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WorksheetsChapter 1 Business Basics
Total questions: 16
Worksheet time: 9mins
Which of the following are the factors of production?
Labor, natural resources, capital, entrepreneurs, technology, and intellectual property
Labor, capital , entrepreneurs , motivation, and good ideas
Natural resources, entrepreneurs, profits, and creativity
Labor, profits, natural resources, technology and motivation
Goods are products a business sells like
haircuts
conveyer belts
car insurance
heath care
Which of the following is a current sociocultural trend?
A decrease in the overall U.S population
A increase in the population of Americans age 30 to 45 years old
A decrease in the U.S. Minority population
An increase in the population of Americans ages 65 and older
A green economy
Depends on cash on hand
Factors ecological concerns into business decisions
Uses a more diverse workforce
Will not impact the auto industry
If a firm decides to shift the production of goods or services to an overseas company, this is called
diversifying
offshoring
telecommuting
forming a partnership
The four types of businesses are
foreign and domestic, large and small
local, regional, national, and multinational
private, public, government, and medical
employee owned, government owned, foreign own, and bank owned
B2B and B2C interactions are
a common now because of the explosive growth of e-commerce
Important only for businesses, not consumers
two different names for the same thing
dominated by sole proprietorships
A social environment is an interconnected system of different demographic factors such as
climate conditions
globalization and political conditions
gender, age , and income
tax policy and legal restrictions
Which of the following issues not a common challenge facing most national companies?
Undercapitalization
a complex supply chain
complying with each state's different tax rates
Differences in state laws
You are managing your own life like a business when you
consider how your expenses, the social environment, and globalization impact your life.
create an online avatar
post revealing photos on your Facebook page
None of the above
Profit is another word for revenue
True
False
Identity theft is mainly a problem for senior citizens
True
False
The supply chain its the process by which products, information, and money move between a supplier and the consumer
True
False
Globalization poses risks to tithe U.S economy because of security and patent protection concerns.
True
False
A non-for-profit organization uses any revenue to reward the management team
True
False
What are the four business types
(a)
