Worksheets2.00 study guide
Total questions: 25
Worksheet time: 13mins
A flood destroyed your business, what risk would this be
Operational
Hazard
No risk
Finical
Which isn’t a type of economy
Socialism
Capitalism
communism
Feminism
Which of the following represents a primary business activity?
Planing
Designing
Marketing
Supervising
Seeing a movie at a theater would be considered a(n)___want.
Economic
Unlimited
Limited
Non-economic
Every society must develop a system for deciding how it will use its resources so that it can
Minimize risk
Meet peoples needs
Prevent problems
Control production
Why are resources considered limited
There aren’t enough available for everyone to have as much of them as desired
People don’t want to share
Everyone has them, and they change
Entrepreneurs don’t invest enough in them
The amount of money paid for raw materials and products sold is Called
Cost of goods
Operating expenses
Net profit
Investments
The basic role of the United States Government is to
Make money
Protect U.S citizens
Population control
Increase production
____ economy where most goods and services are offered by private companies
Market
Free
Seller’s
Command
The best time for consumers to purchase products at reduced prices is when a(n) ____ market exists
Buyer’s
traders
Command
Free
What to categories can wants be divided?
Unlimited and limited
Unlimited and economics
Economic and non-economic
Unlimited and non-economic
The actual price that prevails in a market at any particular moment is the____
Market price
Market price clearing price
Excess demand
Equilibrium price
When a business keeps a risk because management is unaware of it, the business is ____ the risk.
Avoiding
Preventing or controlling
Ignoring
Retaining
Offering high quality , large assortments, and free shipping are examples of…
Rebates
Price fixing
No price competition
Price competition
The car industry, the pharmaceutical industry, and the oil industry are all examples of
Market structures
Oligopolies
Monopolistic competition
Perfect competition
A gap between unlimited wants and limited resources creates
Scarcity
Demand
Wants
Companies
Offering high quality, large assortments, and free shipping are examples
Nonprice competition
Rebates
Price fixing
Price competition
What motivates business to produce efficiency and sell efficiently
The hope of making a profit
The desire to spend money
To become the richest company in the world
Fame
Having well-planned buildings and providing effective employee training are ways that a business can _____ business risks.
Transfer
Hold
Insure against
Prevent or control
Who answers the basic economic questions in a private enterprise economic system?
Government agencies
A holiday bonus
Businesses and individuals
Entrepreneur and producer
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
Which of the factors that affect profit are usually able to be controlled?
Operating expenses
Expenses and pricing
Pricing and billing
Expenses and billing
Why are resources considered limited?
Everyone has them, and they change
There aren’t enough available for everyone to have as much of them as desired
Not enough workers
To many people need them
____ economy where most goods and services are offered by private companies
Buyers power
Sellers
Market
Buyers
The actual price that prevails in a market at any particular moment is___
Market price
Market clearing price
Equilibrium price
Excess demand
