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WorksheetsUnit 2: Quiz 3 "Practice Questions"
Total questions: 24
Worksheet time: 6hrs 0mins
Complete the sentence:
Costs that stay the same regardless of how much of a good or service is produced are _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Costs that change with increases and decreases in the amount produced are _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Costs of selecting one opportunity or investment over another are _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Materials are an example of _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Choosing to go to college over getting a job right out of high school is an example of a(n) _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Rent is an example of a(n) _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
The desire to earn a profit is called _____.
smart decision making
profit motive
business
entrepreneurship
Match the action needed to increase profits with the reason a business might fail.
To become successful, this small business owner needs to find a way to distinguish her company from other companies, offering something special to customers.
competition
finances
poor management
bad location
Match the action needed to increase profits with the reason a business might fail.
A small company, especially a store, usually has a better chance of succeeding if it is in an area with other businesses because it can draw in new customers.
competition
finances
poor management
bad location
Match the action needed to increase profits with the reason a business might fail.
Advertising the company to potential customers would match with_____.
competition
finances
poor management
bad location
Match the action needed to increase profits with the reason a business might fail.
Improve understanding of how to manage the company's employees.
competition
finances
poor management
bad location
Match the action needed to increase profits with the reason a business might fail.
Set a realistic budget for the company and limit unnecessary expenses.
competition
finances
poor management
bad location
Complete the sentence:
Unhappy customers equal _ .
less profit
equal profit
more profit
Complete the sentence:
Happy customers and employees equal _
less profit
equal profit
more profit
Complete the sentence:
_____ are the costs related to the product that have to be paid regardless of the amount you sell.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
_____ are the costs that change depending on a company's performance.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
A business owner will have to decide how selecting one thing over another will impact the business. This is an example of _____.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
Labor is an example of a(n) _____.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
Choosing to go to get a job right out of high school instead of going to college is an example of a(n) _____.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
Payroll is an example of a(n) _____.
Fixed costs
Opportunity costs
Variable costs
none of the above
Complete the sentence:
The desire to earn a profit is called ____
making amrt decisions
business
entrepreneurship
profit motive
Complete the sentence:
Opportunity costs are ____
the costs related to the product that have to be paid regardless of the amount you sell
the costs that change depending on a company's performance
the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business
none of the above
Complete the sentence:
Supplies are an example of a(n) _____.
fixed costs
opportunity costs
variable costs
none of the above
Complete the sentence:
Insurance is an example of a(n) _____.
fixed costs
opportunity costs
variable costs
none of the above
