WorksheetsBusiness essentials unit 2
Total questions: 25
Worksheet time: 13mins
When employees are working faster they are increasing their
Wages
Benefits
Value
Efficiency
A hurricane that destroys a business is an example of a (n) ____ risk
Operational
Financial
Strategic
Hazard
The automobile industry, the pharmaceutical industry, and the oil industry are all examples of
Market structures
Perfect competition
Oligopolies
Monopolistic competition
What motivates business to produce efficiently and sell effectively?
The desire to spend money
The hole of making profit
The need of recognition
The chance to start a trend
A gap between unlimited wants and limited resources creates
Economics
Resources
Wants
Scarcity
Seeing a movie at a theater a theater would be considered a (n) _____ want.
Economic
Unlimited
Limited
Non-economic
Which of the following represents a primary business activity
Scheduling
Designing
Marketing
Supervising
Which of the following statements about perfect competition is correct:
There are limited supply of goods and services.
Businesses have a good deal of control over the market.
Products vary from seller to seller.
It is used as benchmark to compare real market structures against.
Offering high quality, large assortments, and free shipping are examples of
Rebates
No price competition
Price fixing
Price competition
When a business keeps a risk because management is unaware of it, the business is _____ the risk
Avoiding
Prevent or controlling
Retaining
Transferring
Having well-planned building and providing effective employee training are ways that a business can _______ business risks
Transfer
Insure against
Retain
Prevent or control
The heart of economics is
Trade-offs
Wants
Resources
Decision making
What are three basic economic questions
When will products be produced, how products be produced, and how will produced products be allocated.
When will products be produced, what products will be produced, and how will products be allocated.
What products will be produced, how will products be produced, and how will products be allocated.
Where will products be produced, when will products be produced, and what products will be produced.
To use resources wisely, business owners must reduce
Risk
Reward
Waste
Wages
In business terms what is profit?
A good investment
A holiday bonus
A monetary reward
A risky venture
Who answers the basic economic questions in a private enterprise economic system
Government agencies
Influential citizens
Businesses and individuals
Entrepreneurs and producer
Which one of the following groups of words best describes wants
Limited, unchanging, and compensating
Unlimited, changing, and competing
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
Every business must accomplish which of the following
Produce or provide goods/services
Obtain venture capital
Issue corporate bonds
Trade or sell business assets/ property
A large retailer feels that it has a duty to continue 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
Social responsibility
Wholesaling
Voluntary chains
E-tailing
What type of market structure is most commonly found in a private enterprise economy?
Perfect competition
Regulated monopoly
Oligopoly
Monopolistic competition
The general classifications of business risk are
Competitive, strategic, financial, and operational
Production, hazard, operational, and strategic
Hazard, operational, strategic, and financial
Strategic, production, competitive, and hazard
Which factors that affect profit are usually able to be controlled
Income and expenses
Expenses and pricing
Pricing and billing
Expenses and billing
The amount of money paid for raw materials and products sold is called
Operating expense
Cost of goods
Net profit
Gross profit
Malinda owns a home, and instead of living in it, she decides to rent it out to make more money.
Which economic freedom does this illustrate?
Freedom to own, use, buy, and sell private property
Freedom to complete for jobs
Freedom to choose which laws obey
Freedom to control all the money you earn
The basic role of the unites states government is to
Protect U.S. citizens
Maintain control of prices
Increase production
Limit business startups
