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Worksheets

2.00 study guide

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

A flood destroyed your business, what risk would this be

a)

Operational

b)

Hazard

c)

No risk

d)

Finical

2.

Which isn’t a type of economy

a)

Socialism

b)

Capitalism

c)

communism

d)

Feminism

3.

Which of the following represents a primary business activity?

a)

Planing

b)

Designing

c)

Marketing

d)

Supervising

4.

Seeing a movie at a theater would be considered a(n)___want.

a)

Economic

b)

Unlimited

c)

Limited

d)

Non-economic

5.

Every society must develop a system for deciding how it will use its resources so that it can

a)

Minimize risk

b)

Meet peoples needs

c)

Prevent problems

d)

Control production

6.

Why are resources considered limited

a)

There aren’t enough available for everyone to have as much of them as desired

b)

People don’t want to share

c)

Everyone has them, and they change

d)

Entrepreneurs don’t invest enough in them

7.

The amount of money paid for raw materials and products sold is Called

a)

Cost of goods

b)

Operating expenses

c)

Net profit

d)

Investments

8.

The basic role of the United States Government is to

a)

Make money

b)

Protect U.S citizens

c)

Population control

d)

Increase production

9.

____ economy where most goods and services are offered by private companies

a)

Market

b)

Free

c)

Seller’s

d)

Command

10.

The best time for consumers to purchase products at reduced prices is when a(n) ____ market exists

a)

Buyer’s

b)

traders

c)

Command

d)

Free

11.

What to categories can wants be divided?

a)

Unlimited and limited

b)

Unlimited and economics

c)

Economic and non-economic

d)

Unlimited and non-economic

12.

The actual price that prevails in a market at any particular moment is the____

a)

Market price

b)

Market price clearing price

c)

Excess demand

d)

Equilibrium price

13.

When a business keeps a risk because management is unaware of it, the business is ____ the risk.

a)

Avoiding

b)

Preventing or controlling

c)

Ignoring

d)

Retaining

14.

Offering high quality , large assortments, and free shipping are examples of…

a)

Rebates

b)

Price fixing

c)

No price competition

d)

Price competition

15.

The car industry, the pharmaceutical industry, and the oil industry are all examples of

a)

Market structures

b)

Oligopolies

c)

Monopolistic competition

d)

Perfect competition

16.

A gap between unlimited wants and limited resources creates

a)

Scarcity

b)

Demand

c)

Wants

d)

Companies

17.

Offering high quality, large assortments, and free shipping are examples

a)

Nonprice competition

b)

Rebates

c)

Price fixing

d)

Price competition

18.

What motivates business to produce efficiency and sell efficiently

a)

The hope of making a profit

b)

The desire to spend money

c)

To become the richest company in the world

d)

Fame

19.

Having well-planned buildings and providing effective employee training are ways that a business can _____ business risks.

a)

Transfer

b)

Hold

c)

Insure against

d)

Prevent or control

20.

Who answers the basic economic questions in a private enterprise economic system?

a)

Government agencies

b)

A holiday bonus

c)

Businesses and individuals

d)

Entrepreneur and producer

21.

Every business must accomplish which of the following

a)

Produce or provide goods/services

b)

Obtain venture capital

c)

Issue corporate bonds

d)

Trade or sell business assets/property

22.

Which of the factors that affect profit are usually able to be controlled?

a)

Operating expenses

b)

Expenses and pricing

c)

Pricing and billing

d)

Expenses and billing

23.

Why are resources considered limited?

a)

Everyone has them, and they change

b)

There aren’t enough available for everyone to have as much of them as desired

c)

Not enough workers

d)

To many people need them

24.

____ economy where most goods and services are offered by private companies

a)

Buyers power

b)

Sellers

c)

Market

d)

Buyers

25.

The actual price that prevails in a market at any particular moment is___

a)

Market price

b)

Market clearing price

c)

Equilibrium price

d)

Excess demand