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FBLA Intro to Business Concepts

Total questions: 95

Worksheet time: 45mins

Name
Class
Date
1.
Which of the following is correct?
a)
A need is necessary for survival
b)
Examples of capital resources are water, iron, air, or gold
c)
Human resources are also called people
d)
Services are things you can buy, like ice cream or textbooks
2.
The conflict between unlimited wants and limited resources is called:
a)
Basic economic scarcity
b)
Wants
c)
Scarcity
d)
Factors of Production
3.
A cell phone is a need for most people in 2015
a)
True
b)
False
4.
Which is an example of a service?
a)
Smart Board
b)
Hair stylist
c)
Piece of paper
d)
Homeless man
5.
Businesses and governments don't deal with scarcity
a)
True
b)
False
6.
Which is are types of economic resource?
a)
Wants & Needs
b)
Goods & Services
c)
Scarcity & Surplus
d)
Land, Labor, & Capital
7.
What is another name for human resources?
a)
Labor
b)
People
c)
Homies
d)
Workers
8.
Things that you can see and touch are
a)
Wants
b)
Services
c)
Goods
d)
Needs
9.
How many steps are in the economic decision making process?
a)
3
b)
5
c)
6
d)
7
10.
The process of choosing which wants, among several wants being considered, will be satisfied
a)
Defining the problem
b)
Basic economic problem
c)
Factors of production
d)
Economic decision making
11.
When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.
a)
True
b)
False
12.
Wants are limited
a)
True
b)
False
13.
Which is a step in the decision making process?
a)
Choose
b)
Ask for another opinion
c)
Look at your resources
d)
Wait
14.
The three economic resources are often shortened to
a)
Earth, humans, and buildings
b)
Land, labor, and capital
c)
Earth, people, and capital
d)
Land, humans, and capital
15.
Economic resources can also be referred to as
a)
Factors of production
b)
Goods and services
c)
Wants and needs
d)
Scarci
16.
I have 7 students and only 5 cookies. The cookies are
a)
Sad
b)
Scarce
c)
Wants
d)
Services
17.
The economic resource used to make a desk is
a)
Natural & Capital Resource
b)
Human Resources
c)
Labor & Capital Resources
d)
Land, Labor, & Capital Resources
18.
Starving African children have the same needs as obese American children.
a)
True
b)
False
19.
Which is a want?
a)
Water
b)
Food
c)
Milk
d)
Love
20.
Which of the following would be a natural resource?
a)
TV announcers
b)
bankers
c)
fish
d)
farmers
21.
A ski trip, a couple of tickets to a movie and a new 36 inch television are all examples of
a)
resources
b)
scarcity
c)
needs
d)
wants
22.
Regarding the three economic roles of people, which is true about your worker role?
a)
It is the least important of the three economic roles.
b)
It  supports your consumer role.
c)

It is unimportant and so is your productivity.

d)
Your citizen role is controlled by your worker role.
23.
Goods that are wanted by many consumers and are scarce have prices that tend to remain
a)

high

b)
low
c)
competitive
d)
none of the above
24.
A business that takes raw materials and turns them into a usable form is known as a
a)
marketer
b)
transformer
c)
manufacturer
d)
extractor
25.
Helping employees feel good about their jobs is an important part of a the human relations skill known as
a)
self understanding
b)
communication
c)
understanding others
d)
developing job satisfaction
26.
Something offered to the target market to satisfy their needs is called
a)
market
b)
a promotion
c)
distribution
d)
a product
27.
To be effective, product promotion must
a)
be noticed
b)
encourage consumers to pay attention to the message
c)
result in consumers taking action
d)
all of the above
28.
Which of the following is a social-responsibility issue?
a)
protection of the environment
b)
employment of physically challenged individuals
c)
providing a safe and healthy workplace
d)
all of the above
29.
Preserving our society's scarce resources is an act of business know as
a)
conservation
b)
non-polluting
c)
soil engineering
d)
all of the above
30.
When a business wants its workforce to reflect various groups in the community, it is concerned about
a)
resources
b)
diversity
c)
safety
d)
none of the above
31.
Which of the following is true about silver, nickel, tin and chromium?
a)
The U.S. has an abundance of these metals.
b)
They are not used in production of any manufactured products in the U.S.
c)
The U.S. must import tons of these metals to keep up with manufacturing needs.
d)
These are lethal metals for workers to handle.
32.
Antitrust laws prevent
a)
false advertising
b)
deceptive pricing
c)
misleading labeling of products
d)
all of the above
33.
Public utilities provide
a)
gas
b)
water
c)
electricity
d)
all of the above
34.
An employee who works every Thursday and Friday for three hours each day is considered a
a)
permanent employee
b)
temporary employee
c)
full time employee
d)
part time employee
35.
A type of incentive where employees receive their regular compensation plus a share of the profits earned by a company is called
a)
profit sharing
b)
commission
c)
straight salary
d)
base plus incentive salary
36.
An employee who usually works 42 hours a week, is considered a
a)
part-time employee
b)
a full-time employee
c)
a temporary employee
d)
none of the above
37.
Word processing software is commonly used to create
a)
memos
b)
financial statements
c)
a list of related customer data
d)
bar charts
38.
Which feature is usually included in spreadsheet software?
a)
desktop publishing
b)

