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G08 - BIZ Q1 Reviewer

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.

__________ is the desire, willingness, and ability to buy a good or service.

a)

Supply

b)

Market Interest

c)

Needs

d)

Demand

2.

_______________ "Necessary wants;" like food, shelter, clothing.

a)

Goods

b)

Needs

c)

Desires

d)

Wants

3.

The _____________ changes because of the supply and demand.

a)

Costing

b)

Price

c)

Market

d)

Value

4.

_________ is a person who selects, purchases, uses, or disposes of goods or services.

a)

Buyer

b)

Consumer

c)

Consumption

d)

Consume

5.

__________ amount of money left over after a business has paid for the cost of producing its goods and services.

a)

Revenue

b)

Profit

c)

Profitable

d)

Business

6.

Total quantity customers are willing and able to purchase.

a)

Demand

b)

Limited

c)

Supply

d)

Market

7.

__________ are tasks that people or machines perform, things you can't see or touch.

a)

Needs

b)

Product

c)

Goods

d)

Service

8.

______ is any activity that seeks profit by providing goods or services to others.

a)

Corporation

b)

Franchise

c)

Business

d)

Enterprise

9.

The quantity supplied is the number of units that sellers want to sell over a specified period of time at a particular price.

a)

Inventory

b)

Supply

c)

Limited

d)

Demand

10.

This part of a letter includes the writer's complete address and the current date.

a)

Inside Address

b)

Header

c)

Salutation

d)

Return Address

11.

__________ refers to the goods and services offered by the organization.

a)

Product

b)

Service

c)

Offerings

d)

Needs

12.

_________ are items that are normally (but not always) tangible such as clothing, toys, apple, furniture, pens, etc.

a)

Needs

b)

Commodities

c)

Goods

d)

Wants

13.

This type of letter of intent indicates a prospective buyer's interest in purchasing a property.

a)

Family court letter of intent

b)

Commercial lease letter of intent

c)

Real estate letter of intent

d)

Government grant letter of intent

14.

__________ refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.

a)

Stock

b)

Limited

c)

Supply

d)

Demand

15.

It is a document that states an initial commitment between two parties and details the basic terms and provisions of their proposed transaction.

a)

Memorandum of Understanding

b)

Letter of Intent

c)

Letter of Agreement

d)

Letter of Application

16.

One of the purposes of a letter of intent is to often include provisions like an NDA, which requires both sides to keep the details of the deal confidential.

a)

To announce a deal

b)

To protect both sides of a deal

c)

To confirm and outline the terms of a deal

d)

To finalize a contract

17.

_______________ are activities provided by other people such as haircut provided by barbers, waiters serving food, doctors performing health checks, etc.

a)

Needs

b)

Goods

c)

Service

d)

Labor

18.

The details on a letter of intent are presented in _______.

a)

Bulleted Point

b)

Enumerated information

c)

Structured Outline

d)

Letter Format

19.

_______________ are the things you "wish" you could have.

a)

Goods

b)

Needs

c)

Resources

d)

Wants

20.

_______________ the contest between businesses to win customers.

a)

Rivalry

b)

Consumption

c)

Competition

d)

Contest

21.

This part of a letter includes the writer's complete address and the current date.

a)

Inside Address

b)

Return Address

c)

Header

d)

Salutation

22.

__________ amount of money left over after a business has paid for the cost of producing its goods and services.

a)

Revenue

b)

Profit

c)

Business

d)

Profitable

23.

The __________ changes because of the supply and demand.

a)

Value

b)

Price

c)

Market

d)

Costing

24.

_________ is any activity that seeks profit by providing goods or services to others.

a)

Franchise

b)

Corporation

c)

Enterprise

d)

Business

25.

_______________ are activities provided by other people such as a haircut by barbers, waiters serving food, or doctors performing health checks.

a)

Goods

b)

Service

c)

Labor

d)

Needs

26.

_______________ "Necessary wants;" like food, shelter, clothing.

a)

Goods

b)

Desires

c)

Needs

d)

Wants

27.

Total quantity customers are willing and able to purchase.

a)

Market

b)

Supply

c)

Limited

d)

Demand

28.

__________ refers to the goods and services offered by the organization.

a)

Needs

b)

Offerings

c)

Product

d)

Service

29.

__________ refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.

a)

Stock

b)

Limited

c)

Demand

d)

Supply

30.

One of the purposes of a letter of intent is to often include provisions like an NDA, which requires both sides to keep the details of the deal confidential.

a)

To finalize a contract

b)

To confirm and outline the terms of a deal

c)

To protect both sides of a deal

d)

To announce a deal