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3rd Quarter ReviewQuestions

Total questions: 100

Worksheet time: 57mins

Name
Class
Date
1.

You have two jobs offers, and you're trying to decide which one to accept. Each job has its advantages and disadvantages. You're facing a(n)

a)

principle

b)

ethical dilemma

c)

dilemma

d)

value conflict

2.

You are trying to decide whether or not to plagiarize a paper for school. This is an example of an ethical

a)

value

b)

principle

c)

dilemma

d)

moral

3.

Ethical dilemmas involve choosing between what is

a)

right or wrong

b)

easy or hard

c)

opinion or fact

d)

wanted or needed

4.

In a(n) _____________, someone could be harmed.

a)

dilemma

b)

problem

c)

situation

d)

ethical dilemma

5.

Mara's ethical belief don't change, whether she's at her part-time job or hanging out with her friends. Mara follows

a)

ethical principles

b)

ethical dilemmas

c)

subjective morals

d)

situational beliefs

6.

Piper looks up to her new boss and tries to learn from her behavior as much as possible. However, Piper knows that some of her boss's actions are unethical. Piper isn't sure if she should follow her boss's example or not. Piper is facing an ethical dilemma because of

a)

a lack of consequences

b)

a bad role model

c)

greed

d)

pressure from others

7.

DeMarcus behaves ethically at his job even when no coworkers or supervisors are watching.

a)

transparency

b)

viability

c)

integrity

d)

greed

8.

In ethical dilemmas, someone (or something) could be

a)

promoted.

b)

hurt.

c)

respected.

d)

fired.

9.

Malcolm is facing an ethical dilemma, but instead of responding to it, he avoids it and pretends it doesn’t exist. The problem will most likely

a)

solve itself.

b)

get better.

c)

get worse.

d)

go away.

10.

Following your __________ can help you recognize an ethical dilemma.

a)

coworkers’ advice

b)

supervisor’s example

c)

ethical principles

d)

company handbook

11.

When Tori considers taking something that doesn’t belong to her, which ethical principle could help her recognize that she’s facing an ethical dilemma?

a)

Respect

b)

Transparency

c)

Accountability

d)

Trust

12.

            If you’re considering doing something illegal to get ahead at work, which ethical principle could help you determine that you’re facing an ethical dilemma?

a)

Viability

b)

Rule of law

c)

Accountability

d)

Trust

13.

What is the first step you should take when resolving an ethical dilemma?

a)

Figure out who’s affected.

b)

Consider all your potential actions.

c)

Identify the dilemma.

d)

Reflect on the outcome.

14.

When Benji faces an ethical dilemma, he thinks about the positives and negatives of each possible solution. Which step of the ethical dilemma response process is Benji completing?

a)

Get the facts.

b)

Reflect on the outcome.

c)

Identify the dilemma.

d)

Consider all your potential actions.

15.

Asking yourself how other people will react to your decisions is part of which step of the ethical dilemma response process?

a)

Figure out who’s affected.

b)

Make and implement your decision.

c)

Get the facts.

d)

Identify the dilemma.

16.

In ethical dilemmas, someone (or something) could be

a)

promoted.

b)

hurt.

c)

respected.

d)

fired.

17.

Making a decision when facing an ethical dilemma will most likely make you

a)

less content.

b)

more satisfied.

c)

unhappy.

d)

anxious.

18.

When Henry makes a mistake at work, he considers blaming one of his coworkers. His sense of __________ lets him know that he is facing an ethical dilemma.

a)

disrespect

b)

rule of law

c)

viability

d)

accountability

19.

Which of the following is a question you should ask yourself to determine whether you’re facing a problem or a true ethical dilemma:

a)

Could someone be unhappy?

b)

Is there an easy or hard choice?

c)

Could someone be hurt?

d)

Is money at stake?

20.

“Who’s involved?” and “Which ethical principles are being violated?” are questions you should ask during which step of the ethical dilemma response process?

a)

Get the facts.

b)

Consider all your potential actions.

c)

Check your gut feeling.

d)

Make and implement your decision.

21.

Asking yourself how other people will react to your decisions is part of which step of the ethical dilemma response process?

a)

Figure out who’s affected.

b)

Make and implement your decision.

c)

Get the facts.

d)

Identify the dilemma.

