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Principles of Business final Game.

Total questions: 60

Worksheet time: 36mins

Name
Class
Date
1.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
2.
 The difference between a good and a service is that:
a)
Goods are available in unlimited quantaties and services are not 
b)
Goods are tangible and services are not 
c)
Services are available in unlimited quantaties and goods are not 
d)
goods help satisfy unlimited wants and services do not
3.
What is the major difference between scarcity and a shortage? 
a)
They are really the same
b)
Shortages always exist and scarcity is temporary 
c)
Shortages are temporary and scarcity always exist. 
d)
Scarcity is limited and shortages are unlimited 
4.
This system is associated with the least governmental involvement.
a)
Traditional Economy
b)
Market Economy
c)
Command Economy
d)
Mixed Economy
5.
Capitalism is most associated with which type of economy
a)
Free market with limited government intervention
b)
Centrally planned economy
c)
Traditional economy
d)
Centrally planned economy with limited free market initiatives
6.
How is a sole proprietorship taxed?
a)
The owner pays income tax on profits but the business isn't separately taxed
b)
The business is taxed on profits but the owner doesn't have to pay income tax
c)
The business is taxed on profits and the owner also pays income tax
d)
Neither the business nor the owner is subject to taxes
7.
How many people typically work for a sole proprietorship?
a)
It varies by state
b)
Only one
c)
One supervisor and no more than one other employee
d)
No more than five total people
8.
The owners of a corporation are called
a)
Directors
b)
Partners
c)
Shareholders
d)
Founders
9.
Profits DO NOT need to be split
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
10.
Ownership represented by stock
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
11.
Most expensive to start
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
12.
Owned and controlled by two or more people
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
All of these
13.
How does the franchiser make a profit?
a)
From the initial investment made by the franchisee
b)
From the initial investment made by the franchisee and a percentage of the monthly sales made 
14.
_____ are taxes on _____.
a)
Quotas, exports
b)
Quotas, imports
c)
Tariffs, exports
d)
Tariffs, imports
15.
Why do nations trade?
a)
so they can specialize
b)
because they believe that the products they receive are worth more than the products they give up
c)
because they need to acquire certain raw materials
d)
all are correct
16.
Which countries are most directly affected by NAFTA?
a)
the United States, Canada, and Mexico
b)
members of the World Trade Organization
c)
the United Kingdom, France, and Germany
d)
all of the most favored nations (MFNs)
17.
What type of tax can be placed on imports?
a)
Quotas
b)
Embargos
c)
Tariffs
d)
Risks
18.
What is a franchise?
a)
Where a business sells the rights to their brand
b)
Where you have full control
c)
Where you keep all the profits
19.
Costs associate with beginning a business.
a)
Start-up costs
b)
Royalty fees
c)
Dividends
d)
Franchise fees
20.
A _______________ is a business owned and controlled by those who use its services.
a)
Cooperative
b)
Not-for-profit business
c)
For profit business
d)
Franchise
21.
People who give an entrepreneur money to help start the business are:
a)
Investors
b)
Customers
c)
Suppliers
d)
Retailers
22.
WHEN ONE COMPANY CONTROLS ALL OF THE MARKET, IT IS CALLED A:
a)
MONOPOLY
b)
BIG WHEEL
c)
CONTROL FREAK
d)
DOUBLE JEOPARDY
23.
Ethics is:
a)
A set of moral principles by which people conduct themselves personally, socially, or professionally
b)
A set of standards or ideals which serves as guides or standards by which we live and make decisions
c)
A practical application of ethical principles
d)
All of the above
24.
Which of the following is an agreement to exchange goods or services for something of value, usually money?
a)
contract
b)
legality
c)
regulation
25.
Which of the following must be included in order for a contract to be valid and enforceable?
a)
consideration
b)
regulation
c)
code of ethics
26.
Which of the following must be included in order for a contract to be valid and enforceable?
a)
consideration
b)
regulation
c)
code of ethics
27.
THE 4 P's - product, place, promotion, price
a)
price
b)
selling
c)
target market
d)
Marketing mix
28.
Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product
a)
Price
b)
Place
c)
Promotion
d)
Product
29.
Any place buyers and sellers exchange goods, services, and some form of money.
a)
Goods
b)
Advertising
c)
Marketing
d)
Marketplace
30.
Which of the following is the last step in the market research process?
a)
Collecting the Data
b)
Identifying the Design
c)
Analyzing and Interpreting the Data
d)
None of the Above
31.
What are your liabilities?
a)
things you own
b)
money you have in the bank
c)
money you owe others
d)
the excuses you have for not meeting your budget
32.
What is the first step in budgeting?
a)
Record what you spend
b)
Estimate your income
c)
Set financial goals
d)
Review and evaluate monthly
33.
Find the overtime rate if straight time pay is $12.00 per hour and time and a half is paid for overtime.
a)
$18.00
b)
$6.00
c)
$24.00
d)
$20.00
34.
when you put money in the bank you are making a 
a)
withdrawal
b)
debt
c)
deposit
d)
income
35.
The total value of a person's assets (things owned) minus their liabilities (things owed).
a)
Budget
b)
Investments
c)
Net Worth
d)
Personal Finance
36.
Anything of value that is owned by an individual
a)
Budget
b)
Liability
c)
Asset
d)
Consumer
37.
Which of the following is not a reason businesses use marketing research?
a)
identifying market oportunities
b)
solving marketing problems
c)
monitoring market performance
d)
deciding how many staff to hire to manufacture the goods
38.

