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BBI Unit 1 Practice

Total questions: 82

Worksheet time: 1hrs 14mins

Name
Class
Date
1.

What type of business has only one owner

a)

Partnership

b)

Corporation

c)

Sole Proprietorship

d)

Dual Partnership

2.

What type of business sells stocks and bonds

a)

Sole owner

b)

Partnership

c)

Corporation

d)

Schools

3.

What type of business is Walmart considered?

a)

Sole partnership

b)

Corporation

c)

Partnership

d)

Sporting goods

4.

One benefit of a partnership is

a)

unlimited liability

b)

stocks and bonds

c)

unlimited life

d)

joint responsibility

5.

Which organization has a Board of Directors?

a)

Partnership

b)

Single liability ownership

c)

Corporation

d)

Hybrid Corportation

6.

Someone who wants to control all aspects of the business should form this type of business.

a)

non-profit

b)

partnership

c)

sole proprietorship

d)

franchise

7.

Which is an example of a service?

a)

furniture

b)

groceries

c)

dog grooming

d)

clothing

8.

A disadvantage of a franchise would be....

a)

having to move

b)

not enough employees

c)

too much control

d)

limited control

9.

What type of business does not exist to earn revenue but to help others or serve a need in a community?

a)

partnership

b)

corporation

c)

non-profit

d)

franchise

10.

When one owner dies, the business usually ends. What type of business is it?

a)

Sole Proprieetorship

b)

Partnership

c)

Corporation

11.

Max's Cupcake Shop is probably an example of a ...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

12.

Google, Amazon, and Facebook are examples of...

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

13.

Tracey and Doug's Dog Wash Boutique is probably an example of a...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

14.

Lillian receives all of the profits and is personally responsible of all of the losses of her business; what type of business does she have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

15.

Which of the following are examples of goods?

a)

T-Shirt

b)

Haircut

c)

Television

d)

Supermarket Home Delivery

16.

Unlimited liability affects what two types of businesses?

a)

Sole traders

b)

Partnerships

c)

Private limited companies

d)

Public limited companies

17.

A private limited company is run by what...

a)

A board of directors

b)

Shareholders

c)

The owner

d)

The employees

18.

Pick the advantages of a sole trader is...

a)

Decisions can be made quickly.

b)

The sole trader keeps all of the profit made.

c)

Can share the workload and responsibility.

d)

Has to sign a large amount of legal documents.

19.

A partnership has...

a)

2-20 partners

b)

2-16 partners

c)

2-22 partners

d)

2-18 partners

20.

Which is a need?

a)

lemonade

b)

Coffee

c)

Water

d)

Gatorade

21.

Are headphones a fundamental need or a want?

a)

Need

b)

Want

22.

Is a television a need or want?

a)

Need

b)

Want

23.

A need is something we can't live without.

a)

True

b)

False

24.

Is this type of shelter a need or want?

a)

Need

b)

Want

25.

Which is a need?

a)

iPhone

b)

Medication

c)

Backpack

d)

Sunglasses

26.

Is exercise a need or want?

a)

Need

b)

Want

27.

Which of the following is NOT a need?

a)

Snacks

b)

Cleaning Supplies

c)

Toiletries

d)

Towels

28.

The definition of a need is: Something that is essential for life and ________ to __________.

a)

necessary, survive

b)

essential, life

c)

necessary, essential

d)

essential, survive

29.

A want is: Something that makes life more happy and _________ but not _________ to survive.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

comfortable, necessary

30.

Which one of these items is a need and why?

a)

DVD's: to entertain you when you get bored

b)

a pool: to keep you cool and so you can relax

c)

a million dollars: so you can be rich and possibly famous

d)

a doctor: to provide medical help when needed

31.

What is a need for a baby that is not a need for an adult?

a)

food

b)

water

c)

milk

d)

a phone

32.
What is the meaning of the word “goods”?
a)
They are intangible products.
b)
It is the help or work that we offer to customers.
c)
Things that are produced to be sold.
d)
They don’t exist physically.
33.
What is the meaning of the word “services”?
a)
They are tangible products.
b)
Things that are produced to be sold.
c)
It is the help or work that we offer to customers.
d)
They can be produced in large quantities.
34.
The food was delicious, but the…..... was very slow.
a)
goods
b)
service
c)
merchandise
d)
Not correct
35.
This store sells many electrical…......from Korea.
a)
goods
b)
service
c)
merchandise
d)
Not correct
36.
What slogan is about food?
a)
Life's Good.
b)
I'm Lovin' It
c)
Make. Believe.
d)
Connecting People
37.

