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Fall Exam Review

Total questions: 60

Worksheet time: 31mins

Name
Class
Date
1.
Which of the following is correct?
a)
A need is necessary for survival
b)
Examples of capital resources are water, iron, air, or gold
c)
Human resources are also called people
d)
Services are things you can buy, like ice cream or textbooks
2.
The conflict between unlimited wants and limited resources is called:
a)
Basic economic scarcity
b)
Wants
c)
Scarcity
d)
Factors of Production
3.
Which is an example of a service?
a)
Smart Board
b)
Hair stylist
c)
Piece of paper
d)
Homeless man
4.
Businesses and governments don't deal with scarcity
a)
True
b)
False
5.
Which is are types of economic resource?
a)
Wants & Needs
b)
Goods & Services
c)
Scarcity & Surplus
d)
Land, Labor, & Capital
6.
Things that you can see and touch are
a)
Wants
b)
Services
c)
Goods
d)
Needs
7.
When you go to a movie, make a deposit at the bank, get a haircut, take a swimming lesson, use your telephone, or ride a bus, you are using services.
a)
True
b)
False
8.
Wants are limited
a)
True
b)
False
9.
Which is a step in the decision making process?
a)
Choose
b)
Ask for another opinion
c)
Look at your resources
d)
Wait
10.
The three economic resources are often shortened to
a)
Earth, humans, and buildings
b)
Land, labor, and capital
c)
Earth, people, and capital
d)
Land, humans, and capital
11.
Economic resources can also be referred to as
a)
Factors of production
b)
Goods and services
c)
Wants and needs
d)
Scarci
12.
I have 7 students and only 5 cookies. The cookies are
a)
Sad
b)
Scarce
c)
Wants
d)
Services
13.
The economic resource used to make a desk is
a)
Natural & Capital Resource
b)
Human Resources
c)
Labor & Capital Resources
d)
Land, Labor, & Capital Resources
14.
Starving African children have the same needs as obese American children.
a)
True
b)
False
15.

Which is a want?

a)

Water

b)

Food

c)

Apple Juice

d)

Shelter

16.

____ is the term for all activities involved in developing and exchanging products.

a)

Business

b)

Entrepreneurship

c)

Economics

d)

Corporation

17.

The portion of people in the labor force who are not working

a)

productivity

b)

unemployment rate

c)

personal income

d)

GDP per capita

18.

A______ is a legally binding agreement between two or more people or business.

a)

receipt

b)

document

c)

contract

d)

report

19.
What is scarcity? 
a)
Giving something up to have something else
b)
Extra cost of production
c)
The condition that results form having unlimited wants with limited resources
d)
Rise in general level of prices and workers need more money
20.
Which of the following is NOT a natural resource?
a)
Oil
b)
Water
c)
Car
d)
Air
21.
My business makes tacos and maps. If I spend all my time making tacos, what is my opportunity cost? 
a)
Tacos
b)
Maps
22.

When all aspects of the economy are determined by the government.

a)

Command

b)

Market

c)

Mixed

d)

Traditional

23.

Decisions in the economy are based on buyer/seller (citizens) choices

a)

Command

b)

Market

c)

Mixed

d)

Traditional

24.
Combines public and private businesses 
a)
Command
b)
Market
c)
Mixed
d)
Traditional
25.

What is the main economic problem?

a)

to many resources

b)

not enough needs

c)

scarcity

d)

All of the Above

26.

What does scarcity mean?

a)

People are scared.

b)

There is not enough of something.

c)

Too much of something.

d)

None of the above.

27.

What is unlimited and endless in economics?

a)

resources

b)

raw materials and labor

c)

needs and wants

d)

goods and services

28.

Because of the scarcity, what do we have to make?

a)

choices

b)

money

c)

products

d)

Noneoftheabove.

29.

Every time we make an economic choice, what two things occur?

a)

A profit and a loss.

b)

A benefit and profit.

c)

A benefit and a cost.

d)

None of the above.

30.

We have a limited amount resources but there is an endless amount of needs and wants

a)

True

b)

False

31.

