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WorksheetsChapter 6 & 7 Quiz
Total questions: 20
Worksheet time: 19mins
The difference between earned income and costs is
finance
start-up costs
profit
revenue
Coal-mining and construction companies are examples of
industrial businesses
goods-producing businesses
service businesses
domestic businesses
When Apple Computer built a personal computer, it was an
example of
global competition
a new-product franchise
a marketing activity
an innovation
A result of global competition on the U.S. auto industry was that
laws were passed to prevent foreign auto sales in America
U.S. manufacturers improved quality and efficiency
consumers preferred U.S. brands over foreign brands of cars
no companies were able to make a profit
A company that is committed to total quality management
hires managers with college degrees
asks employees to emphasize efficiency rather than effectiveness
uses teamwork and improved work procedures
all of the answers are correct
Efficiency can be achieved in all of the following ways EXCEPT
specialization of effort
setting a lower price than competitors
using better technology and innovation
reorganizing work activities
The gross domestic product (GDP) of the United States is approximately equal to that of
China
all of the countries in the European Union
England and France
the rest of the world
An important measure of individual well-being is
the poverty rate
average family income
the standard of living
All the answers are correct.
Match the following definitions to the right word.
Someone who starts, manages and owns a business
Entrepreneur
Something completely new
Innovation
Producing products & services quickly, at low cost, without wasting time and resources
Efficiency
Total market value of all goods and services produced in a country in a year
GDP
To reduce the amount of good and services produced and the number of employees
Downsize
The north central and northeastern states where the major manu-
facturing firms once dominated is called the
Rust Belt
Frost Belt
Sun Belt
Snow Belt
A person born in 2013 is part of the
Gen Z
Gen Alpha
Gen X
Net Gen
How is the labor participation rate calculated?
Employed workers divided by the total number of people in the
labor force.
100 percent minus the unemployment rate.
Labor force divided by the adult population.
Labor force divided by the total population.
Businesses are reacting to a changing society by all of the following EXCEPT
job redesign
increasing all worker’s salaries
improving health and safety
putting in place family-friendly practices
The American Civil Liberties Union and the Sierra Club are examples of
nongovernmental organizations (NGOs)
quasi-governmental organizations (QGOs)
legal-governmental organizations (LGOs)
environmental-governmental organizations (EGOs)
Telecommuting means
selling by telephone
using an office as a telecommunications center
working via communication technology instead of showing up
at an office
selling over the Internet
Stakeholders could include
Everything below
business owners
customers
creditors
Match the following:
Baby Boomers
1946-1964
Greatest Generation
1901-1927
Alpha
2011-2025
Lost Generation
1883-1900
Silent Generation
1928-1945
A formal, published collection of values and rules that reflect the firms' philosophies and goals.
social responsibility
Code of ethics
business plan
code of methods
Describe why ethics is important to a business.
Answer this question using 50-100 words.
Match the following:
The parent company of a franchise aggreement
An invisible barrier to job advancements
Inability of workers to move up from entry level jobs
The distributor of a franchised product or service
