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Intro Final Prep

Total questions: 55

Worksheet time: 55mins

Name
Class
Date
1.

When developing a product or service, a business must do all of the following except

a)

create a need for the product or service

b)

evaluate the demand for the product or service.

c)

obtain start-up and operating capital.

d)

keep records to satisfy government requirements.

2.

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.

3.

SBA stands for

a)

Start-Up business

b)

Small Business Agency

c)

Small Business Administration

d)

Small Business of America

4.

There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations.

a)

True

b)

False

5.

All of the following are disadvantages of forming a corporation except

a)

increased government regulation.

b)

limited liability.

c)

double taxation.

d)

difficult to start.

6.

All of the following are disadvantages of forming a corporation except

a)

double taxation

b)

limited liability

c)

government regulation

d)

difficult to start

7.

Creating goals and objectives as well as strategies to meet them

a)

organizing

b)

planning.

c)

leading.

d)

controlling.

8.
The means through which goods and services are produced are called
a)
economic resources
b)
needs
c)
spending opportunities
d)
economic choices
9.
Employees can be considered a capital resource.
a)
true
b)
false
10.
The higher the price, the higher the producer's profits. 
a)
true
b)
false
11.
Corporations may sell stock. 
a)
true
b)
false
12.
An increase in GDP per capital means that an economy is in a recession. 
a)
true
b)
false
13.
A well-run business should never need to borrow money. 
a)
true
b)
false
14.
Some nations have such abundant resources that they never experience economic bad times. 
a)
true
b)
false
15.

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

a)

Opportunity Cost

b)

Trade Off

c)

Need

d)

Want

16.

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

a)

Market

b)

Command

c)

Mixed

d)

Traditional

17.

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

18.

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

19.

The amount a borrower pays for a loan is __________.

a)

lending

b)

interest

c)

inflation

d)

commerce

20.

What are the 3 credit bureaus that should be checked once a year for inaccuracies?

a)

Experian, Equifax, Transunion

b)

Equifax, Experience, Transunion

c)

Equality, Equity, and Capital

d)

Transunion, Experian, and Credit Reports

21.

What act made it illegal for employers to discriminate against a qualified applicant with a disability?

a)

AAD

b)

Americans with Disabilities Act

c)

Disability Equality Act

d)

Equal Employment Act

22.

Which of the following would not be a component of a business plan?

a)

paid days off

b)

mission statement

c)

executive summary

d)

market analysis

23.

A set amount that you can charge on a credit card that is approved by the credit card company after application is ___________.

a)

finance charges

b)

transaction fee

c)

foreign currency fee

d)

credit limit

24.

Which type of business listed below would be an example of a non-depository institution?

a)

Commercial Bank

b)

Insurance Company

c)

Credit Union

d)

Savings and Loan

25.

shows how the business is structured and who is in charge of whom.

ORGANIZATIONAL CHART

a)

MANAGEMENT PLAN

b)

CONTROLLING

c)

ORGANIZATIONAL CHART

26.

RESPONSIBLE FOR THE DAILY OPERATIONS OF THE BUSINESS.

a)

TOP-LEVEL MANAGERS

b)

MIDDLE MANAGERS

c)

OPERATIONAL MANAGERS-

27.

setting realistic goals including long term and short term goals, planning for the future

a)

PLANNING-

b)

ORGANIZING

c)

LEADING

d)

CONTROLLING

28.

EACH MANAGER NEEDS TO ORGANIZE HIS OR HER DEPARTMENT AND KNOW WHAT THE OTHER MANAGERS ARE DOING. ASSIGNING TASKS TO MANAGERS.

a)

PLANNING-

b)

ORGANIZING

c)

LEADING

d)

CONTROLLING

29.

CREATE A VISION OF YOUR COMPANY TO INSPIRE OTHERS, SET STANDARDS, SALES QUOTAS, GOALS, AND ENCOURAGE YOUR EMPLOYEES

a)

PLANNING-

b)

ORGANIZING

c)

LEADING

d)

CONTROLLING

30.

MEANS KEEPING THE COMPANY ON TRACK AND MAKING SURE ALL GOALS ARE MET

a)

PLANNING-

b)

ORGANIZING

c)

LEADING

d)

CONTROLLING

31.

leadership style where one manager makes all the decisions

a)

autocratic

b)

free rein

c)

democratic

32.

leadership style where you make the final decision, but explain reason to employees; they have a say in how you run things

a)

autocratic

b)

free rein

c)

democratic

33.

Gross Domestic Product

a)

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

b)

includes everything people buy for personal use, such as food, clothing, cars, medical care and recreation.

c)

is the GDP of a nation divided by its population.

d)

is the general rise in prices throughout an economy.

34.

A general decline in prices throughout an economy

a)

Inflation

b)

Hyperinflation

c)

Deflation

d)

Interest Rate

35.

A high GDP means the economy is

a)

Strong

b)

Weak

36.

Productivity is

a)

the financial well-being of the average person in a country.

b)

a measure of a worker's production in a specific amount of time.

c)

focusing on the production of a specific good so more product can be produced.

d)

4%

37.

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.

38.
U.S. govt. serves as regulator; protecting consumers, workers, investors, & the environment.
a)
True
b)
False
39.
Competition forces businesses to produce poor-quality products at low prices.
a)
True
b)
False
40.
When the supply of a product exceeds the demand, businesses usually lower its price.
a)
True
b)
False
41.
Ethics are guidelines for good behavior.
a)
True
b)
False
42.
What is the term for the struggle between companies for customers?
a)
Profit
b)
Promotion
c)
Surplus
d)
Competition
43.
What agency would regulate chemicals that are improperly stored causing employees to become ill?
a)
Environmental Protection Agency
b)
Security Exhange Commission
c)
Federal Trade Commission
d)
Occupational Safety and Health Administration
44.
DECA, the Red Cross, and the Girl Scouts of America are considered ____________organizations.
a)
Profit
b)
Non-profit
c)
Non-price 
d)
Price
45.
EPA
a)
Sets guidelines for good behavior. 
b)
Enviromental Protection Agency.
c)
Equal Employment Opportunity Commission.
d)
Prices products really high when the need is great. 
46.
This is the exclusive right to reproduce/sell work authored by an individual, ex: writings, music & artwork.
a)
Copyright
b)
Trademark
c)
Patent
d)
Monopoly
47.
Retailers 
a)
are businesses that a government gives exclusive right to sell goods. 
b)
is the exclusive control over a product or means of producing it. 
c)
buys goods from wholesalers and sells them to the consumer. 
d)
is buying from the manufacturere and selling to another business. 
48.
The people that buy the products are____.
a)
producers
b)
consumers
c)
marketers
49.
People's wants and needs are ___.
a)
limited
b)
unlimited
c)
the same as resources
50.
The basic economic problem is ____.
a)
scarcity
b)
greed
c)
food shortage
d)
demand
51.
Which of the following is one of the three basic questions all economies must answer.
a)
What goods and services will be produced? 
b)
How will they be produced?
c)
For whom will they be produced?
d)
All are correct
52.
The amount added to the cost of a product to set the selling price.
a)
markdown
b)
markup
c)
operating expenses
d)
profit
53.
The route of a product follows and the businesses involved in moving a product from the producer to the final customer are known as
a)
channel members
b)
retailers
c)
pathway
d)
channel of distribution
54.
Intermediaries between manufacturers and retailers.
a)
retailers
b)
channel members
c)
wholesalers
d)
consumers
55.
The amount of money available to the business after all costs and expenses have been paid.
a)
selling price
b)
product costs
c)
operating expenses
d)
profit

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