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Intro to Business Final Review

Total questions: 50

Worksheet time: 40mins

Name
Class
Date
1.

A written description of a business venture that describes all aspects of the business is called

a)

a company charter.

b)

a company policy.

c)

a business plan.

d)

an executive summary.

2.

A business may stop manufacturing because

a)

of government taxes.

b)

it can't keep up with demand.

c)

there's a decrease in demand.

3.

All of the following are disadvantages of forming a corporation except

a)

double taxation

b)

limited liability

c)

government regulation

d)

difficult to start

4.

Demographics do not include

a)

gender

b)

behavior characteristics.

c)

income levels

d)

location

5.
The value of the next-best alternative that you did not choose is called a trade-off. 
a)
true
b)
false
6.

The value of the next best option that was not selected:

a)

Opportunity Cost

b)

Trade Off

c)

Need

d)

Want

7.

What type economy is in place when the Government makes all the decisions?

a)

Market

b)

Command

c)

Mixed

d)

Traditional

8.

What happens in an economy when the nation can't produce enough goods for the overall demand of the nation?

a)

Scarcity

b)

Productivity

c)

Marketability

d)

Resource Management

9.

What is the total market value of all final products produced in a country during a specific time period?

a)

Product Value

b)

Annual Sales

c)

Gross Domestic Product

d)

Standard of Living

10.
What role do entrepreneurs play in economics?
a)
Entrepreneurs tell consumers what they should want or need.
b)
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
c)
Entrepreneurs borrow money from the economy to start their businesses.
d)
None of the choices
11.
Which of the following is an advantage of starting your own business?
a)
During the start-up phase, you do not have to think about funding.
b)
You are in charge of the decision-making so there is little to no risk.
c)
You have control over where and when you work.
d)
As long as you make a business plan, you will know what obstacles to expect.
12.
The 4 P's (Product, Place, Price, and Promotion) are known as the _________.
a)
advertising factors
b)
marketing mix
c)
business plans
d)
target market
13.
_______is the difference between total revenue and total expenses.
a)
Total Sales Revenue
b)
Accounting
c)
Profit or Loss
d)
Stock Price
14.
___________all costs incurred in operating the business, such as the cost of equipment and supplies, inventory, and wages.
a)
Revenue
b)
Diamonds
c)
Expenses
d)
Profit
15.
Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here? 
a)
Geographic segmentation
b)
Benefit segmentation
c)
Occasion segmentation
d)
Demographic segmentation
16.
What is the word for a person or group who uses products?
a)
earner
b)
consumer
c)
producer
d)
saver
17.
The point where supply and demand are balanced is?
a)
shortage
b)
demand
c)
surplus
d)
equilibrium
18.
A teacher in a school is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
19.
A pizza oven is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
20.
Wheat in a cereal factory is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
21.
The percentage of people in the labor force over the age of 16 who do not have jobs and are actively seeking employment is known as the
a)
unemployment rate
b)
labor percentage
c)
productivity rate
d)
workforce
22.
This includes all of the business activities necessary for selling goods across national borders
a)
domestic business
b)
big brother
c)
international business
d)
bribery
23.
This is a period of rising average prices across the economy
a)
inflation
b)
expansion
c)
contraction
d)
business cycle
24.
During this stage of the product life cycle, firms may eliminate models, cut costs and finally phase out products.
a)
introduction
b)
growth
c)
maturity
d)
decline
25.
When the supply of a product exceeds the demand, businesses usually lower its price.
a)
True
b)
False
26.
Ethics are guidelines for good behavior.
a)
True
b)
False
27.
DECA, the Red Cross, and the Girl Scouts of America are considered ____________organizations.
a)
Profit
b)
Non-profit
c)
Non-price 
d)
Price
28.
True or False:
A GOOD is a tangible product.
a)
True
b)
False
29.
When supply is greater than the demand, you have a 
a)
surplus
b)
deficit
c)
equilibrium
d)
shortage
30.
When a country exports more than it imports, you have a 
a)
Trade Surplus
b)
Trade Deficit
c)
Trade Balance
d)
All of these
31.
Which business type has unlimited liability on the owner.
a)
Sole Proprietorship
b)
Corporation
c)
Franchise
d)
Non-Profit
32.
Jimmy Johns is an example of a ...
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Not for Profit
33.

A legal agreement between two or more people that are responsible for a business

a)

Partnership

b)

Sole Proprietorship

c)

S-Corporation

d)

C-Corporation

34.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
35.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
36.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
37.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
38.
Americans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
39.
Which of the following will cause an increase in demand for snowboards?
a)
More costly production methods 
b)
A decrease in the price of lift tickets at resorts in Colorado 
c)
A decrease in consumer income   
d)
A decrease in the population 
40.
Due to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?
a)
Demand for gasoline will decrease 
b)
Demand for gasoline will increase
c)
Demand for gasoline will stay the same
41.
If a price floor was set at 320, what quantity would be purchased?
a)
20
b)
40
c)
60
d)
80
42.
What is the Equilibrium Price?
a)
1
b)
2
c)
3
d)
4
43.
What question (s) should you ask yourself whenever you are faced with an ethical dilemma?
a)
Is it legal
b)
Is it balanced/fair
c)
Is it right
d)
All of these
44.
What's ethics all about?
a)
An ethnic minority
b)
A person who's a bit daft
c)
Morally correct behaviour
d)
Making lots of money out of customers, bleeding them dry!
45.
What does CSR mean?
a)
Company Social Reputation
b)
Computer Security Regulations
c)
Canine Secure Reality
d)
Corporate Social Responsibility
46.

Which of the following is an example of a need?

a)

a newer phone

b)

a warm coat in winter

c)

dinner at the best restaurant in town

d)

concert tickets

47.

Why do people go into business for themselves?

a)

they want to set their own schedules

b)

they hope to pursue a personal dream

c)

they want to work at home but still earn an income

d)

all are reasons

48.
Any form of communication used to inform, persuade, or remind is called what?
a)
Marketing
b)
Promotion
c)
Selling
d)
Positioning
49.
Which is NOT one of the 4 P's in the marketing mix?
a)
Price 
b)
Promotion
c)
People
d)
Place
50.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

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