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WorksheetsCPAS Practice Unit 1 and 2 BMF
Total questions: 21
Worksheet time: 11mins
What is effective communication?
The form of communication where the results requires an action by the receiving party
The ability to deliver a clear message in the shortest amount of time
when a message is delivered to a person or group and the desired result of that message is successfully achieved
none of these
You decided to take a certain action because you know it's the wrong thing to do. You have made this decision based on your
peers
ethics.
regulations
law
One difference between business ethics and law is that business ethics
are often unwritten
must be published
are enforced by government
are easy to determine
Factors of production include which of the following?
land, labor, capital, entrepreneurship
technology, products, and entrepreneurship
goods and services
all of the products produced in an economy
The value of the next best alternative that has been given up for the action that was chosen is:
factor of production
trade-off
opportunity cost
productivity
What is the basic problem of economics?
pricing
scarcity
consumer behavior
government policies
Free market economies and capitalist economies are also referred to as:
free enterprise systems
factor production units
circular flow models
factor
What is the most common method of allocating resources in the United States?
Force
First come-first come
counting the number of freckles on a person's face
markets
Sellers must carefully set prices so that buyers feel they are receiving ______value for their money
no
minimum
little
optimum
What might happen if a business's customers feel that they are not getting the most value for their money?
sales increase
customers spend money elsewhere
customers purchase more
sales remain the same
Which of the following is NOT one of the three main types of economic systems?
Command
Strong arm
Market
Traditional
What is economics?
the study of Adam Smith, one of the founders of economies
the study of capitalism, socialism, and communism
the study of demand and supply
the study of how people and societies use limited resources to fulfil unlimited wants
Type of economy in which all economic decisions are made by the government is:
command
traditional
market
mixed
Type of economy where all economic decisions are done the way it has always been done
command
traditional
market
mixed
Specific tasks you can do such as prepare a spreadsheet or operate a machine, are known as
job titles
hard skills
soft skills
job description
The occupational Outlook Handbook
is available online
had No data about major job areas
does not have future projections for jobs
is not a good source for jobs
Money paid for the use of borrowing money is called
assets
profits
interest
debt
A percentage of a sale paid to a salesperson is called a
tip
salary
wage
commission
Items for which you must spend money are called
assets
liabilities
net worh
expenses
Which of the following is a fixed expense?
food
rent for an apartment that has a yearly lease
utilities
clothing
In a financial plan, your financial goals:
describe how you will pay for your personal goals
do not relate to your personal goals
should all be accomplished in the same manner of time
do not need to have a timeline
