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General Business final

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What are the four P's of marketing?

a)

product, price, promotion, place

b)

product, people, place, property

c)

price, promotion, people, problem

d)

place, price, property, pay

2.

What is the accounting equation?

a)

Assets + liabilities = owner's equity

b)

Liabilities = assets + owner's equity

c)

Assets = liabilities + owner's equity

d)

Owner's equity + assets + liabilities

3.

What is monopoly?

a)

is a market structure with a small number of businesses selling the same or similar products.

b)

is a market structure with one business that has complete control of a market's entire supply of goods or services.

c)

is the percentage of the civilian labor force that is unemployed.

d)

is a general decline in prices throughout an economy.

4.

What is inflation?

a)

Is the general rise in prices throughout an economy.

b)

Is a general decline in prices throughout an economy.

c)

Is a science that examines how goods and services are produced, sold, and used.

d)

is a competitive advantage based on factors other than price.

5.

What is law of supply and demand?

a)

A person who starts a new business or purchases an existing business.

b)

someone with experience who can provide advice, suggestions, and ideas.

c)

are private investors who fund start-up businesses.

d)

The price of a product is determined by the relationship of the supply of a product and the demand for the product.

6.

What is the theory X manager?

a)

are private investors who fund start-up businesses.

b)

employees dislike work and need close supervision in order to get their work done.

c)

workers are motivated to work and can make sound decisions.

d)

employees like to work and do not need close supervision to get their work done.

7.

What does smart goals stand for?

a)

specific, measurable, attainable, realistic, timely

b)

specific, meaning, action, right, term

c)

safe, machine, ability, read, thrilling

d)

sacrifice, main, above, radiant, trustworthy

8.

What is Debt Financing

a)

an asset pledged that will be claimed by the lender if the loan is not repaid.

b)

is capital brought into the business in exchange for a percent of ownership in the business.

c)

borrowing money that must be repaid for use in the business.

d)

private investors who fund start-up businesses.

9.

What is gross pay?

a)

is an amount of income that is not subject to income taxes.

b)

is a list of all employees working for the business and their earning, benefits, taxes withheld, and other deductions.

c)

is an item, or items bought with the intention of reselling to customers.

d)

is the amount of income earned before taxes and other deductions are withheld.

10.

What is deflation

a)

is a general decline in prices throughout an economy.

b)

is the general rise in prices throughout an economy.

c)

is a competitive advantage based on factors other than price.

d)

significant decline in total output, income, employment, and trade in an economy.

11.

What is revenue?

a)

anything that can be bought or sold; includes goods & services.

b)

the difference between income earned and expenses incurred by a business.

c)

the ability to influence others to reach a goal.

d)

the earnings that a business receives for the goods and services it sells.

12.

What is the theory Y manager?

a)

employees like to work and do not need close supervision to get their work done.

b)

workers are motivated to work and can make sound decisions.

c)

employees dislike work and need close supervision in order to get their work done.

d)

the ability to influence others to reach a goal.

13.

What are expenses?

a)

the earnings that a business receives for the goods and services it sells.

b)

a process used to manage the financial resources of a business.

c)

are the costs involved in operating a business.

d)

the system of recording business transactions and analyzing, verifying, and reporting the results.

14.

What is digital citizenship?

a)

is the ability to use technology to locate, evaluate, communicate, and create information.

b)

is the standard of appropriate behavior when using technology to communicate.

c)

is the exchange of information through electronic means.

d)

someone who regularly and skillfully engages in the use of technology.

15.

What is digital footprint?

a)

The price of a product is determined by the relationship of the supply of a product and the demand for the product.

b)

is a market structure with one business that has complete control of a market's entire supply of goods or services.

c)

is the standard of appropriate behavior when using technology to communicate.

d)

Is a date record of all an individual’s online activities.

16.

What is mixed economy?

a)

economic decisions are based on a society’s values, culture, and customs.

b)

both government and individuals make decisions about economic resources.

c)

The government makes all economic decisions for its citizens.

d)

individuals are free to make their own economic decisions.

17.

What is a traditional economy?

a)

individuals are free to make their own economic decisions.

b)

government makes all economic decisions for its citizens.

c)

economic decisions are based on a society’s values, culture, and customs.

d)

Both the government and individuals make decisions about economic resources.

18.

What is oligopoly?

a)

is a market structure with a small number of businesses selling the same or similar products.

b)

The price of a product is determined by the relationship of the supply of a product and the demand for the product.

c)

is a market structure with one business that has complete control of a market's entire supply of goods or services.

d)

is how a market is organized based on the number of businesses competing for sales in an industry.

19.

What is Equity Financing?

a)

is the standard of appropriate behavior when using technology to communicate.

b)

is capital brought into the business in exchange for a percent of ownership in the business.

c)

borrowing money that must be repaid for use in the business.

d)

Is a date record of all an individual’s online activities.

20.

What is an Entrepreneur?

a)

is the honesty of a person's actions.

b)

are private investors who fund start-up businesses.

c)

is someone with experience who can provide advice, suggestions, and ideas.

d)

is a person who starts a new business or purchase an existing business.