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WorksheetsReal BE Quiz Unit 1&2
Total questions: 106
Worksheet time: 53mins
Behaving ethically means doing
what your friends do.
only what’s legal.
the right thing.
what benefits you the most.
Whitley’s ethical beliefs are the same whether she’s at work, at school, or hanging out with her friends. Whitley follows
ethical principles.
situational beliefs
ethical consequences.
popular beliefs.
What is one benefit of following ethical principles?
They are restrictive.
They simplify your decision-making process.
They eliminate the need for decisions.
They change often.
Which of the following is an ethical issue:
Deciding whether to have French fries or a salad
Choosing between buying a new shirt or a new book
Deciding whether to lie to a friend or not
Choosing which movie to see this weekend
Ethical issues deal with __________ choices.
realistic and unrealistic
enjoyable and unpleasant
beneficial and non-beneficial
right and wrong
Vivian told her parents she was going to the library to study when she was actually going to the movies with friends. Her parents found out, and now they don’t believe Vivian when she tells them where she’s going. Because of her behavior, Vivian is facing a(n)
consequence.
ethical principle.
decision-making process.
legal problem.
After Paul gets away with cheating on his Spanish homework, his friends start cheating on their homework, too. This is an example of which consequence of unethical behavior?After Paul gets away with cheating on his Spanish homework, his friends start cheating on their homework, too. This is an example of which consequence of unethical behavior?
Lost trust
A bad example
Legal problems
A poor reputation
When Layla is caught stealing from a department store, the court orders her to do community service. Which consequence of unethical behavior is Layla facing?
Legal problems
A poor reputation
A bad example
Lost trust
Integrity means acting with
humility.
leadership skills.
a sense of humor.
honesty even when no one is watching
At work, a customer gives Shannon an extra $10. Instead of pocketing the money, Shannon lets the customer know he overpaid. Shannon is acting with
viability.
integrity.
transparency.
rule of law.
Marc keeps his friend’s secret instead of sharing it with the rest of his friends. Which ethical principle is Marc illustrating?
Transparency
Viability
Trust
Accountability
Responsibility is a key part of which ethical principle?
Transparency
Fairness
Accountability
Rule of Law
Holden’s group gets a low grade on a project because he didn’t complete his share of the work. He owns up to his mistake and apologizes. Holden is demonstrating
trust.
rule of law.
viability.
accountability.
When DeShawn’s teacher compliments his work on his group project, he’s sure to give credit to the other group members who helped. DeShawn is showing
transparency.
rule of law.
viability.
trust.
You make sure everyone working on your group project has an equal share of the work because you care about the ethical principle of
rule of law.
fairness.
accountability.
transparency.
If one of your coworkers is treating another coworker unfairly, what is the ethical thing to do?
Speak up.
Ignore it.
Be aggressive.
Look for another job.
Ava doesn’t agree with her classmate’s opinion, but she listens carefully instead of starting an argument or insulting her. Which ethical principle is Ava illustrating?
Integrity
Transparency
Respect
Trust
How can you show respect for a person you’re speaking with?
Avoid listening to his/her opinions.
Start an argument when you don’t agree.
Interrupt when you have a point.
Be polite and maintain eye contact.
Following your teacher’s guidelines is an example of which ethical principle?
Rule of law
Transparency
Trust
Viability
Which of the following questions do ethical people ask when they’re concerned with viability:
“What’s the impact of my actions in the long term?”
“Am I following the rules?”
“How can I communicate truthfully?”
“Am I accepting responsibility for all of my decisions?”
In ethical dilemmas, someone (or something) could be
promoted
hurt
respected
fired
Shayla isn’t breaking any laws, but her behavior still isn’t ethical. This is because simply doing what is __________ isn’t always considered ethical.
legal
correct
right
respectful
Malcolm is facing an ethical dilemma, but instead of responding to it, he avoids it and pretends it doesn’t exist. The problem will most likely
solve itself
get better
get worse
go away
Making a decision when facing an ethical dilemma will most likely make you
less content
more satisfied
unhappy
anxious
Following your __________ can help you recognize an ethical dilemma
coworkers’ advice
supervisor’s example
ethical principles
company handbook
When considering whether to report your boss for behaving dishonestly, you should use your sense of __________ to determine if you’re facing an ethical dilemma
boss
accountability
viability
integrity
When Henry makes a mistake at work, he considers blaming one of his coworkers. His sense of __________ lets him know that he is facing an ethical dilemma
disrespect
rule of law
viability
accountability
When Tori considers taking something that doesn’t belong to her, which ethical principle could help her recognize that she’s facing an ethical dilemma?
Respect
Accountability
Transparency
Trust
If you’re considering doing something illegal to get ahead at work, which ethical principle could help you determine that you’re facing an ethical dilemma?
Viability
Rule of law
Accountability
Trust
Jasmine doesn’t think it’s a big deal to steal a few things from work. Which ethical principle would help her realize that the long-term repercussions of her actions could create an ethical dilemma?
Viability
Trust
Transparency
Fairness
Which of the following is a question you should ask yourself to determine whether you’re facing a problem or a true ethical dilemma:
Could someone be unhappy?
