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WorksheetsBusiness
Total questions: 84
Worksheet time: 50mins
What is a product
Anything that can be bought and sold
A physical item that can be touched
An action or task that is performed, usually for a fee
An action or task that is performed, usually for a fee
A person who purchases goods and services for personal use
What is a good
A person who purchases goods and services for personal use
An individual or group who buys products
An action or task that is performed, usually for a fee
Anything that can be bought and sold
A physical item that can be touched
What is a service
Anything that can be bought and sold
A physical item that can be touched
An action or task that is performed, usually for a fee (consumed at the time it is purchased)
An individual or group who buys products
A person who purchases goods and services for personal use
What is a customer
Anything that can be bought and sold
An individual or group who buys products
A physical item that can be touched
An action or task that is performed, usually for a fee
A person who purchases goods and services for personal use
What is a need
Something that is needed to survive
Something that is not required to live
What is a want
Something that is needed to survive
Something that is not required to live
What is a science that examines how goods and services are produced, sold, and used
(a)
Economic resources a nation used to make goods and services for its population such as Land, Labor, Capital, Entrepreneur are:
(a)
What is land
The work performed by people in organizations
All of a nation’s natural resources
All of the tools, equipment, and machinery used to produce goods and services
The people who start a new business or purchase an existing business
What is labor
The work performed by people in organizations
All of the tools, equipment, and machinery used to produce goods and services
All of a nation’s natural resources
The people who start a new business or purchase an existing business
What is capital
The people who start a new business or purchase an existing business
The work performed by people in organizations
All of the tools, equipment, and machinery used to produce goods and services
All of a nation’s natural resources
What are entrepreneurs
All of a nation’s natural resources
The work performed by people in organizations
All of the tools, equipment, and machinery used to produce goods and services
The people who start a new business or purchase an existing business
An organized way in which a nation chooses to use its resources to create goods and services is:
(a)
Which is traditional economy
The government makes all the economic decisions for its citizens
The economic decisions are based on a society’s values, culture, and customs
The individuals are free to make their own economic decisions
Both the government and individuals make decisions about economic resources
Which is command economy
Both the government and individuals make decisions about economic resources
The individuals are free to make their own economic decisions
The economic decisions are based on a society’s values, culture, and customs
The government makes all the economic decisions for its citizens
Which is market economy
The individuals are free to make their own economic decisions
Both the government and individuals make decisions about economic resources
The government makes all the economic decisions for its citizens
The economic decisions are based on a society’s values, culture, and customs
Which is mixed economy
The economic decisions are based on a society’s values, culture, and customs
The government makes all the economic decisions for its citizens
Both the government and individuals make decisions about economic resources
The individuals are free to make their own economic decisions
The value of the next best option that was not selected is a:
(a)
When something is given up in order to gain something else it is a:
(a)
When demand is higher than the available resources it is called:
(a)
Define the problem
Research the alternatives
Choose the best alternative
Implement the decision
Evaluate the decision
This is the:
(a)
What is supply
They quantity of goods that consumers want to purchase
The quantity of goods available for purchase
What is demand
They quantity of goods that consumers want to purchase
The quantity of goods available for purchase
The point where supply equals demand is:
(a)
What is supply curve
producers are willing to supply a greater quantity of goods at higher prices
consumers are willing to buy fewer goods at higher prices
What is demand curve
producers are willing to supply a greater quantity of goods at higher prices
consumers are willing to buy fewer goods at higher prices
The action taken by two or more businesses attempting to attract the same customers is:
(a)
What is a for profit organization
A type of organization that generates revenue
An organization that exists to serve some public purpose
What is a non profit organization
A type of organization that generates revenue
An organization that exists to serve some public purpose
What does public sector mean
Part of the economy that is managed by the government
All organizations that provide goods and services
What does private sector mean
Part of the economy that is managed by the government
All organizations that provide goods and services
What are the three categories of private sectors
Producers
intermediaries
service businesses
Industries
What are extractors
Businesses or people that take natural resources from the land
Businesses that use supplies from other producers to make products
People and businesses that sell the goods and services from producers to customer
A business that purchases large quantities of products directly from producers and sell the products in smaller quantities to retailers
What are manufacturers
Businesses or people that take natural resources from the land
Businesses that use supplies from other producers to make products
People and businesses that sell the goods and services from producers to customers
