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WorksheetsBusiness and Economic Basics Test
Total questions: 26
Worksheet time: 19mins
Businesses help our economy by providing people with jobs
True
False
The simple rule that businesses and consumers should follow is always satisfy your wants first and your needs second.
True
False
Consumers wants can change
True
False
A business needs to continually worry about improving the value it creates for consumers and societies
True
False
In order for a business to run, they do not need to make profit
True
False
Business can tell if consumers are liking what they are making and selling through how much profit they are making.
True
False
You are having a garage sale and bought 1 poster for 6 dollars, to make a sign that says "Garage Sale Here". You also told your mother that if she would help you run the garage sale, you would pay her 15 dollars. She agreed to help. After the garage sale ended, you made 47 dollars, how much profit did you end up making?
(a)
Select all that apply: Which of the following are the 3 main resources?
Money
Labor
Exchange
Materials
Marketing
What is the biggest economic problem in society?
Unlimited resources
Limited resources
Labor shortage
Internet Fees
Bad customers
Businesses ask themself which questions, when it comes to making the most of their limited resources.
What materials do we need to buy
How do we produce these goods?
Who are we providing these products for?
All of the above
To help people improve their lives by providing goods and services they value more highly than their options
business
profit
Role of a business
Economics
an individual who buys goods and services from business
Businesses
Economics
Mr. Frencl
Consumers
work that business perform for customers
Services
Goods
Economics
Advertisements
The activity of making profit by producing and selling consumers goods and services in exchange for money
goods
services
consumers
business
The activity of producing and selling goods or services and making them available to all consumers
Economics
Economic Activity
Role of a business
Profit
The study of how individuals/consumers behave when it comes to satisfying their unlimited wants and needs with limited resources
economics
economic activity
role of a business
goods
products created by businesses that you can physically touch and see
goods
services
economics
role of a business
The money businesses get to keep after paying off expenses.
Profit
Goods
Role of a business
Services
Select all that apply: Which businesses compete with eachother?
Pepsi - Coca Cola
Nike - Adidas - Under Armour
Dunkin Donuts - Starbucks
Family Express - Speedway
Apple - Samsung
Which of the following is a primary goal of a business?
Maximizing profit
Minimizing expenses
All of the above
Which of the following is an example of a service provided by a business?
Manufacturing a car
Selling groceries
Landscaping Company
Producing electronic devices
Which of the following factors can influence a business's success?
Quality of products and services
Customer satisfaction
Effective marketing strategies
All of the above
What is the primary purpose of advertising for a business?
To inform consumers about products and services
To increase sales and profits
To create brand awareness
All of the above
Which of the following is an example of a good provided by a business?
Car repair service
Restaurant meal
Smartphone
Financial advice
Why do you think consumers buy products and/or services from business?
Why do you think consumers buy products and/or services from business?
