wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Principles of Business- Review

Total questions: 74

Worksheet time: 37mins

Name
Class
Date
1.

What is the foundation of the U.S. economic system?

a)

capitalism

b)

socialism

c)

entrepreneurship

d)

small businesses

2.

True or False:

The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations.

a)

True

b)

False

3.

True or False:

The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations.

a)

True

b)

False

4.

_________is the money a business earns by selling goods and services.

a)

Revenue

b)

Profit

c)

Risk

d)

Sale

5.

The __________ function of leadership controls the overall structure of the

company.

a)

planning

b)

coordinating

c)

organizing

d)

controlling

6.

Which account is provided on an income statement?

a)

Income or Revenue

b)

Names of your favorite music artists.

c)

Address

7.

When e-mailing large files or documents to customers, a businessperson sends them:

a)

In codes

b)

As attachments

c)

In cartoon strips

8.

Businesses obtain information in order to:

a)

Accomplish a task

b)

Start a chain letter

c)

Sell customer information

9.

Is the effort to inform, persuade, or remind potential customers about a business's products or services.

a)

Promoting

b)

Selling Raising

c)

Prices

10.

Is an example of a person obtaining unpaid work experience.

a)

Researching information about different careers

b)

Volunteering at a local nursing home

c)

A summer job

11.

The function of management that involves communicating in ways that motivate and inspire employees toward a higher level of productivity is called

a)

Planning

b)

Directing

c)

Depressing

12.

A type of business ownership in which one or more of the owners does not have full liability is called a:

a)

Sole proprietorship

b)

Limited partnership

c)

Halftime

13.

An accountant helps prepare tax forms

a)

True

b)

False

14.
Things that are required in order to live are known as wants.
a)
true
b)
false
15.
Goods and services are purchased by businesses as well as by individuals.
a)
true
b)
false
16.
Buildings, equipment, and supplies are examples of natural resources.
a)
true
b)
false
17.
Lawyers, farmers, and construction workers are examples of human resources.
a)
true
b)
false
18.
The basic economic problem results from not having enough resources to satisfy every need.
a)
true 
b)
false
19.
Which of the following is an economic need?
a)
a new television
b)
water
c)
concert tickets
d)
a loaded SUV
20.
People producing goods and services are called
a)
human resources
b)
natural resources
c)
capital resources
d)
limited resources
21.
What is the first step in the decision-making process?
a)
identify the choices
b)
define the problem
c)
evaluate the choices
d)
act on your choice
22.
In every nation on Earth,
a)
economic resources are owned and controlled by the government.
b)
workers have the ability to produce the same goods and services.
c)
individuals have the same wants and needs.
d)
people must deal with the problem of scarcity.
23.
A government that owns and controls all economic resources and decides how those resources will be used.  The government even assigns people specific jobs and careers. This type of government uses which type of economic system?
a)
market economy
b)
command economy
c)
traditional economy
d)
laissez-faire economy
24.
Who owns the economic resources in a market economy?
a)
the people of the country
b)
the tribal elders
c)
the government
d)
business people and entrepreneurs but not consumers
25.
Which type of economy is usually centered mainly on meeting people's basic needs?
a)
market economy
b)
command economy
c)
mixed economy
d)
traditional economy
26.
Another name for the economic system in the United States is 
a)
private enterprise
b)
capitalism
c)
free enterprise
d)
all of the above
27.
In the United States, you can own anything you want and decide what you want to do with it, as long as it does not violate the law.  This describes the principle of 
a)
scarcity
b)
competition
c)
the command economy
d)
the right of private property
28.
The rivalry among businesses to sell their goods and services is known as 
a)
competition.
b)
entrepreneurship.
c)
capitalism
d)
cornering the market.
29.
Which of the following scenarios will probably cause prices to drop?
a)
A new snack food is very popular, and only one company produces it.
b)
A big snowstorm is approaching, and the only hardware store in town has just a few snow shovels left in stock.
c)
Many companies begin producing a product in relatively high demand.
d)
Half of the world's diamond mines shut down production.
30.
Only final goods purchased are counted when GDP is measured.
a)
true
b)
false
31.
The main cause of unemployment is reduced demand for the goods and services being provided by various workers. 
a)
true
b)
false
32.
The main cause of unemployment is reduced demand for the goods and services being provided by various workers. 
a)
true
b)
false
33.
Mikayla is a 14-year old student. She would not be considered part of the labor force in the United States.
a)
true
b)
false
34.
Inflation can sometimes occur when the demand for goods and services is greater than the supply.
a)
true
b)
false
35.
Business cycles are the recurring ups and downs of gross domestic product.
a)
true
b)
false
36.
In the United States, the labor force consist of all people above age ___ who are actively working or seeking work.
a)
21
b)
18
c)
16
d)
14
37.
GDP does not include
a)
consumer spending for food.
b)
the value of the work you do for yourself.
c)
government spending to pay employees.
d)
business spending for equipment.
38.
Productivity would likely increase as a result of
a)
higher taxes
b)
expanded production technology
c)
decreased training programs
d)
lower interest rates
39.
A period of economic recovery 
a)
is considered the peak point of the business cycle
b)
is characterized by a rise in GDP
c)
usually causes businesses to lower production
d)
is marked by widespread unemployment
40.
The major influence on the level of interest rates is 
a)
the supply and demand for money.
b)
the unemployment rate.
c)
the consumer price index.
d)
the rate of inflation.
41.
GDP does not include
a)
consumer spending for food.
b)
the value of the work you do for yourself.
c)
government spending to pay employees.
d)
business spending for equipment.
42.
The money for capital projects usually comes from 
a)
personal savings
b)
stock investments
c)
bonds
d)
all of the above
43.
Things that are required in order to live are known as wants.
a)
true
b)
false
44.
Goods and services are purchased by businesses as well as by individuals.
a)
true
b)
false
45.
Buildings, equipment, and supplies are examples of natural resources.
a)
true
b)
false
46.
Lawyers, farmers, and construction workers are examples of human resources.
a)
true
b)
false
47.
The basic economic problem results from not having enough resources to satisfy every need.
a)
true 
b)
false
48.
Which of the following is an economic need?
a)
a new television
b)
water
c)
concert tickets
d)
a loaded SUV
49.
People producing goods and services are called
a)
human resources
b)
natural resources
c)
capital resources
d)
limited resources
50.
Groups of customers with very similar needs to whom the company plans to sell its product are called the
a)
target customers
b)
target consumers
c)
target market
d)
target groups
51.
The set of activities required to transport & store products & make them available to customers​
a)
Price
b)
Product
c)
Promotion 
d)
Distribution (Place)
52.
2 things you must consider when pricing a product or service is 1. Can customers afford that cost and 2. ​Can other companies resell this at a higher price
a)
True 
b)
False
53.
Both tangible and intangible things that customers receive in exchange for purchase price​​
a)
Price
b)
Product
c)
Promotion
d)
Distribution (Place)
54.
4 P's of the Marketing Mix
a)
Price, Product, Playing & Place (Distribution)
b)
Price, Problems, Promotion & Place (Distribution)
c)
Price, Product, Promotion & Place (Distribution)
d)
Puzzles, product, promotion & place
55.
Groups of customers with very similar needs to whom the company plans to sell its product
a)
Marketing group
b)
Target market
c)
Market research
d)
People
56.
Providing information to consumers that will assist them in making a decision and persuade them to purchase a product or service
a)
Price
b)
Product
c)
Promotion
d)
Place (Distribution)
57.
When we discuss the location of the product, we deal with the _______  in the marketing mix
a)
Price
b)
Product
c)
Promotion
d)
Place (or distribution)
58.

