wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Principles of Business Chapter 1

Total questions: 29

Worksheet time: 20mins

Name
Class
Date
1.

Wants that are widely shared by many people are called ___.

a)

private wants

b)

public wants

c)

needs

d)

goods and services

2.

Tasks that businesses perform for consumers are known as ___.

a)

services

b)

goods

c)

resources

d)

fees

3.

Items that people can use to make or obtain what they need or want are called ___.

a)

materials

b)

limits

c)

services

d)

resources

4.

Resources limit the number of needs and wants people can ___.

a)

make

b)

desire

c)

satisfy

d)

enjoy

5.

Good choices are easier to make if you use the process of ___.

a)

identification

b)

consideration

c)

decision making

d)

choice

6.

To identify possible courses of action, you should take time to consider ___.

a)

pros and cons

b)

your decision

c)

alternatives

d)

the results

7.

Once your decision is put into effect, you should ___.

a)

relax

b)

evaluate it

c)

reconsider

d)

doubt it

8.

To determine the pros and cons of a decision you should consider ___.

a)

your values

b)

your goals

c)

your choices

d)

all of these

9.

When buying something, you should use all the decision-making steps ___.

a)

all the time

b)

most of the time

c)

none of the time

d)

for important purchases

10.

___ usually make the important decisions that affect their companies future.

a)

Employees

b)

Middle managers

c)

Customers

d)

Higher-level managers

11.

Put the steps of the decision-making process in order.

a)

Identify the situation

b)

Identify the possible actions

c)

Determine pros and cons

d)

Make a decision

e)

Evaluate your decision

1)
2)
3)
4)
5)
12.

How does wants and needs drive the economy?

4 lines
13.

Match the following

a)

wants

1.

Things that you do not have to have to survive, but would like to have

b)

needs

2.

Things that you must have in order to survive

c)

goods

3.

Physical products

d)

services

4.

Tasks that businesses perform for customers

e)

resources

5.

Items that people can use to make or obtain what they need or want

14.

Match the following

a)

determine

1.

to decide or settle finally and without question

b)

identify

2.

to find out the identity of

c)

consider

3.

to think about carefully

d)

evaluate

4.

to determine the significance, worth, or condition of usually by careful thought and study

15.

Business is any commercial activity that seeks ___

a)

profit

b)

goods and services

c)

retail

d)

money

16.

The reward that motivates businesses to supply goods and services is

a)

prestige

b)

employment

c)

the profit motive

d)

fees

17.

Companies thrive on

a)

competition

b)

limits

c)

service

d)

monopoly power

18.

Competition is possible because companies have the freedom to produce the products

they think will be most

a)

popular

b)

profitable

c)

inexpensive

d)

unusual

19.

For companies to compete successfully in a global market, they must combine quality,

excellent service, and

a)

market share

b)

popularity

c)

choice

d)

competitive prices

20.

Business success depends on how well key activities are managed, performed, and

a)

financed

b)

researched

c)

coordinated

d)

publicized

21.

The act of gathering and analyzing information about the wants, needs, and preferences

of consumers in a certain market is called

a)

being nosy

b)

planning

c)

doing your job

d)

market research

22.

A person who uses goods or services is called

a)

consumer

b)

lucky

c)

an owner

d)

rich

23.

The decision to stop manufacturing products is often because of decreased

a)

price

b)

business size

c)

demand

d)

competition

24.

When consumers choose not to purchase a business’s products or services, the business

usually

a)

succeeds

b)

wins

c)

fails

d)

loses

25.

Match the following

a)

Any commercial activity that seeks profit by providing

goods and services to others in exchange for money

1.

Business

b)

Person who uses goods and services

2.

consumer

c)

The money left over after a business has paid the cost of

providing its goods and services

3.

profit

d)

The contest between businesses to win customers

4.

competition

e)

The gathering and analysis of information on

the size, location, and makeup of a product market

5.

market research

26.

Match the following

a)

respond

1.

To react in response

b)

analyze

2.

To study or determine the nature and relationship of

component parts

c)

affect

3.

To produce an effect upon

d)

modify

4.

To make fundamental changes in, often to give a new

orientation to or to serve a new end

27.

Reorder the following key activities that businesses must do to succeed

a)

Identifying opportunities for products and/or services

b)

Evaluating the demand for products and/or services

c)

Managing the production of goods and/or services

d)

Marketing the goods and/or services

e)

Keeping records to satisfy government requirements and improve processes

1)
2)
3)
4)
5)
28.

How do businesses affect consumers?

4 lines
29.

How do consumers affect businesses?

4 lines