22.

A hurricane that destroys a business is an example of a(n) _______ risk.

a)

operational

b)

financial

c)

strategic

d)

hazard

23.

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

a)

market structures.

b)

perfect competition.

c)

oligopolies.

d)

monopolistic competition.

24.

What motivates businesses to produce efficiently and sell effectively?

a)

The desire to spend money

b)

The hope of making a profit

c)

The need for recognition

d)

The chance to start a trend

25.

A gap between unlimited wants and limited resources creates

a)

economics.

b)

resources.

c)

wants.

d)

scarcity.

26.

Seeing a movie at a theater would be considered a(n) __________ want.

a)

economic

b)

unlimited

c)

limited

d)

non-economic

27.

Which of the following statements about perfect competition is correct:

a)

There is a limited supply of goods and services.

b)

Businesses have a good deal of control over the market.

c)

Products vary from seller to seller.

d)

It is used as a benchmark to compare real market structures against.

28.

Which of the following represents a primary business activity?

a)

Scheduling

b)

Designing

c)

Marketing

d)

Supervising

29.

Offering high quality, large assortments, and free shipping are examples of

a)

rebates.

b)

nonprice competition.

c)

price fixing.

d)

price competition.

30.

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

a)

avoiding

b)

preventing or controlling

c)

retaining

d)

transferring

31.

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

a)

transfer

b)

insure against

c)

retain

d)

prevent or control

32.

The heart of economics is

a)

trade-offs.

b)

wants.

c)

resources.

d)

decision making.

33.

What are the three basic economic questions?

a)

When will products be produced, how will products be produced, and how will products be

allocated

b)

When will products be produced, what products will be produced, and how will products be

allocated

c)

What products will be produced, how will products be produced, and how will products be

allocated

d)

Where will products be produced, when will products be produced, and what products will

be produced

34.

To use resources wisely, business owners must reduce

a)

risk

b)

reward.

c)

waste.

d)

wages.

35.

In business terms, what is profit?

a)

A good investment

b)

A holiday bonus

c)

A monetary reward

d)

A risky venture

36.

Who answers the basic economic questions in a private enterprise economic system?

a)

Government agencies

b)

Influential citizens

c)

Businesses and individuals

d)

Entrepreneurs and producers

37.

Which one of the following groups of words best describes wants:

a)

Limited, changing, and compensating

b)

Unlimited, changing, and competing

c)

Limited, unchanging, and competing

d)

Unlimited, unchanging, and compensating

38.

Every business must accomplish which of the following:

a)

Produce or provide goods/services

b)

Obtain venture capital

c)

Issue corporate bonds

d)

Trade or sell business assets/property

39.

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

a)

social responsibility.

b)

wholesaling.

c)

voluntary chains.

d)

e-tailing.

40.

What type of market structure is most commonly found in a private enterprise economy?

a)

Perfect competition

b)

Regulated monopoly

c)

Oligopoly

d)

Monopolistic competition

41.

The general classifications of business risks are

a)

competitive, strategic, financial, and operational.

b)

production, hazard, operational, and strategic.

c)

hazard, operational, strategic, and financial.

d)

strategic, production, competitive, and hazard.

42.

Which of the factors that affect profit are usually able to be controlled?

a)

Income and expenses

b)

expenses and pricing

c)

Pricing and billing

d)

Expenses and billing

43.

The amount of money paid for raw materials and products sold is called

a)

operating expense.

b)

cost of goods.

c)

net profit.

d)

gross profit.

44.

Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate?

a)

Freedom to own, use, buy, and sell private property

b)

Freedom to compete for jobs

c)

Freedom to choose which laws to obey

d)

Freedom to control all the money you earn

45.

The basic role of the United States government is to

a)

protect U.S. citizens.

b)

maintain control of prices.

c)

increase production.

d)

limit business startups.

46.

Every society must develop a system for deciding how it will use its resources so that it can

a)

minimize risk.

b)

meet people’s needs.

c)

prevent problems.

d)

control production.

47.

Why are resources considered limited?

a)

Everyone has them, and they change.

b)

There are not enough available for everyone to have as much of them as desired.

c)

There are so many that people must decide which ones to choose at any one time.

d)

Entrepreneurs do not invest enough of them.

48.

