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WorksheetsFinal 2023
Total questions: 50
Worksheet time: 50mins
Name
Class
Date
1.
What type of leader is hands-off and does not make any important decisions?
a)
laissez-faire
b)
support
c)
delegative
d)
authoritarian
2.
Which of the following is usually created when an effective price ceiling set on a good or service?
a)
shortage
b)
surplus
c)
effective product control
d)
ineffective product control
3.
What might happen if you put a small white lie on your product's package?
a)
you might face legal consequences
b)
customers might be more likely to buy it
c)
your customers might be more informed
d)
your customers might be more satisfied with the purchase
4.
What is an appropriate way to make money?
a)
work hard
b)
hack accounts
c)
rob people
d)
print money
5.
What would be the most likely outcome if “Apple® just announced that China has lifted their tariff on cell phones made in the USA”?
a)
The supply of Apple® iPhones would increase, and the demand for Apple® iPhones would increase.
b)
The supply of Apple® iPhones would decrease, and the demand for Apple® iPhones would increase.
c)
The supply of Apple® iPhones would increase, and the demand for Apple® iPhones would decrease.
d)
The supply of Apple® iPhones would decrease, and the demand for Apple® iPhones would decrease.
6.
When suppliers reduce prices, they most likely have which of the following?
a)
have a surplus of products to sell
b)
have a shortage of products to sell
c)
want to decrease their stock-market value
d)
want to increase the product supply
7.
If a tax of $1 per can were to be imposed on the buyers of sugary drinks, the demand for sugary drinks would do what and the price that buyers will have to pay may do what?
a)
decreases; rises by less than $1 a can
b)
decreases; rises by more than a $1 a can
c)
doesn’t change; rises by $1 a can
d)
doesn’t change; doesn’t change
8.
What factor will have the biggest impact on setting a product's price?
a)
cost of materials
b)
cost of packaging
c)
cost of shipping
d)
cost of advertising
9.
Which of the following is NOT involved in the cash flow statement?
a)
assets
b)
operations
c)
investment
d)
financing
10.
What is the net pay for an employee who worked 80 hours at $10 per hour and has $90 deducted due to taxes, social security, and Medicare?
a)
710
b)
700
c)
800
d)
810
11.
What is workman's compensation?
a)
form of insurance providing wage replacement and medical benefits to employees injured in the course of employment
b)
form of reward for good attendance in the course of employment
c)
form of discipline for tardies in the course of employment
d)
form of award for sales in the course of employment
12.
What is the definition of well-being?
a)
overall state of being happy healthy, and prosperous
b)
the minimum necessities, comforts, or luxuries thought to be essential
c)
unnecessary but desired items which increase the quality of living
d)
a necessity or an essential item required for life
13.
What is the value of something that is given up to get something else that is wanted?
a)
opportunity cost
b)
capital
c)
trade-off
d)
self-interest
14.
What are the five (5) factors that affect your credit score?
a)
payment history, credit utilization, length of credit history, credit mix, new credit
b)
pay check, using 10 Credit cards, length of work history, credit type, old credit
c)
payment history, negative credit, length of credit balance, credit mix, new and old credit
d)
payment history, not using credit, short time of credit history, single type of credit use, new credit
15.
What is supply defined as?
a)
the willingness and ability of producers to offer goods and services
b)
the willingness and ability of consumers to purchase goods and services
c)
the willingness and ability of the government to offer protection to citizens
d)
the willingness and ability of laborers to work for producers for pay
16.
How can you increase demand for your product or service?
a)
create a promotion that creates desire for your product or service
b)
create a brand that highlights a product or service
c)
highlight possession utility when describing your product or service
d)
leverage a customer’s product knowledge to determine wants
17.
Prices for rent in New York City have been regulated by the local government there and capped, meaning landlords cannot charge renters more than a certain amount. This is an example of a…
a)
price ceiling
b)
price floor
c)
price governor
d)
price power
18.
Which of the following statements is FALSE?
a)
Eliminating poverty will eliminate scarcity.
b)
Economic growth means that an economy can produce more of all outputs.
c)
Scarcity forces you to make choices.
d)
Economists assume that people are motivated by rational self-interest.
19.
What style of management gives orders immediately?
a)
autocratic style
b)
laissez-faire style
c)
bureaucratic style
d)
democratic style
20.
What term is used to describe the total amount an employee earned before deductions are made?
a)
gross pay
b)
net pay
c)
paycheck
d)
payment
21.
What type of financial document is also known as a “profit and loss statement”?
a)
income statement
b)
balance sheet
c)
cash flow statement
d)
profit statement
22.
What is principal?
a)
the amount of money you start with
b)
to lose money you had invested
c)
to double your money
d)
take money out of account
23.
What type of business does business around the world?
a)
international
b)
local
c)
state-wide
d)
domestic
24.
What term best describes a period of time employers use to assess whether the newly hired or promoted employee is the right person for the hired position?
a)
probation
b)
orientation
c)
onboarding
d)
recruitment
25.