___________ is data originated by the researcher for the specific purpose of addressing the research problem

a)

Primary data

b)

Secondary data

c)

Experimental data

d)

Virtual data

39.

What is marketing?

a)

The action of promoting and selling services, including market research.

b)

A boy named Mark who is dancing.

c)

The action of promoting products to be sold less than other products, including advertising.

d)

The business of promoting and selling products, including market advertising.

40.

Product

a)

The cost to the buyer of goods or services

b)

Informing customers about products and persuading them to buy them

c)

Where goods or services are available

d)

Goods or services that are sold

41.

Price

a)

Informing customers about products and persuading them to buy them

b)

The cost to the buyer of goods or services

c)

Where goods or services are available

d)

Goods or services that are sold

42.

Promotion

a)

The cost to the buyer of goods or services

b)

Where goods or services are available

c)

Informing customers about products and persuading them to buy them

d)

Goods or services that are sold

43.

Place

a)

Informing customers about products and persuading them to buy them

b)

The cost to the buyer of goods or services

c)

Goods or services that are sold

d)

Where goods or services are available

44.

The research process is important for:

a)

Providing a systematic, planned, and consistent approach within all the aspects of the research project

b)

Discovering global trends and sharing information.

c)

Creating good relations with consumers

d)

Improving the company's marketing strategy

45.

Is this ...

a)

Price?

b)

Place?

c)

Promotion?

d)

Product?

46.

Is this ....

a)

Place?

b)

Product?

c)

Promotion?

d)

Price?

47.

Is this...

a)

Place?

b)

Product?

c)

Promotion?

d)

Price?

48.

Is this...

a)

Price?

b)

Promotion?

c)

Place?

d)

Product?

49.

What is the formal name for the 4 p's?

a)

The Marketing Mix

b)

The Marketing Mixture

c)

The Marketing Team

d)

The Marketing Parts

50.

Select the 3 answers that come under the 4 p's

a)

Price

b)

Public

c)

Promotion

d)

Product

51.

Businesses carry out what to find out what customers want?

a)

Market research

b)

Online research

c)

Desk research

d)

Interviews

52.

An interview is an example of...

a)

Primary research

b)

Secondary research

53.

A newspaper article is an example of...

a)

Primary research

b)

Secondary research

54.

Market research is completed to gather information about customers needs, competitors and market trends

a)

True

b)

False

55.

There are 2 types of market research

a)

True

b)

False

56.

Harley Davidson Motor Cycles stresses the quality of their machines and the image Harley’s create in the minds of their target market. This demonstrates a marketing focus on

a)

Product

b)

Place

c)

Price

d)

Promotion

57.

Examples of Secondary research

a)

Focus Groups

b)

Books

c)

The Internet

d)

Magazines

e)

Interviews

58.

Examples of Primary research

a)

Books

b)

Newspapers

c)

Your own survey

d)

Focus Groups

59.
How/where a product will be distributed
a)
Price
b)
Place
c)
Promotion
d)
Product
60.
Any form of communication used to inform, persuade, or remind; how potential customers will be told about the product
a)
Price
b)
Place
c)
Promotion
d)
Product

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