the ability to check spelling and grammar

c)
database marketing
d)
built-in math calculations
39.
An organized system of reporting information in an organization is called
a)
computer applications
b)
management information systems
c)
desktop publishing software
d)
none of the above
40.
Which of the following has made it possible for employees to work from home?
a)
email
b)
modems
c)

fax machines

d)
all of the above
41.
Robots would most likely be used to work in jobs that
a)
operate motor vehicles.
b)
are dangerous.
c)
are in cold damp environments.
d)
are working with small children.
42.
Someone who works in a fast-food restaurant is working in
a)
the goods-producing industry
b)
the service-producing industry
c)
the extracting industry
d)
the manufacturing plant industry
43.
Which of the following is NOT true about small business owners?
a)
They have to take charge of things.
b)
They have short work weeks.
c)
They must take a risk when starting the business.
d)
They need to have good people skills.
44.
Consumers are paying for a service each time they go to
a)
a dentist
b)
a drive-thru car wash
c)
cell phone repair shop
d)
all of the above
45.
Sales used to clear merchandise that stores no longer wish to carry in stock are
a)
promotional sales
b)
clearance sales
c)
special purchase sales
d)

holiday sales

46.
Fraud occurs when
a)
false info is given to a customer in order to make a sale
b)
a salesperson exaggerates the quality of a product
c)
a product label indicates safety standards
d)
a product is not graded as being top quality
47.
When setting up a checking account at a bank you must sign a signature card.  The purpose of that card is
a)
for you to carry as an I.D. for when you want to write a check.
b)
allow a bank customer to get cash at any business by signing a form.
c)
allow customers to make deposits quickly.
d)
allow the bank employees to recognize your signature.
48.
A postdated check is one that is
a)
written illegally
b)
written by someone not authorized on the account
c)
written with a date later than the calendar says
d)
void after a certain number of days
49.
The value of your possessions is called
a)
capacity
b)
character
c)
capital
d)
income
50.
Which of the following determines the cost of automobile insurance?
a)
age of the driver
b)
driver's accident record
c)
the purpose the car is used for, such as business or personal use
d)
all of the above
51.
When you buy life insurance you will likely be asked to
a)
name a beneficiary
b)
have a physical examination
c)
pay a premium
d)
all of the above
52.
Which would not be considered a long-range financial goal?
a)
to go eat at a nice restaurant
b)
provide funds for a child's education
c)
buy a house
d)
take a trip to an over-seas country
53.
Which of the following is not true about our US work force?
a)
Most jobs require at least a high school education.
b)
Most job require some special training.
c)
Few jobs require a high school education and special training.
d)
Some jobs are high paying and some are low paying.
54.
Which of the following is not true about our US work force?
a)
Most jobs require at least a high school education.
b)
Most job require some special training.
c)
Few jobs require a high school education and special training.
d)
Some jobs are high paying and some are low paying.
55.

Which is not a function of management

a)

control

b)

plan

c)

finance

d)

organize

56.

Consumerism is the societal effort to protect consumer rights by enforcing pressure

a)

true

b)

false

57.

What are the four components of the business process?

a)

production, marketing, management, finance

b)

sales, marketing, public relations, finance

c)

consumer, product, development, profit

d)

control, plan, e-commerce, recall

58.

A business can be categorized by profit orientation, size, product or market

a)

true

b)

false

59.

Public businesses are motivated to earn a profit?

a)

true

b)

false

60.

A small business may also be referred to as a "mom and pop" business?

a)

true

b)

false

61.

__________________ occurs when companies put forth an effort to produce and promote environmentally friendly products

a)

profit

b)

balance

c)

green marketing

d)

break even

62.

When a company takes a product off the shelves and request that if you purchased this product to send it back to the company for the good of the consumer due to an issue with the product

a)

product development

b)

product recall

c)

product awareness

d)

product introduction

63.

A marketing plan is a written proposal describing a prospective business to potential investors and lenders.

a)

true

b)

false

64.

________________________ decides what needs to be done and how it will be accomplished

a)

planning

b)

development

c)

organization

d)

control

65.

The term used for all activities involved in developing and exchanging products.

a)

product

b)

good

c)

business

d)

service

66.