A business that purchases large quantities of products directly from producers and sell the products in smaller quantities to retailers
What are intermediaries
Businesses or people that take natural resources from the land
Businesses that use supplies from other producers to make products
People and businesses that sell the goods and services from producers to customers
A business that purchases large quantities of products directly from producers and sell the products in smaller quantities to retailers
What are wholesalers
Businesses or people that take natural resources from the land
Businesses that use supplies from other producers to make products
People and businesses that sell the goods and services from producers to customers
A business that purchases large quantities of products directly from producers and sell the products in smaller quantities to retailers
What are retailers
A business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit
A business that earns profits by providing consumers with services that meet their needs and wants
What are service businesses
A business that earns profits by providing consumers with services that meet their needs and wants
A business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit
What is a sole proprietorship
Two or more persons who co-own a business with the objective of earning a profit
A business owned and operated by a single individual
An artificial being, invisible, intangible, and existing only in contemplation of the law
What is a partnership
Two or more persons who co-own a business with the objective of earning a profit
A business owned and operated by a single individual
An artificial being, invisible, intangible, and existing only in contemplation of the law
What is a corporation
A business owned and operated by a single individual
Two or more persons who co-own a business with the objective of earning a profit
An artificial being, invisible, intangible, and existing only in contemplation of the law
The connection made among nations when economies freely move goods, labor, and money across borders is:
(a)
What is international trade
The buying and selling of goods and services across national borders
All business activity involved in making, buying, and selling product within a nation’s borders
What is domestic trade
All business activity involved in making, buying, and selling product within a nation’s borders
All business activity involved in making, buying, and selling product within a nation’s borders
What is an export
Goods and services produced within a country’s borders and sold in another country
Goods, services, and capital brought into a country from outside its borders
What is an import
Goods, services, and capital brought into a country from outside its borders
Goods and services produced within a country’s borders and sold in another country
What is absolute advantage
when a country can produce goods and services more efficiently and at a lower cost than another country
When a country specializes in producing a product at which it is relatively more efficiently
What is comparative advantages
when a country can produce goods and services more efficiently and at a lower cost than another country
When a country specializes in producing a product at which it is relatively more efficiently
The difference between a nation’s exports and its imports is:
(a)
What is positive balance of trade
More money coming in than going out
More money going out than coming in
What is negative balance of trade
More money going out than coming in
More money coming in than going out
What is surplus
When a country exports more than it imports
When a country imports more than it exports
What is deficit
When a country exports more than it imports
When a country imports more than it exports
The cost to convert one currency into another is called:
(a)
What is a trade barrier
Any government action taken to control or limit the amount of imports
A government order that prohibits trade with a foreign country
Embargoes that affect only certain goods
A tax on imported goods
A limit on the amount of a product imported into a country during a specific amount of time
What is an embargo
Any government action taken to control or limit the amount of imports
A government order that prohibits trade with a foreign country
Embargoes that affect only certain goods
A tax on imported goods
A limit on the amount of a product imported into a country during a specific amount of time
What are trade sanctions
Any government action taken to control or limit the amount of imports
A government order that prohibits trade with a foreign country
Embargoes that affect only certain goods
A tax on imported goods
A limit on the amount of a product imported into a country during a specific amount of time
What is a tariff
Any government action taken to control or limit the amount of imports
A government order that prohibits trade with a foreign country
Embargoes that affect only certain goods
A tax on imported goods
A limit on the amount of a product imported into a country during a specific amount of time
What is a quota
Any government action taken to control or limit the amount of imports
A government order that prohibits trade with a foreign country
Embargoes that affect only certain goods
A tax on imported goods
A limit on the amount of a product imported into a country during a specific amount of time
A document listing the conditions and terms for importing and exporting products between countries is a:
(a)
A group of countries that has joined together to trade as if they were a single country is a:
(a)
What is a Multinational Corporation
A business that operated in more than one country
A business sells the right to manufacture its products or use its trademark
The right to sell a company’s goods or services in a specific area
A partnership of two or more companies that work together for a specific business purpose
What is licensing
A business that operated in more than one country
A business sells the right to manufacture its products or use its trademark
The right to sell a company’s goods or services in a specific area
