprise system, ____ directly provide consumers with products that meet their needs and wants.
a)
service businesses
b)
wholesalers
c)
retailers
d)
stores
24.
Principles that help define appropriate behavior in a business setting are ____.
a)
business ethics
b)
business rules
c)
company standards
d)
laws
25.
Promoting the welfare of others is called ____.
a)
philanthropy
b)
charity
c)
good deeds
d)
goodwill
26.
Something of value promised in a contract is called ____.
a)
goods
b)
articles
c)
fees
d)
consideration
27.
The ____ is a group of individuals who make high-level management decisions for a corporation.
a)
collective
b)
board of directors
c)
assembly
d)
management team
28.
The ____ rate is the rate of change in prices calculated on a monthly or yearly basis.
a)
inflation
b)
deflation
c)
interest
d)
fixed income
29.
The ____ represents the cost of a loan and is expressed as a percent of the amount borrowed.
a)
CPI
b)
interest rate
c)
principle
d)
supply
30.
The activities involved in buying and selling goods on a large scale is ____.
a)
business
b)
commerce
c)
economy
d)
monetary policy
31.
The customer of a service business is often called a ____.
a)
customer
b)
consumer
c)
client
d)
None of the above.
32.
The difference between the income and the expenses during a specific period is:
a)
sales
b)
profit
c)
expenses
d)
costs
33.
The 4 parts of GDP are consumer spending, business investment, government spending, and ____.
a)
economic growth
b)
net exports
c)
net imports
d)
inflation
34.
The numeric system used to classify businesses and collect economic stats is called the ____.
a)
Bureau of Labor Statistics (BLS)
b)
economic indicators
c)
North American Industry Classification System (NAICS)
d)
employer identification number (EIN)
35.
The total money circulating at any one time in a country is the ____.
a)
money supply
b)
monetary policy
c)
commerce
d)
Federal Reserve
36.
When one or more parties do not follow the terms of a contract without reason a ____ occurs.
a)
cancellation
b)
breach of contract
c)
damaged contract
d)
broken agreement
37.
When two or more businesses work together to remove their competition it is ____.
a)
Sherman Antitrust Act
b)
price fixing
c)
collusion
d)
fair competition
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