A ____________ is anything that can be bought and sold.

a)

consumer

b)

profit

c)

utility

d)

product

67.

The difference between a good and a service is _________.

a)

A good is an action that can be performed where a service is a physical item that can be touched.

b)

A good is a physical item that can be touched where a service is an action that is performed.

c)

There is no difference between the two.

d)

A good is something bought often where a service is rarely purchased.

68.

A ___________ is an individual or group who buys products.

a)

customer

b)

consumer

c)

business

d)

product

69.

Customers who purchase goods and services for their own use are known as _____________.

a)

customers

b)

consumers

c)

products

d)

businesses

70.

_______ is a set of rules that define what is wrong and right.

a)

reputation

b)

business

c)

ethics

d)

initiative

71.

A ________ describes the characteristics of a product that satisfy wants and needs.

a)

product

b)

service

c)

good

d)

utility

72.

A smartphone designed to be ergonomic and compatible with popular apps is an example of the ________ utility.

a)

place

b)

information

c)

form

d)

possession

73.

An example of ______ utility is when malls make a wide variety of stores available in one convenient location.

a)

place

b)

form

c)

time

d)

information

74.

Banks offering early morning teller services to meet the needs of businesses that are open in the morning is an example of ________ utility.

a)

possession

b)

place

c)

time

d)

information

75.

What is the best example of possession utility?

a)

Controllers for the PS5 have been made compatible with other gaming consoles.

b)

Due to the increased demand, the Sub Shop will open up an hour earlier.

c)

The local pharmacy offers drive thru services and quick product access.

d)

The car manufacturer has digital versions of troubleshooting guides that are accessible anytime on their websites.

76.
Two people or organizations involved in a transaction.
a)
exchange
b)
focus groups
c)
target market
d)
marketing mix
77.
Developing and maintaining satisfying exchange relationships between businesses and consumers.
a)
marketing
b)
focus groups
c)
target market
d)
exchange
78.
A small group of 8-15 people who share their opinions on products being researched by a company
a)
focus groups
b)
target market
c)
exchange
d)
market
79.
What is a disadvantage of using a large sample size for a survey?
a)
privacy concerns
b)
tax liabilities
c)
increased expense
d)
less accuracy
80.
Secondary data is often
a)
gathered before primary data.
b)
gathered after primary data.
c)
considered irrelevant.
d)
more time consuming to gather than primary data.
81.
Primary data is generally
a)
less expensive than secondary data.
b)
less time consuming than secondary data.
c)
easier to gather than secondary data.
d)
more expensive than secondary data.
82.
A question starting with "How many" is an example of what type of market research?
a)
quantitative
b)
qualitative
c)
secondary
d)
proprietary
83.
A questions starting with "Why" is usually what type of research question?
a)
qualitative
b)
quantitative
c)
secondary
d)
proprietary
84.
This image is an example of which marketing function in a
a)
distribution
b)
marketing-information management
c)
pricing
d)
promotion
85.
This poster of the Mustang evolving over the years, best represents which marketing function?
a)
product service management
b)
pricing
c)
marketing-information management
d)
promotion
86.
What marketing function does this picture best represent?
a)
selling
b)
product/service management
c)
financing
d)
distribution
87.
This picture best represents which marketing function?
a)
promotion
b)
product/service management
c)
financing
d)
marketing-information management
88.
A business handing out surveys to customers is an example of which marketing function?
a)
marketing-information management
b)
product/service management
c)
promotion
d)
pricing
89.
Kohl's offering a store credit card is best an example of which marketing function occurring?
a)
financing
b)
product/service management
c)
pricing
d)
promotion
90.
A store deciding they want to make a 70% profit on all items is an example of which function?
a)
pricing
b)
promotion
c)
financing
d)
marketing-information management
91.
The process of gathering, recording, analyzing, and reporting information regarding customers.
a)
marketing
b)
market research
c)
focus groups
d)
marketing strategy
92.

This orientation focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace.

a)

Production Orientation

b)

Sales Orientation

c)

Market Orientation

d)

Societal Marketing Orientation

93.

This marketing philosophy is based on the beliefs that people will buy more products if aggressive sales techniques are used.

a)

Production Orientation

b)

Sales Orientation

c)

Market Orientation

d)

Societal Market Orientation

94.

This marketing philosophy focuses on satisfying customer wants and needs while meeting organizational objectives.

a)

Production Orientation

b)

Sales Orientation

c)

Market Orientation

d)

Societal Marketing Orientation

95.

This marketing philosophy goes beyond a market orientation to include the preservation or enhancement of individuals’ and society’s long-term best interests.

a)

Production Orientation

b)

Sales Orientation

c)

Market Orientation

d)

Societal Marketing Orientation

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