A partnership of two or more companies that work together for a specific business purpose
What is franchising
The right to sell a company’s goods or services in a specific area
A partnership of two or more companies that work together for a specific business purpose
A business that operated in more than one country
A business sells the right to manufacture its products or use its trademark
What is a joint venture
A partnership of two or more companies that work together for a specific business purpose
The right to sell a company’s goods or services in a specific area
A business sells the right to manufacture its products or use its trademark
A business that operated in more than one country
What is an Organizational Structure
Identifies the hierarchy of the employees within the business
The authority structure in a company from the highest to the lowest levels
A diagram that shows the structure of an organization
A diagram showing how each employee position within the company interacts with others in the chain of command
What is the chain of command
Identifies the hierarchy of the employees within the business
The authority structure in a company from the highest to the lowest levels
A diagram that shows the structure of an organization
A diagram showing how each employee position within the company interacts with others in the chain of command
What is an Organization Chart
Identifies the hierarchy of the employees within the business
The authority structure in a company from the highest to the lowest levels
A diagram that shows the structure of an organization
A diagram showing how each employee position within the company interacts with others in the chain of command
What is an Organizational Chart
Identifies the hierarchy of the employees within the business
The authority structure in a company from the highest to the lowest levels
A diagram that shows the structure of an organization
A diagram showing how each employee position within the company interacts with others in the chain of command
What is Centralized Organization
All of the authority within a business rests with top management
Authority within a business is given to various managers that run their own departments
Responsibilities and authority are divided among certain areas or departments within the business
What is Decentralized Organization
All of the authority within a business rests with top management
Authority within a business is given to various managers that run their own departments
Responsibilities and authority are divided among certain areas or departments within the business
What is Departmentalization
All of the authority within a business rests with top management
Authority within a business is given to various managers that run their own departments
Responsibilities and authority are divided among certain areas or departments within the business
What is management
The process of controlling and making decisions about a business
Consists of a company’s board of directors, president, and other high ranking managers
Consists of a company’s division managers and department heads
Coordinated and supervises the activities and duties of employees
What is top management
Consists of a company’s board of directors, president, and other high ranking managers
The process of controlling and making decisions about a business
Consists of a company’s division managers and department heads
Coordinated and supervises the activities and duties of employees
What is middle management
Consists of a company’s division managers and department heads
Consists of a company’s board of directors, president, and other high ranking managers
The process of controlling and making decisions about a business
Coordinated and supervises the activities and duties of employees
What is First-Line Management
The process of controlling and making decisions about a business
Consists of a company’s board of directors, president, and other high ranking managers
Consists of a company’s division managers and department heads
Coordinated and supervises the activities and duties of employees
Planning Organizing Staffing Leading Controlling are:
(a)
What is Theory X
Leadership is autocratic, Close supervision needed at all times, Workers dislike work, Workers prefer direction and seek security
Leadership is democratic, Leader maintains control, but seeks input from workers, Workers like work and are motivated
Leadership is hands off, Leader trusts workers to make their own decisions, Leader provided direction, choices up to employee, Workers are self-motivated
What is Theory Y
Leadership is autocratic, Close supervision needed at all times. Workers dislike work, Workers prefer direction and seek security
Leadership is democratic, Leader maintains control, but seeks input from workers, Workers like work and are motivated
Leadership is hands off
Leader trusts workers to make their own decisions, Leader provided direction, choices up to employee, Workers are self-motivated
What is Theory Z
Leadership is autocratic, Close supervision needed at all times, Workers dislike work, Workers prefer direction and seek security
Leadership is democratic, Leader maintains control, but seeks input from workers, Workers like work and are motivated
Leadership is hands off, Leader trusts workers to make their own decisions, Leader provided direction, choices up to employee, Workers are self-motivated
Critical thinking , Verbal, Nonverbal, Listening and Collaboration are:
(a)
What is negotiation
When individuals involved in a conflict come together to discuss a compromise
A process in which a neutral person meets with each side of a negotiation in an attempt to find a solution that both sides will accept
What is mediation
When individuals involved in a conflict come together to discuss a compromise
A process in which a neutral person meets with each side of a negotiation in an attempt to find a solution that both sides will accept
Someone who is self-employed and runs their own business is likely to be a ...
Partnership
Sole trader
Limited company
Public limited company