Is there an easy or hard choice?
Could someone be hurt?
Is money at stake?
Which of the following is true of recognizing ethical dilemmas:
They are always obvious
You must also respond to them
You can ignore them after recognizing them
Choosing the right decision is simple
What is the first step you should take when resolving an ethical dilemma?
Figure out who’s affected
Consider all your potential actions
Identify the dilemma
Reflect on the outcome
“Who’s involved?” and “Which ethical principles are being violated?” are questions you should ask during which step of the ethical dilemma response process?
Get the facts
Consider all your potential actions
Check your gut feeling
Make and implement your decision
Deciding who should take action is part of which step of the ethical dilemma response process?
Identify the dilemma
Make and implement your decision
Reflect on the outcome
Figure out who’s affected
When Benji faces an ethical dilemma, he thinks about the positives and negatives of each possible solution. Which step of the ethical dilemma response process is Benji completing?
Get the facts
Reflect on the outcome
Identify the dilemma
Consider all your potential actions
Zoey isn’t sure which decision to make, so she decides to follow her intuition when responding to an ethical dilemma. Which step of the ethical dilemma response process is Zoey taking part in?
Check your gut feeling
Consider all your potential actions
Figure out who’s affected
Get the facts
Asking yourself how other people will react to your decisions is part of which step of the ethical dilemma response process?
Figure out who’s affected
Make and implement your decision
Get the facts
Identify the dilemma
If you don’t successfully resolve your ethical dilemma, what should you do?
Congratulate yourself
Be angry at yourself for making a mistake
Think about what you can do differently next time
Avoid facing ethical dilemmas in the future
Learning to handle ethical dilemmas most often
happens automatically
is easy
requires training
takes time
A producer is someone who
sells products.
makes things
is very creative
employs others.
Rembert works for a grocery store that buys food from producers and sells it to customers. The grocery store is considered a
trade industry.
service business.
raw-goods producer.
builder.
The two main divisions of the trade industry are
producers and retailers.
manufacturers and wholesalers.
wholesalers and retailers.
wholesalers and producers.
One way in which many businesses demonstrate their social responsibility toward employees is by providing them with
free meals.
a safe, secure working environment.
regular entertainment.
a stress-free atmosphere.
One way in which a business can show its social responsibility is by __________ its profits.
dividing
maximizing
reducing
controlling
What do service businesses sell?
Retail merchandise
Raw goods
Wholesale merchandise
Intangible activities
Burger King and McDonald’s are examples of
regulated monopolies.
unrelated businesses.
dissimilar firms.
direct competitors.
An electronics store charges less for a new television than other electronics stores. The store is engaging in __________ competition.
price
nonprice
unethical
sales
If a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are
direct competitors.
indirect competitors.
engaged in prospecting.
engaged in price competition.
What type of market structure is most commonly found in a private enterprise economy?
Perfect competition
Regulated monopoly
Oligopoly
Monopolistic competition
In many places, trash pickup is legally controlled by just one company. This is known as
a regulated monopoly.
price discrimination.
price competition.
nonprice competition.
The automobile industry, the pharmaceutical industry, and the oil industry are all examples of
market structures.
perfect competition.
oligopolies.
monopolistic competition.
A characteristic of human wants is that they are
limited.
unchanging.
unlimited.
consistent.
If a good or service is scarce, consumers will usually be
uninterested in owning it.
able to get as much of it as they want.
unwilling to buy it.
willing to pay money to get it.
A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.
capital
consumer
ultimate
industrial
Which of the following is an industrial good:
Tires for a tow truck
Matt’s cell phone
Holiday flowers
Emily’s home computer
George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher?
Capital
Convenience
Shopping
Specialty
Sugar and flour that are purchased to make baked goods are classified as
parts.
installations.
supplies.
materials.
What is one factor that will determine how much a customer is willing to pay for a good or service?
Production costs
Buying power
Rationing
Incentive
How do producers answer the economic question of what to produce in a market economy?
They produce products that are the most profitable.
They produce products that provide the least incentives.
They produce products that cost them the most to produce.
They produce products for which they have the most information.
Determine a product’s equilibrium price by examining the following table:
Price Units Produced Units Demanded
$11.00 12,000 18,000
$11.50 14,000 16,000
$12.00 15,000 15,000
$12.50 17,000 13,000
$11.00
$11.50
$12.00
$12.50
Prices set higher than the equilibrium price will result in
excess supply.
excess demand.
decreased supply.
increased profits.
Which of the following is an example of the substitution effect:
The price of laptops went up recently, so Francis decided to buy a tablet instead.
The mayor recently instituted a price ceiling on the monthly rent that apartment landlords can charge their tenants.
The demand price of a ticket at the local amusement park is exactly equal to its supply price.
A candy bar costs $0.50, and the price of a pack of gum is $1.00. The relative price ratio is 1 to 2.
When demand is greater than supply, a __________ often develops.
buyer’s market
seller’s market
surplus
price ceiling
The general classifications of business risks are
competitive, strategic, financial, and operational.
production, hazard, operational, and strategic.
hazard, operational, strategic, and financial.
strategic, production, competitive, and hazard.
