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Econ Lesson 1 Business in Society

Total questions: 20

Worksheet time: 7mins

Name
Class
Date
1.

A producer is someone who

a)

sells products

b)

is very creative

c)

makes things

d)

employs others

2.

Farms, mines, and lumber companies are examples of

a)

builders

b)

manufacturers

c)

trade industries

d)

raw goods producers

3.

A company that transforms cotton into wearable clothing is considered a

a)

raw goods producer

b)

manufacturer

c)

service business

d)

builder

4.

Emilia works for a company that constructs houses and business facilities. Which type of producer does she work for?

a)

a builder

b)

a raw goods producer

c)

a manufacturer

d)

a trade industry

5.

Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a

a)

trade industry

b)

service business

c)

raw goods producer

d)

builder

6.

The two main divisions of the trade industry are

a)

producers and retailers

b)

manufacturers and wholesalers

c)

wholesalers and retailers

d)

wholesalers and producers

7.

Determine whether the following statement is true or false: Trade industries all have the same form of ownership.

a)

True; they all belong to a chain.

b)

True; they all belong to a chain.

c)

False; they may be corporations or partnerships.

d)

False; they may be independent or belong to a chain.

8.

Which of the following describes the services offered by trade industries:

a)

they are always limited

b)

they vary from day to day

c)

they are always full line

d)

they may be limited or full line

9.

Businesses in trade industries that offer discount prices usually offer

a)

full services

b)

limited services

c)

plush interiors

d)

elaborate fixtures

10.

Businesses in trade industries that offer discount prices usually offer

a)

offered for sale

b)

exchanged for other goods

c)

sold to the ultimate consumer

d)

sold in a retail establishment

11.

Which of the following statements about wholesale trade businesses is true:

a)

They operate from a variety of business premises.

b)

They operate only from mail-order warehouses.

c)

They operate only from distribution centers.

d)

They operate in areas convenient to ultimate consumers

12.

What do service businesses sell?

a)

retail merchandise

b)

raw goods

c)

wholesale merchandise

d)

intangible activities

13.

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

a)

social responsibility

b)

wholesaling

c)

voluntary chains

d)

e-tailing

14.

One way in which a business can show its social responsibility is by __________ its profits.

a)

dividing

b)

maximizing

c)

reducing

d)

controlling

15.

Businesses can show their social responsibility by contributing to

a)

pollution

b)

non-profit agencies in their community

c)

private fundraisers for friends

16.

A socially responsible business will attempt to give customers

a)

lower quality products at reduced prices.

b)

high-quality products at high prices.

c)

the best products at the best prices.

d)

the best products no matter what they cost.

17.

Social responsibility should be a priority of __________ businesses.

a)

all

b)

non-profit

c)

government

d)

specialized

18.

A business that produces a product should be socially responsible to the __________ of the product.

a)

endorsers

b)

providers

c)

users

d)

producers

19.

The connection between the social responsibility of a business and the community in which the business operates is that the business’s social responsibility __________ the community.

a)

depends upon

b)

targets only

c)

targets the area outside

d)

has an effect on

20.

One way in which many businesses demonstrate their social responsibility toward employees is by providing them with

a)

free meals

b)

a safe, secure working environment

c)

regular entertainment

d)

a stress-free atmosphere