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WorksheetsPOB REVIEW QUESTIONS
Total questions: 89
Worksheet time: 1hrs 18mins
A measure of wealth, basic needs and material comfort a person has access to
Quality of Life
Economic Growth
Standard of Living
Economic Development
The degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events
Quality of Life
Economic Growth
Standard of Living
Economic Development
Select all the items that DO NOT determine a country's standard of living and quality of life
Real GDP
Life expectancy
Diet and Nutrition
Freedom and Justice
None of the above
The total GDP divided by the population of the said country
Real GDP
Nominal GDP
GDP per capita
Ceteris paribus
What is economic growth?
An increase in real gross domestic product per capita
An increase in nominal gross domestic product
An increase in national income
National income increasing at a faster rate than the rate of inflation
Which type of leadership relies heavily on the use of policies and procedures?
Authoritarian
Participative
Democratic
Laissez Faire
Which type of leadership is also known as delegative leadership?
Authoritarian
Participative
Democratic
Laissez Faire
Which leadership style would be appropriate?
Which leadership style would be appropriate?
In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)
Command
Socialism
Market
Traditional
Which of the following best explains a mixed economy?
Private ownership of the factors of production and regulation of businesses by government
Market exchanges answer all three of the big economic questions
Family customs and traditions determine what and how to produce a good
Government answers all three of the big economic questions
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
2. Mario and his brother Luigi started a plumbing company together. They split the profits and the expenses.
Sole Proprietorship
Partnership
Corporation
The barter system is the exchange of goods and cash.
True
False
There are no problems faced when people are using the barter system.
True
False
Double coincidence of wants is an issue associated with the system of
barter
sale
transfer
donations
Which of the following person is a producer of goods
Hairdresser
Manufacturer
Surveyor
Garbage collector
Subsistence economy involves
paying for goods of only high quality
Accumulating wealth
Producing goods and service only for survival
investing for future goals
Trade is the exchange of goods and __________.
business
services
Which of these is an example of a good?
babysitting
an iPad
Trade only happens between countries.
True
False
The exchange of goods and services is made more efficient by:
Barters
Money
Governments
Some combination of government transfer and barter
Business process of creating relationship with and satisfying customers.
Advertisement
Marketing
Market Research
Market Study
Process of gathering, analyzing, and interpreting information about market, product, or service to be offered for sale in the market, about the past, present and potential customers for the product or service.
MARKETING PLAN
MARKET RESEARCH
MARKETING STRATEGY
PRODUCT TESTING
item you can touch, such as donuts
sales promotions
advertising
market research
good
People who sell products to the public
retailers
inventory
warehouses
components
Stock
retailers
clients
distributors
inventory
The place where goods are stored
supply chain
streamlined
raw materials
warehouses
Parts you need to construct something
components
raw materials
clients
supply chain
The series of processes and companies involved in making and selling a product
order
logistics
stock
supply chain
The basic substances used to make something
factory
distribution
stock
raw materials
what is the not oldest mode of transportation
sea
water
transport
pipeliness
what is the function of transportation
For Product Movement
For Supply
For Convienience
all of the above
what of define "Transportation"
rental car
transfer of goods
Taxi / Grab
public transport
advantages of air transport
high speed
high costs
slow
more risks
the advantages of using water trasport?
larger capacity
low cost
safety
all of the above
People who sell products to the public
retailers
inventory
warehouses
components
People who sell products to the public
retailers
inventory
warehouses
components
People who sell products to the public
retailers
inventory
warehouses
components
What is entrepreneurship?
To develop, organize and manage a business venture with risks in order to make a profit.
The art of making a deal.
An innovating idea.
Being competitive in the global marketplace.
The difference between income earned and expenses incurred by a business is called
Sales
Money
Profit
Time
Something a person must have to survive.
iPhone X
Need
Service
Want
An action or task that is performed, usually for a fee.
iPhone X
Need
Service
Want
An organized way in which a nation chooses to use its resources to create goods and services.
Competition
Standard of Living
Capitalism
Economic System
An economic system where the economic resources are privately owned by individuals rather than the government.
Competition
Standard of Living
Capitalism
Economic System
When demand is higher than the available resources it leads to this
Scarcity
Capitalism
Consumers
Utility
The economic resources a nation uses to make goods and supply services for its population.
Standard of Living
Scarcity
Competition
Factors of Production
This factor of production is also called human resources.
Land
Labor
Capital
Entrepreneurship
This factor of production includes all the tools, equipment, and machinery used to produce goods and services.
Land
Labor
Capital
Entrepreneurship
This factor of production is also called natural resources.
Land
Labor
Capital
Entrepreneurship
This factor of production includes people who are willing and able to start a new business or purchase and existing business.
Land
Labor
Capital
Entrepreneurship
Every manager gives the same amount of time and attention to each of the management functions.
True
False
Identify the level of production: Food crops, eggs and milk being sold to the national market.
Subsistence production
Domestic production
Export production
Lean production
Identify the level of production: A family growing their own fruits and vegetables.
Subsistence production
Domestic production
Export production
Primary production
Identify the level of production: Architectural or engineering services for major overseas projects
Subsistence production
Domestic production
Export production
Secondary production
Identify the level of production: Providing goods for the international market
Subsistence production
Domestic production
Export production
Secondary production
Identify the sector of production: Bauxite mining in Jamaica or Guyana
Primary production
Secondary production
Tertiary production
Quaternary production
Which is NOT a characteristic of cottage industry?
Based at home
Labour- intensive production
Use of readily available resources
Highly trained employees
What are the four elements of a marketing mix?
cost, location, time, and advertising
demographics, income, supply, and demand
product, distribution, price, and promotion
consumers, manufacturers, retailers, and distributors
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
State the two (2) types of research
Primary Research
Secondary Research
School Research
General Research
A system involving the exchange of goods depending on the double coincidence of wants is called
Money
Barter
Specialization
Equal Exchange
which of the following is NOT a function of money?
Not Divisible
Store of value
Measure of Value
Medium of Exchange
Paul wins a sum of money in lottery and decided to invest it in a business. Paul buys fruits and sells them to earn money. In which type of production is he involved?
Secondary
Subsistence
Primary
Tertiary
An Authoritarian is leader who
Makes decision without consultation
Allow workers to plan their own work
Consults with those likely to be affected by the decision
Takes suggestions from employees
The advantage which a firm may achieve by significantly increasing the size of its output is known as
Economic of scale
Risk-bearing Economies
Economies of concentration
Effects of large scale production
capital as a factor of production refers to
money that issued to produce goods
goods that are used to produce other goods
assets that are owned by a firm
goods purchase for resale
Primary production is concerned with the
distribution of the goods
provision of services
manufacture of goods
provision of raw materials
which of the following is NOT a primary industry?
Mining
Fishing
Building
Farming
Which of the following documents gives the name of the ship and full particulars of the shipment of goods?
Bill of Sales
Bill of Lading
Airway Bill
Brokers Bill
which of the following is a function of commercial bank?
Refusal of deposits
Lending of depositors fund
barring of long term financing
Making the various
