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WorksheetsPrinciples of Business Spring Review
Total questions: 50
Worksheet time: 47mins
Which of the following was NOT included in the original six members of the European Community?
Belgium
France
Ireland
Italy
When was the World Trade Organization established?
2005
1995
1985
1975
Which of the following is NOT a level of economic integration?
Political union
Custom union
Free trade
Political democracy
Which of the following is the formula for determining a country's balance of trade?
Total exports - total imports
Total exports + total imports
Total exports x total imports
Total exports / total imports
About how much of the total federal budget does foreign aid account for?
Five percent
Ten percent
One percent
Fifteen percent
Which term is used to describe the comparison of the amount of foreign currency taken into a country versus the amount of domestic currency paid out?
Foreign exchange rate
Payment exchange rate
Balance of trade
Balance of payments
Which of the following is NOT a way money moves from one country to another?
Tourism
Foreign investments
Foreign policy development
Imports and exports
Which of the following accurately defines quota?
A special tax placed on foreign goods sold in the U.S.
A method used to stop the shipment of certain products to or from particular countries
A method used to stop the shipment of certain products to or from particular countries
A fixed limit on the amount of import or export of a product
Which of the following accurately defines a tariff?
A special tax placed on foreign goods sold in the U.S.
A method used to stop the shipment of certain products to or from particular countries
A packing and shipping regulation for hazardous products
A packing and shipping regulation for hazardous products
A packing and shipping regulation for hazardous products
A special tax placed on foreign goods sold in the U.S
A method used to stop the shipment of certain products to or from particular countries
A packing and shipping regulation for hazardous products
Which of the following represents the amount of revenue generated by a business?
Sales figures
Costs of goods sold
Gross profit
Net income
Which of the following is derived by subtracting the cost of goods sold from the net sales figures?
Sales figures
Costs of goods sold
Gross profit
Net income
Which of the following are the costs directly associated with making or acquiring products such as materials purchased from outside suppliers?
Sales figures
Costs of goods sold
Gross profit
Net income
Which of the following is the amount of money the business has earned after paying income taxes?
Sales figures
Costs of goods sold
Gross profit
Net income
Which of the following is the correct equation for profit?
Revenue - Expenses = Profit
Revenue + Expenses = Profit
Revenue - Net income = Profit
Revenue - Sales costs = Profit
Which of the following is the theories, principles and models which deal with production, distribution and consumption of goods and services?
Price
Economics
Supply
Demand
Which of the following are materials used in producing goods or providing services?
Economic resources
Economic utility
Economic utility
Human needs
Which of the following enhances value by having a product or service available to consumers during a certain time of day, month or year?
Possession utility
Information utility
Place utility
Time utility
. Advertising which informs consumers about a new product is an example of which of the following?
Possession utility
Information utility
Place utility
Time utility
Which of the following is the rule which states at some point adding more factors to a production process will not improve returns?
Law of diminishing returns
Specialization
Place utility
Factors of production
Which of the following does NOT require a contract in writing?
Real estate
Goods over $500
Goods under $200
Actions taking longer than one year
Which of the following governs the sale of goods?
Uniform Commercial Code
Unified Commercial Code
Trade of Goods Commission
Sales Commission
Which of the following is NOT part of a contract?
Offer
Acceptance
Acceptance
Introduction
Which of the following occurs when the original offer is not accepted and a new offer is returned in place of the original offer?
Replacement offer
Acceptance
Counter offer
Consideration
Which of the following occurs when one party intentionally or unintentionally does not fulfill their contractual obligations?
Counter offer
Acceptance
Breach of contract
Consideration
Which of the following is NOT one of the seven pillars of marketing?
Distribution
Financing
Selling
Economics
Which of the following combines finding a target market and using a marketing mix?
Which of the following combines finding a target market and using a marketing mix?
Marketing strategy
Marketing foundation
Effective marketing
Mark goes to a department store in search of the perfect gift for his son’s birthday. Mark is considered to be which of the following?
Consumer
Customer
Marketer
Distributor
There are how many foundations to marketing?
Two
Five
Four
Seven
Effective marketing is difficult because of which of the following?
Producers and consumers are usually separated in several ways
Customers want to buy more than producers make
The assortment of goods is usually too large for customers
Manufacturers and retailers disagree on who is the customer
Which of the following is the way a society produces goods and services?
Laissez faire
Socialism
Economic systems
Marxism
Which of the following is NOT one of the three main types of economic systems?
Command
Strong arm
Market
Traditional
Little to no freedom in selecting a career and workplace is a characteristic in which economic system?
Communism
Fascism
Socialism
Capitalism
Which of the following is an advantage of communism?
Lacks in meeting consumer needs
Prevents people from making economic decisions
Maintains medium governmental control
Allows for large changes to be made quickly
Which of the following is NOT a country with a traditional economy?
Chad
Ecuador
Canada
Bangladesh
Which of the following is an economic system in which businesses are privately owned and product development is proportionate to the accumulation and reinvestment of profits gained in free market?
Socialism
Communism
Capitalism
Monopoly
Which of the following is the amount charged as a percentage of the initial loan borrowed from a lender?
Types of competition
Interest rate
Consumer spending
The amount of product available to the market is known as which of the following?
Supply
Demand
Resources
Interest
Economic Success can NOT be measured in the following ways?
Gross domestic product
GNI
DGP
Producer price index
Which of the following shows an economic decline when high and an economic expansion when low?
Unemployment rate
Producer price index
Rate of inflation
Consumer price index
Which of the following are laws which protect workers?
Employment laws
Health insurance laws
Financial laws
Wage laws
Which of the following is NOT an area of employment law?
Collective bargaining
Pensions
Discrimination
Contract
Which of the following is a group formed by employees to negotiate with employers?
Collective bargainers
Union
Task force
Agents
The Equal Pay Act focuses on the discrimination of wages based on which of the following?
Gender
Age
Race
Disability
The acronym EEOC stands for which of the following?
Equal Employment Opportunity Council
Employment Equality Opportunity Council
Equal Employment Opportunity Commission
Employment Equality Opportunity Commission
Which of the following is NOT considered a trend in marketing?
Relationship marketing
Industrial marketing
Distributive marketing
Mobile marketing
Industrial marketing is also known as which of the following?
Business-to-consumer
Business-to-business
Wholesaler-to-retailer
Business-to-customer
Which of the following was NOT listed as a disadvantage of mobile marketing?
Variety of shapes and sizes of devices
Website navigation can be difficult
Privacy concerns on personal devices
Stores unwanted information on the device
Focusing on attracting and retaining customers by continually creating relevant products is known as which of the following?
Co-branding
Content marketing
Online advertising
Societal marketing
Which of the following is NOT a way online advertising can be purchased?
Cost per view
Cost per thousand
Cost per click
Cost per action