A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?

a)

Decline to do it, but ask for the money anyway or you'll tell the teacher.

b)

Decline to do it, explaining that you don't have time.

c)

Agree to do it since you have time. But decline the money because it's wrong.

d)

Agree to do it. You could use the money.

32.

A cashier gives you more change then she should have. The ethical choice is to ____________.

a)

Donate the money to a worthy cause

b)

Return the extra money

c)

Keep the money

d)

Spend the money

33.

After work John is planning to do some of his job tasks at home to get back on schedule. But he needs some office supplies at home. To save time and a trip to the store, he decides to take the supplies from work. Is John's action ____________.

a)

Ethical

b)

Unethical

c)

Illegal

34.

A business organization that has members is a(n) ________.

a)

Corporation

b)

Partnership

c)

Sole proprietorship

d)

LLC

35.

An agreement between two parties that creates an obligation is a(n)

a)

Contract

b)

Tort

c)

Offer

d)

Purpose

36.

A business run by one person is a(n)

a)

Corporation

b)

LLC

c)

Sole proprietorship

d)

Partnership

37.

Original works are protected by

a)

Copyrights

b)

Trademark

c)

Patent

d)

Contract

38.

Courts can enforce

a)

LLC

b)

Partnership

c)

Defense

d)

Contracts

39.

If parties in a contract are not _______, the contract can be canceled.

a)

Accepting

b)

Competent

c)

Offering

d)

Offering compensation

40.

In order for a contract to be enforceable it must have

a)

Acceptance

b)

Consideration

c)

Offers

d)

Legal Purpose

41.

_______ of an offer is agreement to the terms of the offer.

a)

Competency

b)

Consideration

c)

Acceptance

d)

Offer

42.

What are moral principles that governs behavior?

a)

facts

b)

ethics

c)

codes

d)

social responsibilities

43.

What is a guide of principles designed to help professionals conduct business honestly and with integrity?

a)

resume

b)

coat of arms

c)

social responsibility

d)

code of ethics

44.

Choose 3 factors that influence business ethics:

a)

Individual moral and values

b)

Opportunity...code of ethics and compliance requirements

c)

competition

d)

Managers and coworkers influence

45.

An organization that generates revenue -

a)

producer

b)

for-profit business

c)

nonprofit business

d)

retailer

46.

Business that creates goods and services

a)

producer

b)

retailer

c)

intermediary

d)

wholesaler

47.

Business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers. Also known as a distributor.

a)

reseller

b)

producer

c)

wholesaler

d)

manufacturer

48.

Business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit

a)

Retailer

b)

Service business

c)

Intermediary

d)

for-profit business

49.

Consists of customers who buy products for use in a business

a)

consumer market

b)

business-to-consumer

c)

business market

d)

business-to-business

50.

Business that is owned and often operated by a single individual

a)

partnership

b)

corporation

c)

limited liability corporation

d)

proprietorship

51.

Share of ownership in a corporation

a)

stock

b)

dividend

c)

board of directors

d)

liability

52.

Portion of a corporation's earnings distributed to stockholders

a)

proprietorship

b)

dividend

c)

stock

d)

business market

53.

Association of two or more persons who co-own a business with the objective of earning a profit

a)

partnership agreement

b)

limited liability company

c)

cooperative

d)

partnership

54.

Which of the following is an example of an intermediary?

a)

auto manufacturer

b)

auto parts manufacturer

c)

new car dealership

d)

auto repair shop

55.

______ is a numeric system to classify businesses and collect economic statistics.

a)

B2B

b)

NAICS

c)

LLC

d)

B2C

56.

An accounting firm that prepares taxes for an advertising agency operates in the ______ market.

a)

business-to-consumer

b)

consumer-to-business

c)

business-to-business

d)

consumer-to-consumer

57.

The two common types of partnerships are ______.

a)

general and unlimited

b)

general and cooperative

c)

general and limited

d)

limited and unlimted

58.

A major advantage of forming a corporation is _______.

a)

profit

b)

limited life

c)

management

d)

limited liability

59.

For-Profit Businesses exist to serve a public purpose.

a)

True

b)

False

60.

A corporation is a business that is legally separate from its owners.

a)

True

b)

False

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