WorksheetsTopic 1_FOB
Total questions: 21
Worksheet time: 50mins
___________ is the amount of revenue or income that a business owner retains after paying all the expenses associated with the operation of the business.
Sale
Profit
Cost
Debt
How do you define loss?
when costs fall lower than projection
when the bottom line is in the black
when revenue exceeds costs
when costs exceed revenue
The following are known as factors of production, EXCEPT
Entreprenurship
Capital
Supplier
Labour
Which functional area of a business is responsible for converting the factors of production into goods and services?
Management
Marketing/Sales
Operations
Research and Development
Private enterprise system which exist in ___________, is based on competition in the marketplace and private ownership of the factors of production (resources).
unplanned economy
planned economy
market economy
mixed market economy
____________ is the level of joblessness among people actively seeking work in an economic system.
Unemployment
Employment
GDP
Productivity
Labour, capital and entrepreneurship are known as...
(a)
An Entrepreneur is an individual employed by a large organization who helps develop products and services.
TRUE
FALSE
When the revenue of a company is higher than its costs, the company will have a loss.
TRUE
FALSE
Goods are:
Intangible products
Tangible physical products
In a ________ the resources are owned and controlled by the government.
planned economy
market economy
mixed market economy
modern economy
________ refers to the quantity of a good or service that businesses are willing and able to provide.
Demand
Supply
Surplus
Shortage
A demand curve illustrates the relationship between quantity demanded of a product and the ________.
profit
price
production cost
cost
Differentiating strategy such as brand name, is common in the market characterised by perfect competition.
True
False
The primary reason why businesses invest in resources and take risks is to ________.
provide jobs
produce goods and services
improve their products
earn a profit
The unique feature of an oligopoly market is that the actions of one seller have a significant impact on the profits of all of the other sellers in the market.
TRUE
FALSE
Which of the following industries can be considered as in the oligopolistic market? You may choose more than one answer.
telecommunication
oil & gas
fashion
agriculture
Inflation can best be defined as...
A general increase in prices.
An increase in prices of key items purchased by consumers.
The increase in the value of fiat money
The printing of too much paper money.
Who among the following would be considered as unemployed?
A college student of legal age to work but who is still in school full time.
An entrepreneur in the process of starting a new business.
A secretary who was laid-off from work & is looking at job ads
A housewife taking care of three children.
GDP measures the:
Total market value of intermediate goods and services produced by the citizens of a country in a given year.
Total market value of all final goods and services produced in an economy in a given year.
Change in total employment at U.S. owned firms over the course of a given year.
Change in production levels at U.S. owned firms measured quarterly.
higher levels of happiness
higher standard of living
equal levels of wealth
self-sufficient communities
