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WorksheetsINTRO TO BUSINESS SEMESTER 1 FINAL - (CH 1-5, STOCK, CH 13)
Total questions: 65
Worksheet time: 1hrs 8mins
In a basic economic system, what primarily drives the prices of goods and services?
A. Government regulations.
B. Consumer demand and product supply.
C. The number of businesses in the market.
D. International trade policies.
What is the main purpose of a business plan?
A. To track the performance of competitors.
B. To outline the strategic vision of a business, including goals and how to achieve them.
C. To document the social responsibilities of a business.
D. To provide a guide for customer service.
For businesses to stay successful, they must offer
quality products
competitive prices
outstanding service
all of the above
Market research provides information that can help a business
identify opportunities
evaluate demand
respond to market goods and services
all of the above
________ refers to the quantity of a good or service that businesses are willing and able to provide.
Demand
Supply
Market Price
In a ________ the resources are owned and controlled by the government.
Command Economy
Market Economy
Mixed Economy
Traditional Economy
The first step in the decision-making process is to _______
Identify your choices
Define the problem
Evaluate Alternatives
Review your choice
Products and money used in the production of goods and services are called Natural Resources
True
False
A demand curve illustrates the relationship between quantity demanded of a product and ________.
Profit
Price
Production Cost
There are three (3) main types of business organizations: sole proprietorships, partnerships, and corporations. (a)
An advantage of a partnership is
that the partners make decisions together.
that banks are often more willing to lend money to a partnership than to a sole proprietorship.
that the partners often bring different skills and talents to the business.
all of the above.
An example of a franchise is
a McDonald’s restaurant.
a “mom and pop” grocery store.
a Sears department store.
a Wal-Mart superstore.
Retailers get their goods from
consumers.
dealers.
wholesalers.
partnerships.
The process of planning, pricing, promoting, selling, and distributing ideas, goods, and services is known as
financing.
procurement.
accounting.
marketing.
The process of achieving company goals by planning, organizing, directing, controlling, and evaluating the effective use of resources is called
production.
management.
marketing.
procurement.
A business that moves goods from one business to another
intermediary
wholesaler
procurement
cooperative
_______ is a set of rules that define what is wrong and right.
reputation
business
ethics
initiative
A ___________ is an individual or group who buys products.
customer
consumer
business
product
The difference between a good and a service is _________.
A good is an action that can be performed where a service is a physical item that can be touched.
A good is a physical item that can be touched where a service is an action that is performed.
There is no difference between the two.
A good is something bought often where a service is rarely purchased.
An possible advantage of entrepreneurship is working from home.
True
False
A disadvantage of entrepreneursip is total responsibility for the business.
True
False
A small business employs fewer than ______ people.
500
100
50
1000
About 4 out of 5 small businesses fail in their first five years.
True
False
Which term refers to the process of getting goods and services to customers?
distribution
production
marketing
financing
Which term refers to a group of customers who share common wants and needs?
fan base
market
demographic
population
Which term refers to the process of creating, promoting, and presenting a product to meet consumers' wants and needs?
advertising
propaganda
marketing
sales
Which term is NOT an aspect of the marketing mix?
product
placement
population
price
Which expression refers to a situation where total sales equal total cost of production?
median income
price points
supply equals demand
break-even point
Which is NOT included in the demographics of a population?
age
gender
income
last names
What is competition?
The desire to earn money
The struggle among producers for consumers' money
The act of concentrating on a limited number of goods and activities
The struggle among consumers for limited resources
GDP means?
Great Domestic Passage
Gross Deep Passages
Gross Display Product
Gross Domestic Product
Please, select the best definition for Gross Domestic Product.
Total goods and services somewhere.
Total sum of none of the goods and services within an area.
Total value of goods and services produced in that country in one year.
Doesn't have to do with goods and services.
Select ALL of the benefits from a positive Gross Domestic Product
Show the economy increasing.
Standard of Living Decreasing
Standard of Living Increases
Shows the economy decreasing.
If there is more demand than there is supply, what will happen?
The product/goods becomes more expensive.
Things for free!
The prices come down!
Buy-one-get-one-free!
If someone has too much of a product to sell, what can they do?
Throw the extra product away.
Lower the price to encourage people to buy it
Try to do "buy one-get-one free."
If you make delicious chocolate chip cookies, and suddenly, because of a drought, it is harder to you to get the cocoa that chocolate chips are made from. What happens? (Two correct answers)
You may have to make cinnamon cookies instead.
You may have to charge more for the chocolate chip cookies
You give cookies away for free.
You lower the prices of the cookies.
You make chocolate chip cookies and there was a great farming season: cocoa and flour are cheap--meaning you can make chocolate chip cookies for even cheaper. How will this affect your business?
You raise the prices of cookies!
You make your cookies cheaper to attract customers.
Inflation has (slowly) over time affected this coffee. What happened?
The coffee got less expensive.
There is more coffee now.
There is less coffee now.
The price of coffee has gone up.
Inflation happened to this burger. How did inflation affect it?
The cheeseburger got cheaper.
The Cheeseburger got more expensive.
The cheeseburger got smaller.
The United States national debt is
the amount of money owed by the federal government to United States citizens
the amount of money owed by the federal government to other United States government agencies
the amount of currency in the hands of foreigners
the amount of money owed by state and local governments to United States citizens
the amount of money owed to holders of United States government securities
A deficit is
when the government spends more than it collects in taxes and borrows to cover the difference.
the sum of all of the money owed by the government.
a very, very, very bad thing to have in government
okay to have.
Revenue means this:
Credit
Income
Taxes
Bankruptcy
Fees for the support of government required to be paid by people and businesses.
Grants
Mortgage
Taxes
Income
What is equilibrium in the context of supply and demand?
When quantity demanded exceeds quantity supplied.
When quantity supplied exceeds quantity demanded.
When quantity demanded equals quantity supplied.
When quantity demanded and quantity supplied are unrelated.
During which phase of the business cycle does the economy experience a decline in economic activity?
Expansion
Peak
Recession
Trough
The Business Cycle measures ___ over time.
wealth
inflation
economic growth
Unemployment measures...
the value of all final goods and services produced
an increase in the general price level
the percentage of people looking for work that can't find it
the economic freedom an economy offers
If a news headline says, "Finally!!! 2 straight months of increased jobs."
Where on the business cycle is the current economy?
Peak
Contraction/Recession
Trough
Expansion/Growth/Recovery
The business cycle is made up of how many phases?
5
4
3
2
How is a stock's value determined?
By the success of the company and by supply and demand.
The CEO of the company sets the price
The price is an average
It is based on the number of people who own stock in the company.
Usually, when there is high demand (want) for ownership of a particular company or a product made by that company, what happens to the price of that company’s stock?
goes up
goes down
stays the same
Companies like Blockbuster have gone __________, losing all worth of their stock.
dividend
asset
stock
bankrupt
professional that makes stock trades for their investor
dividend
asset
stockbroker
stockholder