100th location was build where

a)

separate business from the brothers

b)

across the street of san bernadino from the original

c)

1% of the worlds population

38.
Ray Kroc began his career in the restaurant industry as a:
a)
chief executive officer
b)
salesman
39.
The McDonald brothers perfected
a)
the speedy system of using carhops to deliver food. 
b)
the speedy service system for delivery of food quickly.
40.
This is the legal right granted to an individual (or group) to operate a business as if it were part of a larger chain of stores.
a)
franchise
b)
patent
41.
What does the franchisor provide for those purchasing the franchise?
a)
advice
b)
training
c)
advertising
d)
all of these are provided 
42.
The franchisee must follow ALL rules stated in the franchise agreement.
a)
True
b)
False
43.
Franchises are significantly more successful than independently owned businesses. 
a)
True
b)
False
44.
Buying an existing business is:  
a)
about as risky as starting a new business from scratch.
b)
often less risky than starting a new business from scratch. 
45.
This is the person or organization purchasing the franchise.
a)
franchisee
b)
franchisor     
46.

Why did the McDonald brothers choose to reduce their menu only to Burgers, Fries, and Shakes?

a)

There were the items that sold the most

b)

There were the items that made them the most profit

c)

There were the items fastest to prepare

d)

They did not like any other kind of food

47.

What is scarcity?

a)

unlimited wants and needs

b)

a shortage of resources

c)

a lack of goods and services

d)

limited expenses

48.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
49.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
50.

_____________ is another word for trading.

a)

Service

b)

Bartering

c)

Charities

d)

Good

51.

__________________ is something you can touch or hold, like things you find in stores.

a)

Barter

b)

Service

c)

Good

d)

Allowance

52.

________________ is something you pay someone to do for you.

a)

Service

b)

Bartering

c)

Charity

d)

Allowance

53.
A skateboard is a good.
a)
True
b)
False
54.
What is bartering?
a)
A product
b)
Giving money away
c)
Trading without  using money
55.
What is a trade?
a)
To buy, sell, or exchange something 
b)
How much of something there is
c)
Giving away money
56.
What function of money the picture represent? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
57.
What function of money the picture represents?
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Durable 
58.
What function of money the picture represents? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Stable 
59.
Last year, you sold your game system to your friend Jimmy for $125 in cash. You've been saving that money in a shoe box under your bed. You are saving the money to buy a new computer next year. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
 Unit of Account
d)
Stable 
60.
At the grocery store last week, you purchased $94.25 worth of groceries. You paid for the groceries in cash. You gave the cashier four $20 bills, a $10 bill, three $1 bills, and a quarter. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Acceptable 
61.
At the grocery store last week, you had to decide whether to buy the 14.5 oz can of diced tomatoes for $1.75 or the 28 oz. can of diced tomatoes for $2.44. What is the primary function of money exhibited here? 
a)
Medium of Exchange
b)
Store of Value
c)
Unit of Account
d)
Divisible 
62.
What is NOT a characteristic of money? 
a)
Divisible
b)
Portable
c)
Acceptable
d)
Accessible
63.
What characteristic of money the picture represents? 
a)
Divisible
b)
Acceptable
c)
Portable
d)
Stable 
64.
What characteristic of money the picture represents? 
a)
Acceptable
b)
Scarce
c)
Durable
d)
Stable 
65.
What characteristic of money the picture represents? 
a)
Scarce
b)
Divisible
c)
Stable
d)
Durable 
66.

Cedric started a landscaping business. In July, he earned $3,000 and spent $943.78 on equipment. What is Cedric’s profit for the month of July?

a)

$2,143.78

b)

$2,056.21

c)

$2,056.22

d)

$1,056.22

67.

Amber makes extra income baking wedding cakes. This month, she earned $980 and spent $125.95 on ingredients and supplies. How much was Amber’s profit?

a)

$865.95

b)

$854.05

c)

$854.04

d)

$864.05

68.

Are always the same amount

a)

Fixed

b)

Variable

69.

Going school shopping would be

a)

Fixed

b)

Variable

70.

Which cost is Fixed?

a)

Sandwiches

b)

Ingredients

c)

Utilities

d)

Stock

71.

What is a variable cost?

a)

A cost which does not change

b)

A cost which they must pay even if they produce nothing

c)

A cost which changes the more or less the business produces

d)

A cost the business pays when they start

72.

If Sam's Sandwiches use 25p of material for each sandwich, what will be their variable costs for 10 sandwiches

a)

10 x 0.25 = £2.50

b)

2.5 x 10 = £25

c)

25 x 10 = £250

d)

0.25/10 = 2.5p

73.

If Wendy sells 50 hot dogs at £2 each. What is her revenue?

a)

£250

b)

£100

c)

£120

d)

£52

74.
The amount of a good or service that is available to consumers
a)
Supply
b)
Demand
c)
Saver
d)
Spender
75.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
76.

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

a)

The price will go up.

b)

The price will go down.

77.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
78.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
79.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
80.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
81.

What will happen to the price of corn if almost no rain falls on corn crops?

a)

The price will increase

b)

The price will decrease

82.

What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?

a)

The price will increase

b)

The price will decrease

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