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WorksheetsAKS 4 Unit Test Review
Total questions: 35
Worksheet time: 18mins
It comprises businesses owned and controlled by individuals or groups of individuals.
Private sector
Public sector
A person who chooses to and is free to open a grocery store is participating in a
traditional economy
command economy
centrally-planned economy
free enterprise economy
When businesses choose to compete on the basis of factors that are not related to price including the quality of the products, service, financing, business location and reputation
nonprice competition
selling
price competition
pricing
Patents, Trademarks and Copyrights are not intellectual property rights.
True
False
According to the free enterprise system concept who decides whether or not a business will survive?
the government
the owners
the consumers
the competitors
An economic system in which businesses compete against one another free of government control
free enterprise
socialism
product
marketing
The money earned from conducting business after all costs and expenses have been paid is called
profit
free rider
scarcity
subsidy
You can classify a business by its size and scope, its purpose and its industry
True
False
Most people are inspired to start a business by the
free contract clause
profit motive
open opportunity clause
marginal benefits
Consumers "vote" by choosing
a resource over other resources
to keep away from fad products
a product over competing products
to become entrepreneurs
Business risk is the potential for loss or failure
True
False
Which is an example of competition changing the marketplace?
a chain hot dog restaurant failing to make a large profit
a chain restaurant expanding its menu to included desserts
a chain bookseller forcing many individual booksellers to go out of business
a chain coffee shop having no effect on individual coffee shops
It comprises organisations accountable to and controlled by central or local government
Public sector
Private sector
What is the difference between private-sector & public-sector organization?
All is correct
Private-sectors organizations are owned and controlled by individuals, while public-sector organization are owned & controlled by the government.
They have different aim: private-sector organizations usually work towards profits, and public-sector organization would want to provide essential service to the community and meet break-even point at the least.
In a market economy, supply and demand determine the prices and quantities of goods and service produced.
True
False
What is the role of producers?
to increase the profit of other established retail stores
to carry out a government economic program
buy the product
make the product
The struggle for customers is called ...
private enterprise
free enterprise
monopoly
competition
The concept of management includes which 4 main functions for a business to operate successfully?
production and procurement, marketing, management and finance
product, place, price and promotion
sales, profit, cash flow and assets
What is procurement?
involves buying materials, products, and supplies needed to run a business.
a marketing plan
hiring employees
What is management exactly?
the process of achieving company goals by effective use of resources through planning, organizing, and controlling.
The process of creating, growing, manufacturing, or improving on goods and services.
What is production?
The process of creating, growing, manufacturing, or improving on goods and services.
involves buying materials, products, and supplies needed to run a business.
If you want to analyze a company’s finances, you would study its
balance sheet, profit and loss statement, and cash-flow statement
business profile and marketing plan
A few examples of management tasks for Organizing a business includes...
scheduling employees, delegating responsibilities and maintaining records.
establishing company objectives & strategies to meet those objectives.
overseeing and analyzing operational budgets to suggest cost-effective measures.
A few examples of management tasks for Planning a business includes...
scheduling employees, delegating responsibilities and maintaining records.
establishing company objectives & strategies to meet those objectives.
overseeing and analyzing operational budgets to suggest cost-effective measures.
What is corporate responsibility?
to see the role of business in society not only as provider of goods and services, but also as a participant in the society at large.
include actions affecting its employees in the workplace, its consumers in the marketplace, its communities, and the environment.
Both are correct
Employee benefits offered by socially responsible companies include
flextime and telecommuting
no health insurance
Green marketing is when
companies engage in the production and promotion of environmentally safe products.
use the color green in their brand image
To be a BBB, Better Business Bureau member, businesses must
follow the highest principles of business ethics and voluntary self-regulation
have a proven record of marketplace honesty and integrity
Both are necessary.
When products in high demand, such as hotel rooms, bottled water, flashlights, food, and fuel, are often priced higher due to the unusual demand created by the catastrophe of a hurricane or tornado is called
Price gouging
whistle-blowing
management
Reporting an illegal action of one’s employer is called
whistle-blowing
price gouging
snitching
The result of the desire to gain power, gather information or hurt someone is called
gossip
green marketing
code of conduct
The principles of right and wrong that guide an individual in making decisions.
personal ethics
business ethics
business culture
These are the most popular forms of business ownership...
sole proprietorship, corporation and partnership
limited liability partnership & s-corporation
A group that functions like a business but uses the money it makes to fund the cause identified in its charter is called a
non-profit organization
for-profit business
A business that sells its products only in its own country is considered a
domestic business
global business
