WorksheetsPOB 5.02 Review
Total questions: 15
Worksheet time: 29mins
What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
$368,730
$232,420
$471,350
$523,820
Which is a problem associated with communist command economies?
There is no competition.
There are high taxes.
Supply and demand control what will be produced.
Individuals run the risk of losing their businesses.
Which would customers need to present at the time of purchase to get money taken off the purchase price of the item?
discount coupons
rebate certificates
refund checks
sales receipts
A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
Celler-Kefauver Act
Clayton Act
Sherman Act
Robinson-Patman Act
For a business, income remaining after payment of expenses is:
loss
capital
profit
debt
Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
military
capitalist
consumer
welfare
In business terms, what is profit?
a risky venture
a good investment
a holiday bonus
a monetary reward
When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
price fixing.
non-price competition.
clearance sales.
offering rebates.
Which is an example of a speculative business risk?
A special promotion fails to increase sales.
A supplier's shipment is lost in transit.
A cashier gives unauthorized discounts to friends.
A customer is injured at a business and sues the company.
Who decides how goods and services will be marketed in a private enterprise economic system?
legislators
business people
competitors
consumers
A business selects goods or services to sell. Which type of risk is this business using?
transferring risk
controlling risk
bypassing risk
avoiding risk
In a private enterprise economic system, the interaction of supply and demand primarily determines:
government regulation.
economic choices.
the extent of pollution.
product prices.
A major characteristic of a market economy is which type of ownership of property?
monopolistic
limited
government
private
The basic role of the United States government is to:
limit business startups.
maintain control of prices.
increase production.
protect U.S. citizens.
Which represents a natural risk for the owner of a delivery service?
snowstorm
accident
rising prices
government intervention
