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WorksheetsPrinciples of Business Chapter 1
Total questions: 29
Worksheet time: 20mins
Wants that are widely shared by many people are called ___.
private wants
public wants
needs
goods and services
Tasks that businesses perform for consumers are known as ___.
services
goods
resources
fees
Items that people can use to make or obtain what they need or want are called ___.
materials
limits
services
resources
Resources limit the number of needs and wants people can ___.
make
desire
satisfy
enjoy
Good choices are easier to make if you use the process of ___.
identification
consideration
decision making
choice
To identify possible courses of action, you should take time to consider ___.
pros and cons
your decision
alternatives
the results
Once your decision is put into effect, you should ___.
relax
evaluate it
reconsider
doubt it
To determine the pros and cons of a decision you should consider ___.
your values
your goals
your choices
all of these
When buying something, you should use all the decision-making steps ___.
all the time
most of the time
none of the time
for important purchases
___ usually make the important decisions that affect their companies future.
Employees
Middle managers
Customers
Higher-level managers
Put the steps of the decision-making process in order.
Identify the situation
Identify the possible actions
Determine pros and cons
Make a decision
Evaluate your decision
How does wants and needs drive the economy?
wants
Things that you do not have to have to survive, but would like to have
needs
Things that you must have in order to survive
goods
Physical products
services
Tasks that businesses perform for customers
resources
Items that people can use to make or obtain what they need or want
determine
to decide or settle finally and without question
identify
to find out the identity of
consider
to think about carefully
evaluate
to determine the significance, worth, or condition of usually by careful thought and study
Business is any commercial activity that seeks ___
profit
goods and services
retail
money
The reward that motivates businesses to supply goods and services is
prestige
employment
the profit motive
fees
Companies thrive on
competition
limits
service
monopoly power
Competition is possible because companies have the freedom to produce the products
they think will be most
popular
profitable
inexpensive
unusual
For companies to compete successfully in a global market, they must combine quality,
excellent service, and
market share
popularity
choice
competitive prices
Business success depends on how well key activities are managed, performed, and
financed
researched
coordinated
publicized
The act of gathering and analyzing information about the wants, needs, and preferences
of consumers in a certain market is called
being nosy
planning
doing your job
market research
A person who uses goods or services is called
consumer
lucky
an owner
rich
The decision to stop manufacturing products is often because of decreased
price
business size
demand
competition
When consumers choose not to purchase a business’s products or services, the business
usually
succeeds
wins
fails
loses
Any commercial activity that seeks profit by providing
goods and services to others in exchange for money
Business
Person who uses goods and services
consumer
The money left over after a business has paid the cost of
providing its goods and services
profit
The contest between businesses to win customers
competition
The gathering and analysis of information on
the size, location, and makeup of a product market
market research
respond
To react in response
analyze
To study or determine the nature and relationship of
component parts
affect
To produce an effect upon
modify
To make fundamental changes in, often to give a new
orientation to or to serve a new end
Reorder the following key activities that businesses must do to succeed
Identifying opportunities for products and/or services
Evaluating the demand for products and/or services
Managing the production of goods and/or services
Marketing the goods and/or services
Keeping records to satisfy government requirements and improve processes
How do businesses affect consumers?
How do consumers affect businesses?