What is distribution the process of?
a)
moving goods
b)
making food
c)
management risk
d)
form utility
26.
Which two items are required for an Accounts Receivable?
a)
sales and purchases
b)
income and expenses
c)
balance sheets and ledgers
d)
customers and managers
27.
What does SMART stand for?
a)
Specific, Measurable, Achievable, Realistic, Timely
b)
Specific, Measurable, Attention, Rational, Timely
c)
Scientific, Marketable, Attainable, Realistic, Timebound
d)
Scouting, Measurable, Achievable, Reliable, Timely
28.
What does OSHA mean?
a)
Occupational Safety Health Administrators
b)
Occupational Sheet Heal Administrators
c)
Ongoing Safe Home Administrators
d)
Operational Sound Home Administrators
29.
Which leadership style is the exact opposite of an autocratic leadership style?
a)
laissez faire
b)
democratic
c)
autocratic
d)
strategic
30.
What type of business ownership is NOT in business to make money?
a)
non-profit
b)
sole proprietorship
c)
partnership
d)
corporation
31.
Which financial document states assets and liabilities?
a)
balance sheet
b)
profit statement
c)
cash flow statement
d)
income statement
32.
What is standard of living?
a)
the minimum necessities, comforts, or luxuries thought to be essential
b)
unnecessary but desired items which increase the quality of living
c)
a necessity or an essential item required for life
d)
overall state of being happy healthy, and prosperous
33.
What term is used to describe the amount of wages that an employee takes home or deposits in a bank account?
a)
net pay
b)
gross pay
c)
paycheck
d)
payment
34.
In microeconomics in a market economy, what is the main reason people create and go into business?
a)
profit motive
b)
they are told to by the government
c)
they are expected to by their family and culture
d)
to focus on making the most revenue
35.
What kind of product is a product you can touch?
a)
tangible
b)
good
c)
service
d)
intangible
36.
If the Gross Domestic Product (GDP) of America is trending downward, what can we predict will happen to the unemployment rate?
a)
the unemployment rate will rise
b)
the unemployment rate will fall
c)
the unemployment rate will stay the same
d)
the unemployment rate will rise and then fall
37.
Productivity is said to have increased when which of the following happens?
a)
the same amount of input produces more output
b)
the same amount of input produces less output
c)
more input produces more output
d)
more input produces less output
38.
To have a commercial for your business is which P in the four P’s of marketing?
a)
promotion
b)
place
c)
price
d)
product
39.
Planning, organizing, leading, and controlling are examples of what?
a)
four functions of management
b)
four functions of recruitment
c)
four functions of finance
d)
four functions of retention
40.
If a cell phone company finds that mobile usage is increasing in the 5-9-year-old age group who should that company direct marketing efforts towards?
a)
their parents
b)
their teachers
c)
5-9-year-old children
d)
teenagers
41.
Which one is NOT part of the five functions of management?
a)
communication
b)
organizing
c)
controlling
d)
leading
42.
Why would a manufacturer want to use one brand for an entire family of products?
a)
so, a consumer might try another product in the same family
b)
so, a consumer might try a related brand
c)
so, a consumer might try a related competitor’s brand
d)
so, another business might try buying the brand
43.
Which is a format usually used for brochures, graphics and tables?
a)
landscape orientation
b)
portrait orientation
c)
columns
d)
page setup
44.
What is the definition of horizontal management?
a)
an organizational structure with few or no levels of middle management between staff and executives
b)
a diagram that shows the structure of each department within the organization and the relationships and relative ranks of its parts and positions/jobs
c)
a diagram that shows the structure of an organization and the relationships it has with its customers
d)
an organizational structure with just one president and no middle management between staff
45.
Which type of leadership style encourages input from others and is inclusive when making decisions?
a)
democratic
b)
autocratic
c)
laissez faire
d)
strategic
46.
What does “GDP” stand for in terms of economics?
a)
Gross Domestic Product
b)
Growing Domestic Problems
c)
Gross Direct Products
d)
Gaining Direct Power
47.
What term is used to describe the market segmentation that groups customers by city, state, zip code and other physical location variables?
a)
geographic
b)
psychographic
c)
demographic
d)
behavioral
48.
In which stage of the hiring process would you submit a resumé?
a)
stage 1 (select a small number of qualified candidates from all applications)
b)
stage 2 (prescreening interview)
c)
stage 3 (in-depth interview)
d)
stage 4 (supervisor evaluates candidates)
49.
What should the government do with fiscal policy during an economic expansion?
a)
raise taxes and lower government spending
b)
lower taxes and raise government spending
c)
raise taxes and raise government spending
d)
lower taxes and lower government spending
50.
What might happen in your pet store when another store advertises a bag of dog food for less than you?
a)
you would lower your price
b)
you would not change anything
c)
you would move your store
d)
you would increase your supply
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