WorksheetsBE Unit 2.00 Reassessment
Total questions: 25
Worksheet time: 13mins
A producer is someone who
sells products
is very creative
makes things
employs others
The two main divisions of the trade industry are
producers and retailers
manufacturers and wholesalers
wholesalers and retailers
wholesalers and producers
What do service businesses sell?
Retail merchandise
Raw goods
Wholesale merchandise
Intangible activities
A large retailer feels that it has a duty to contribute 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
retailing
e-tailing
Social responsibility should be part of the objectives of __________ businesses
all
nonprofit
government
specialized
Which of the following is an example of an economic want:
clothing
fresh air
understanding
conversation
Using a stream to supply water for crops is an example of using
natural resources
human resources
capital goods
nonrenewable resources
When a stove is used in a restaurant kitchen, it is a
noneconomic resource
natural resource
human resource
capital good
A salesclerk working part-time at a clothing store is an example of a(n)
natural resource
human resource
capital good
unlimited resource
What is the amount of money for which an item sells in the competitive marketplace?
Value
Price
Market
Utility
The most common medium of exchange in modern economic systems is
barter.
capital.
credit.
money.
Which of the following types of economic systems adopts the fewest new ideas or improvements:
Command
Socialist command
Market
Traditional
The government controls the economic system and does not allow private ownership of the means of production and distribution in a ____ economy.
traditional
market
socialist command
communist command
Government owns the basic means of production, but there is some private ownership of businesses under
communism
capitalism
socialism
entrepreneurship
What type of economic system is used in the United States?
Market
Socialist Command
Traditional
Communist Command
Every society must develop a system for deciding how it will use its resources so that it can
minimize risk.
meet people’s needs.
prevent problems.
control production.
Who answers the basic economic questions in a private enterprise economic system?
Government agencies
Influential citizens
Businesses and individuals
Entrepreneurs and producers
One of the results of freedom in the marketplace is that
businesses use resources efficiently.
people and businesses can own things of value.
people can buy anything they can afford that can legally be sold.
government decides how to use an individual’s private property.
The basic role of the United States government is to
protect U.S. citizens.
maintain control of prices.
increase production.
limit business startups.
For which of the following do workers compete in a private enterprise system:
Skills
Benefits
Profits
Jobs
In business terms, what is profit?
A monetary reward
A good investment
A holiday bonus
A risky venture
The amount of money paid for raw materials and products sold is called
cost of goods.
operating expense.
net profit.
gross profit.
Gross profit shows business owners the difference between what they’ve
spent and received.
paid and risked.
received and billed.
estimated and invoiced.
People who go into business know that the business may not succeed. This possibility is referred to as business
risk.
retention.
downsizing.
economizing.
Burger King and McDonald’s are examples of
regulated monopolies
unrelated businesses
dissimilar firms
direct competitors