The important principles that guide decisions and actions in a company are called _______values.

a)

core

b)

ethics

c)

formal

d)

paternalistic

59.

The _______style of leadership encourages decision making from different perspectives.

a)

autocratic

b)

democratic

c)

formal

d)

informal

60.

________ business practices ensure that appropriate standards of conduct are maintained by everyone who is part of or affected by the business.

a)

ethical

b)

core

c)

ethics

d)

influence

61.

Dan makes all of the decisions without checking with anyone else. His management style is considered _______.

a)

democratic

b)

autocratic

c)

laissez-faire

d)

paternalistic

62.

_____ are principles of conduct governing an individual or group.

a)

formal

b)

style

c)

core

d)

ethics

63.

Top-level managers such as president and chief executive officers, with responsibilities for the direction and success of the entire business are called ____________.

a)

line employee

b)

supervisors

c)

executives

d)

board of directors.

64.

When a leadership position is part of an organization's structure, the person holding that position has _________ influence.

a)

informal

b)

formal

c)

ethical

d)

indirect

65.

A person is able to affect the actions of other through _____.

a)

style

b)

leadership

c)

influence

d)

autocratic

66.

Management ______________ is the way a manager treats and involves employees.

a)

influence

b)

style

c)

core

d)

ehtics

67.

The ability to motivate individuals and groups to accomplish important goals is called __________.

a)

leadership

b)

influence

c)

style

d)

laissez-faire

68.

"Let it be" - the leadership responsibilities are shared by all is considered the ____________management style approach.

a)

laissez-faire

b)

democratic

c)

autocratic

d)

paternalistic

69.

The part of a mission statement that tells an organization's sense of right and wrong is _______.

a)

core values

b)

self-concept

c)

organizational culture

d)

ethics

70.

First level of management in a business, responsible for the day-today work of a small group of employees is the _______.

a)

Executives

b)

Middle Managers

c)

Supervisors

71.

First level of management in a business, responsible for the day-today work of a small group of employees is the _______.

a)

Executives

b)

Middle Managers

c)

Supervisors

72.

Specialists with responsibilities for specific parts of a company's operation.

a)

Executives

b)

Middle Managers

c)

Supervisors

73.

Determines what extent the business is accomplishing the goals it set out to reach in the planning stage.

a)

Organizing

b)

Staffing

c)

Implementing

d)

Controlling

74.

Obtaining, preparing, and compensating the people who work for a business.

a)

Staffing

b)

Planning

c)

Organizing

d)

Controlling

Similar Resources on Wayground

Year 10 Revision Prep for CA 1.2

69 questions

Year 10 Revision Prep for CA 1.2

quiz

Worksheet

•

10th Grade

5 Business POB - END OF TERM EXAM (Dec 2021)

76 questions

5 Business POB - END OF TERM EXAM (Dec 2021)

quiz

Worksheet

•

10th Grade

Chapter 12 Pre-Assessment

70 questions

Chapter 12 Pre-Assessment

quiz

Worksheet

•

10th Grade

F24TH ACCOUNTING: USING FINANCIAL INFO TO MANAGE BUSINESSES

71 questions

F24TH ACCOUNTING: USING FINANCIAL INFO TO MANAGE BUSINESSES

quiz

Worksheet

•

10th Grade

BIM I Vocab Quiz 1 A

78 questions

BIM I Vocab Quiz 1 A

quiz

Worksheet

•

6th - 12th Grade

Practice Exam RIF

73 questions

Practice Exam RIF

quiz

Worksheet

•

10th Grade

N5 Business Management

71 questions

N5 Business Management

quiz

Worksheet

•

10th Grade

Review Quiz Principals of Business

75 questions

Review Quiz Principals of Business

quiz

Worksheet

•

9th - 12th Grade