In economics, capital goods include

a)

labor and management.

b)

mental and physical work.

c)

buildings and equipment.

d)

trees and water.

49.

What reflects the quantities that consumers are willing and able to buy at various prices during the same time period?

a)

Supply

b)

Demand

50.

The point at which the quantity of a good that buyers want to buy equals the quantity that sellers are willing to sell at a certain price is referred to as

a)

excess supply

b)

equilibrium price

c)

excess demand

51.

The actual price that prevails in a market at any particular moment is the

.

a)

market-clearing price

b)

market price

52.

The economic principle which states that the quantity of a good or service that

consumers will buy varies inversely with the price of the good or service is known as the

a)

Law of Supply and Demand

b)

Law of Demand

c)

Law of Supply

53.

The concept that the supply of a good or service will increase when the demand is great and decrease when demand is low is known as the

a)

Law of Supply and Dema

b)

Law of Demand

c)

lLaw of Supply and Demand

d)

Law of Supply

54.

When the demand is so great that customers will buy regardless of high prices, a(n)____________market exists.

a)

Buyer’s

b)

Seller’s

c)

Buying Power

55.

economy where most goods and services are offered by private companies.

a)

Market Command

b)

Free

c)

Market

56.

The best time for consumers to purchase products at reduced prices is when a(n)

________________market exists.

a)

Buyer’s

b)

Seller’s

c)

Buying Power

57.

where the government owns and offers all the goods and services.

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

58.

Into what two categories can wants be divided?

a)

unlimited and limited

b)

Unlimited and economics

c)

Economic and non-economic

d)

Unlimited and non-economic

59.

Which of the following is the best reason for studying economics:

a)

To find the best use for resources and supplies

b)

To determine which occupations interest you

c)

To learn how to invest money and express social responsibility

d)

To prepare for effective decision making and responsible citizenship

60.

In our economy,___________

gets the goods or services that have been produced.

a)

the government

b)

whoever is willing and able to pay the price

c)

whoever is willing and able

61.

When employees are working faster or better, they are increasing their

a)

wages.

b)

benefits.

c)

value.

d)

efficiency.

62.

A hurricane that destroys a business is an example of a(n) _______ risk.

a)

operational

b)

financial

c)

strategic

d)

hazard

63.

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of

a)

market structures.

b)

perfect competition.

c)

oligopolies.

d)

monopolistic competition.

64.

What motivates businesses to produce efficiently and sell effectively?

a)

The desire to spend money

b)

The hope of making a profit

c)

The need for recognition

d)

The chance to start a trend

65.

A gap between unlimited wants and limited resources creates

a)

economics.

b)

resources.

c)

wants.

d)

scarcity.

66.

Seeing a movie at a theater would be considered a(n) __________ want.

a)

economic

b)

unlimited

c)

limited

d)

non-economic

67.

Which of the following statements about perfect competition is correct:

a)

There is a limited supply of goods and services.

b)

Businesses have a good deal of control over the market.

c)

Products vary from seller to seller.

d)

It is used as a benchmark to compare real market structures against.

68.

Which of the following represents a primary business activity?

a)

Scheduling

b)

Designing

c)

Marketing

d)

Supervising

69.

Offering high quality, large assortments, and free shipping are examples of

a)

rebates.

b)

nonprice competition.

c)

price fixing.

d)

price competition.

70.

When a business keeps a risk because management is unaware of it, the business is__________ the risk.

a)

avoiding

b)

preventing or controlling

c)

retaining

d)

transferring

71.

Having well-planned buildings and providing effective employee training are ways that a business can __________ business risks.

a)

transfer

b)

insure against

c)

retain

d)

prevent or control

72.

The heart of economics is

a)

trade-offs.

b)

wants.

c)

resources.

d)

decision making.

73.

What are the three basic economic questions?

a)

When will products be produced, how will products be produced, and how will products be

allocated

b)

When will products be produced, what products will be produced, and how will products be

allocated

c)

What products will be produced, how will products be produced, and how will products be

allocated

d)

Where will products be produced, when will products be produced, and what products will

be produced

74.

To use resources wisely, business owners must reduce

a)

risk

b)

reward.

c)

waste.

d)

wages.

75.

In business terms, what is profit?

a)

A good investment

b)

A holiday bonus

c)

A monetary reward

d)

A risky venture

76.

