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WorksheetsReview for Unit Test 1 (Intro to Business)
Total questions: 53
Worksheet time: 28mins
Products are commonly known as
needs and wants
goods and services
factors and production
functions of business
Utility describes the characteristics of a product that satisfy
scarcity
needs and wants
opportunity cost
supply and demand
Entrepreneurs take risks to start and run.....
economic resources
the state of Texas
the country
businesses
In a __________ economy, individuals are free to make their own economic decisions.
market
command
open
traditional
The market price for a product is determined at a point where.....
demand exceeds supply
supply exceeds demand
supply equals demand
none of the above
When demand for a product becomes greater than available supply a(n) _________ develops
surplus
shortage
equilibrium
competition
All economic resources are limited, but needs and wants are ____________
Scarce
Unlimited
Limited
Non-existent
Which of the following is not one of the four factors of production?
Land
Labor
Capital
Entrepreneurship
Resources
People who start businesses are.......
Crazy
Bosses
CEO's
Entrepreneurs
A(n) _______ is something a person must have to survive
Need
Want
Spouse
Education
The price of a product is determined by the law of _________
supply and demand
wins and losses
ethics
business and trade
An action or task that is performed, usually for a fee
a service
a good
a business
a favor
A system used to record, classify, summarize and report the financial position of a business is known as which of the following?
Mangement
Distribution
Accounting
Human resources
The employment process is carried out by which department?
Marketing
Distribution
Management
Human Resources
The difference between a good and a service is _________.
A good is an action that can be performed where a service is a physical item that can be touched.
A good is a physical item that can be touched where a service is an action that is performed.
There is no difference between the two.
A good is something bought often where a service is rarely purchased.
Money that remains after a business has paid for the expenses of running the business.
Competition
Marketing
Franchise
Profit
Contest between businesses to win customers' business and loyalty
Needs
Competition
Marketing
Partnership
Items necessary for existence, such as clothing, food, and shelter.
Needs
Wants
Items that would be nice to have, but are not necessary.
Needs
Wants
Tasks that businesses perform or provide for customers, such as haircuts and car washes.
Goods
Services
Items businesses sell that can be physically weighed or measured, such as clothing and candy.
Goods
Services
Which of the following IS physical capital resource?
Wood
Computer
Labor
Knowledge
Tools and machinery are which factor of production?
capital
land
labor
entrepreneurship
Macro and operating factors are part of the external environment
false
true
For a business, income remaining after payment of expenses is
loss
capital
profit
debt
The highest valued alternative that must be given up in order to choose an option is called the:
opportunity cost.
utility cost.
scarcity expense.
disutility option.
resources owned and controlled by government
Command
Traditional
Market
Mixed
A written description of a business venture that describes all aspects of the business is called
a company charter.
a company policy.
a business plan.
an executive summary.
Main types of financial statements include all of these except
statement of cash flows
balance sheet
petty cash vouchers
income statement
Gross Domestic Product
is the market value of all final products produced in a country during a specific time period.
includes everything people buy for personal use, such as food, clothing, cars, medical care and recreation.
is the GDP of a nation divided by its population.
is the general rise in prices throughout an economy.
A general decline in prices throughout an economy
Inflation
Hyperinflation
Deflation
Interest Rate
A high GDP means the economy is
Strong
Weak
Monopoly is
a market structure with a small number of businesses selling the same or similar products
characterized by a large number of businesses selling the same product for the same price
a large number of businesses selling similar, but not the same, products and at different prices
a market structure with one business that has complete control of a market's entire supply of goods or services
COGS stands for
cost of goods sales
cost of goods serviced
cost of goods sold
What is balance sheet?
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss
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
A perfect competitive firm charges a price that is ____________.
different to other firms
higher than other firms
lower than other firms
similar to other firms
The business cycle is made up of how many phases?
5
4
3
2
The business cycle rises above the trendline during-
rescessions
expansions
troughs
GDP declines during a(an)
peak
contraction
expansion
If a news headline says, "Finally!!! 2 straight months of increased jobs."
Where on the business cycle is the current economy?
Peak
Contraction/Recession
Trough
Expansion/Growth/Recovery
The inspector from the health department visited your restaurant to ensure that your practices and the food you serve is safe.
Which characteristic of a Mixed Economy does this describe?
Limited Government
Competition
Motive of Self-Interest
Private Property
An indian tribe living in a village and bartering for goods they need are an example of ______________.
mixed economy
traditional economy
command economy
Competition between businesses is an example of what economic system?
Traditional
Command
Market