A union strike that stops production at a manufacturing plant is a(n) __________ risk.
financial
operational
strategic
hazard
When a rival’s product on the market reduces sales of your company’s product, your company is experiencing strategic risk caused by
regulatory and political issues.
changing customer needs.
obsolescence.
competition.
Which of the following is a pure business risk:
Robbery
Obsolescence
Competition
Inflation
Carefully selecting goods or services to sell is an example of handling business risks by __________ the risk.
avoiding
transferring
retaining
preventing or controlling
Businesses can protect themselves from the risk associated with lost shipments by
inspecting shipments of goods.
purchasing transportation insurance.
training receiving personnel.
selecting resale items carefully.
Alex owns a guitar, several books, and a telescope. Alex’s possessions are examples of
private property.
economic resources.
capital goods.
equal distribution.
In a private enterprise economic system, consumers can choose from a variety of products as a result of
the collection of taxes.
limited government control.
inflation.
competition.
The economic basis for the private enterprise economic system is
competition.
the profit motive.
the marketplace.
supply and demand.
One of the differences between private enterprise and other types of economic systems is that in other systems, workers
may be prohibited from improving their standard of living.
are able to make a wide variety of economic choices.
are allowed to change jobs whenever they want to do so.
can go to work for themselves if they are dissatisfied.
For which of the following do workers compete in a private enterprise system:
Skills
Benefits
Profits
Jobs
One of the benefits of economic freedom is that it provides individuals with
equality in the workplace.
the opportunity for success.
the right to buy anything.
a good standard of living.
Using a stream to supply water for crops is an example of using
natural resources.
human resources.
capital goods.
nonrenewable resources.
Which of the following statements regarding economic resources is true:
As businesses grow and become more complex, they typically require fewer resources.
Similarly sized businesses within the same industry usually use identical resources.
Natural resources, human resources, and capital goods are often referred to as factors of production.
Industrialized nations typically require fewer capital goods than developing countries.
When there is not enough of a resource available for everyone to have as much of it as desired, the resource is
unlimited.
limited.
natural.
human.
The state of technology that exists in a society can limit
natural resources.
capital goods.
natural resources and capital goods.
human resources and natural 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.
In business terms, what is profit?
A good investment
A holiday bonus
A monetary reward
A risky venture
The amount of money paid for raw materials and products sold is called
operating expense.
cost of goods.
net profit.
gross profit.
Which activities are likely to increase a firm’s profit?
Increasing sales and decreasing expenses
Increasing supplies and decreasing production
Decreasing sales and increasing expenses
Decreasing supplies and increasing production
Which of the factors that affect profit are usually able to be controlled?
Income and expenses
Expenses and pricing
Pricing and billing
Expenses and billing
If no profit is generated for an extended period, a business must
lay off employees.
reduce expenses.
invest wisely.
shut down.
Business owners are usually interested in net profit because they want to know what they can
produce.
supply.
keep.
risk.
Marcy is ready to buy a new computer, and she has saved up enough money to buy the model she wants. This is an example of
demand.
elasticity.
supply.
market price.
Your business is selling more and more large-screen televisions each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these televisions over the next few months?
The price will decrease, and supply will increase.
The price will decrease, and supply will decrease.
The price will increase, and supply will decrease.
The price will increase, and supply will increase.
When the price of Bluetooth speakers increases, the quantity of Bluetooth speakers offered for sale will increase. This is an example of the law of
supply.
cost of production.
demand.
standardization.
Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand?
Discretionary
Elastic
Inelastic
Complementary
Which of the following might cause supply of a good to decrease:
Government regulations
Sales skills
Inelastic demand
Advertising
Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is
constant.
inelastic.
competitive.
elastic.
Into what two categories can wants be divided?
Unlimited and limited
Unlimited and economics
Economic and noneconomic
Unlimited and noneconomic
Which one of the following groups of words best describes wants:
Limited, changing, and compensating
Unlimited, changing, and competing
Limited, unchanging, and competing
Unlimited, unchanging, and compensating
Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
creating scarcity.
economizing.
a producer.
increasing distribution
John only had $40 to spend and couldn’t decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
New pair of jeans
$40
Trip to amusement park
No opportunity cost was involved.
The heart of economics is
trade-offs.
wants.
resources.
decision making.
The ultimate goal of all economic activity is
consumption.
production.
exchange.
distribution.
Which of the following types of economic systems adopts the fewest new ideas or improvements:
Command
Socialist command
Market
Traditional
The most common medium of exchange in modern economic systems is
barter.
capital.
credit.
money.
A major problem for individuals and private businesses in a socialist command economy is
a lack of competition.
taxes.
a shortage of consumer goods.
profit.
Communist command economies are most likely to experience which of the following problems:
Shortage of capital investment
Surplus of consumer goods
Poor quality products
High income taxes
In a communist command economy, who decides how the economic questions will be answered?
Businesses
Individuals
Government
A venture team
What type of economic system is used in the United States?
Market
Socialist command
Traditional
Communist command