Who answers the basic economic questions in a private enterprise economic system?

a)

Government agencies

b)

Influential citizens

c)

Businesses and individuals

d)

Entrepreneurs and producers

77.

Which one of the following groups of words best describes wants:

a)

Limited, changing, and compensating

b)

Unlimited, changing, and competing

c)

Limited, unchanging, and competing

d)

Unlimited, unchanging, and compensating

78.

Every business must accomplish which of the following:

a)

Produce or provide goods/services

b)

Obtain venture capital

c)

Issue corporate bonds

d)

Trade or sell business assets/property

79.

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

a)

social responsibility.

b)

wholesaling.

c)

voluntary chains.

d)

e-tailing.

80.

What type of market structure is most commonly found in a private enterprise economy?

a)

Perfect competition

b)

Regulated monopoly

c)

Oligopoly

d)

Monopolistic competition

81.

The general classifications of business risks are

a)

competitive, strategic, financial, and operational.

b)

production, hazard, operational, and strategic.

c)

hazard, operational, strategic, and financial.

d)

strategic, production, competitive, and hazard.

82.

Which of the factors that affect profit are usually able to be controlled?

a)

Income and expenses

b)

expenses and pricing

c)

Pricing and billing

d)

Expenses and billing

83.

The amount of money paid for raw materials and products sold is called

a)

operating expense.

b)

cost of goods.

c)

net profit.

d)

gross profit.

84.

Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate?

a)

Freedom to own, use, buy, and sell private property

b)

Freedom to compete for jobs

c)

Freedom to choose which laws to obey

d)

Freedom to control all the money you earn

85.

The basic role of the United States government is to

a)

protect U.S. citizens.

b)

maintain control of prices.

c)

increase production.

d)

limit business startups.

86.

Every society must develop a system for deciding how it will use its resources so that it can

a)

minimize risk.

b)

meet people’s needs.

c)

prevent problems.

d)

control production.

87.

Why are resources considered limited?

a)

Everyone has them, and they change.

b)

There are not enough available for everyone to have as much of them as desired.

c)

There are so many that people must decide which ones to choose at any one time.

d)

Entrepreneurs do not invest enough of them.

88.

In economics, capital goods include

a)

labor and management.

b)

mental and physical work.

c)

buildings and equipment.

d)

trees and water.

89.

What reflects the quantities that consumers are willing and able to buy at various prices during the same time period?

a)

Supply

b)

Demand

90.

The point at which the quantity of a good that buyers want to buy equals the quantity that sellers are willing to sell at a certain price is referred to as

a)

excess supply

b)

equilibrium price

c)

excess demand

91.

The actual price that prevails in a market at any particular moment is the

.

a)

market-clearing price

b)

market price

92.

The economic principle which states that the quantity of a good or service that

consumers will buy varies inversely with the price of the good or service is known as the

a)

Law of Supply and Demand

b)

Law of Demand

c)

Law of Supply

93.

The concept that the supply of a good or service will increase when the demand is great and decrease when demand is low is known as the

a)

Law of Supply and Dema

b)

Law of Demand

c)

lLaw of Supply and Demand

d)

Law of Supply

94.

When the demand is so great that customers will buy regardless of high prices, a(n)____________market exists.

a)

Buyer’s

b)

Seller’s

c)

Buying Power

95.

economy where most goods and services are offered by private companies.

a)

Market Command

b)

Free

c)

Market

96.

The best time for consumers to purchase products at reduced prices is when a(n)

________________market exists.

a)

Buyer’s

b)

Seller’s

c)

Buying Power

97.

where the government owns and offers all the goods and services.

a)

Market Economy

b)

Mixed Economy

c)

Command Economy

98.

Into what two categories can wants be divided?

a)

unlimited and limited

b)

Unlimited and economics

c)

Economic and non-economic

d)

Unlimited and non-economic

99.

Which of the following is the best reason for studying economics:

a)

To find the best use for resources and supplies

b)

To determine which occupations interest you

c)

To learn how to invest money and express social responsibility

d)

To prepare for effective decision making and responsible citizenship

100.

In our economy,___________

gets the goods or services that have been produced.

a)

the government

b)

whoever is willing and able to pay the price

c)

whoever is willing and able