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Review - Business Types and Demand-Supply

Total questions: 75

Worksheet time: 1hrs 5mins

Name
Class
Date
1.

A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?

a)

The supply probably went up.

b)

The supply probably went down.

2.

In 1940, scientists invented a new form of synthetic, or artificial, rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?

a)

The supply went up

b)

The supply went down

3.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

4.

Last year, 50,000 people lived in the city of Fairfax.

But since then, 8,000 people have moved away. What probably happened to the overall supply of houses for sale in Fairfax?

a)

The supply probably went up

b)

The supply probably went down

5.

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

a)

The supply went up.

b)

The supply went down

6.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

7.

Summerfield's population has grown by 10,000 people per year for the last five years. What has probably happened to the overall demand for apartments in Summerfield?

a)

The demand has probably gone up

b)

The demand has probably gone down

8.

Last year, taxes went up by $100 per person in

Dover. What probably happened to overall demand for goods and services in Dover?

a)

The demand probably went up

b)

The demand probably went down

9.

Last year, 50 babies were born in the town of

Oakland. This year, 100 babies were born there. What probably happened to the overall demand for diapers in Oakland?

a)

The demand probably went up

b)

The demand probably went down

10.

(Choose Two)

You want to buy a toy at the store, this is an example of _________________.

a)

supply

b)

demand

c)

goods

d)

services

11.

Supply is something that someone _________________.

a)

wants

b)

has

c)

needs

d)

likes

12.

When many people want a good or service the demand is _____________.

a)

high

b)

low

c)

normal

d)

zero

13.

A consumer is someone who ______________.

a)

buys something

b)

sells something

c)

trades something

d)

steals something

14.

A demand is something you __________.

a)

need

b)

want

c)

like

d)

sell

15.

Demand is ___________ when few people want a good or service.

a)

zero

b)

high

c)

low

d)

middle

16.

What is something that is a good that is in LOW demand in the summer?

a)

Ice Skates

b)

Surfboard

c)

Sunscreen

d)

Sandals

17.

What is a service that would be in LOW demand in the summer?

a)

Lifeguard

b)

Gardener

c)

Street Sweeper

d)

Snow Plower

18.

What is a good that is in HIGH demand in the summer?

a)

snow boots

b)

coat

c)

sunscreen

d)

gloves

19.

What service would be HIGH in the summer?

a)

policeman

b)

Ice cream truck

c)

snow removal

d)

mechanic

20.
How much people want something
a)
supply
b)
demand
21.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
22.

Another word for money

a)

coffee

b)
economics
c)
currency
d)
price
23.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
24.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
25.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
26.
The week before Halloween, pumpkin patches all around the country sell lots of pumpkins. What will happen to the price of pumpkins on the day after Halloween?
a)
The price will go up.
b)
The price will go down.
27.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
28.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
29.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
30.

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

a)

The price will go up.

b)

The price will go down.

31.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand stays the same
c)
demand goes down
d)
none of the above
32.
Suppose you have a football trading card that everyone else has. Your friends probably won't give you much for it. The supply of that card is high, and the demand for it is low. What will happen to the price of that card.
a)
The price will go up.
b)
The price will go down.
33.
Lucas fixes his friend's sink.  He is providing a _____________.
a)
trade
b)
opportunity cost
c)
product
d)
service
34.
Few farmers have ripe cherries to sell. The supply of cherries is low. But many customers at the market want to buy cherries.The demand for cherries is high.  What will happen to the price of the cherries?
a)
The price will go up.
b)
The price will go down.
35.

According to the laws of supply and demand, when will companies produce more of a product?

a)

When the price people will pay for it goes down

b)

When demand decreases

c)

When they can sell it for a higher price

d)

When the economy turns downward

36.

A business owned by only one person is a:

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

37.

One advantage of a Sole Proprietorship is

a)

Limited liability

b)

Full decision making authority

c)

Partners may combine managerial skills

38.

One advantage of a partnership is

a)

Partners may combine managerial skills

b)

Full decision making authority

c)

Limited liability

39.
The primary stage of production is concerned with
a)
growing crops and extracting the earth's natural resources
b)
providing services to consumers and industry
c)
converting raw materials into finished goods
d)
transporting goods to the final consumer
40.
The tertiary sector of industry is the most important sector in high income countries because
a)
agricultural output is more important than services
b)
they use most of their income to buy manufactured goods
c)
workers are employed in manufacturing in these countries
d)
consumers' incomes are high so they spend more on services
41.
Which following businesses would you classify as being in the secondary sector of industry?
a)
An oil exploration company
b)
A family run farm business
c)
A taxi operating business
d)
A shoe manufacturer
42.
Which of the following is the best definition of privatisation?
a)
When private limited companies convert into public companies
b)
When a partnership converts into a private limited company
c)
When a state owned industry is sold to the private sector
d)
When a private sector firm is purchased by the government
43.
In a mixed economy which of these industries is most likely to be controlled by the government?
a)
Hotels and restaurants
b)
Health and public transport
c)
Building and taxi services
d)
Food shops and farming
44.

Firms whose business activity involves the extraction of natural resources.

a)

Primary

b)

Secondary

c)

Tertiary

45.

What is tertiary sector?

a)

Industry manufacturer to produce goods

b)

Industry provide service to consumer

c)

Industry extract the natural resources

46.

Identify the natural resources that are being exploited in the primary sector? (REM)

a)

Agriculture

b)

Fishing

c)

Forestry

d)

All the above

47.

Fishing charters by I&J form part of the … sector of the economy. (UND)

a)

Primary

b)

Secondary

c)

Tertiary

d)

All the above

48.

Differentiate between the primary and secondary sector. (ANA)

a)

A forestry farmer in Piet Retief and A sugar mill is examples.

b)

A mining company and a windmill company are examples.

c)

Tertiary sector is when services are rendered.

d)

All the above

49.

Relate the secondary sector to the best option? (ANA)

a)

Activities include bringing the products from the secondary sector to the end customer.

b)

Activities include harvesting, collecting or extraction of raw materials.

c)

Processes raw materials and supplies to the shops for the end customers to buy.

d)

All the above

50.

Classify another name for the tertiary sector? (UND)

a)

Farming

b)

Manufacturers

c)

Service industry

d)

All the above

51.

Choose a photo which best describes the tertiary sector? (APP)

a)
b)
c)
d)

All the above

52.

Generate another name for primary sector?(ANA)

a)

Farming

b)

Manufacturers

c)

Extraction

d)

All the above

53.

Louise and Susan are meeting to plan a new advertising campaign for the town newspaper they own. What type of business do they have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

54.

When Luigi's Pizzeria went out of business, he was still responsible for paying all of the restaurant's bills. What type of business did he have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

55.
One advantage of a partnership is that there are more sources of capital available than in a sole proprietorship.
a)
True
b)
False
56.
A disadvantage of a sole proprietorship is unlimited liability for business debts.
a)
TRUE
b)
FALSE
57.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
58.
What is a major advantage of a business that is a partnership rather than a sole proprietorship?
a)
The responsibility for the business is shared
b)
The business is easy to set up
c)
The partners are not responsible for business debts
d)
The business is easy to sell
59.

Which business depends on just one person for the skills and talents to run the business?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

60.
When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer?
a)
Sole Proprietorship
b)
Partnership
c)
Franchise
d)
Corporation
61.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
62.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
63.

Factories, machinery, and farm tractors are examples of which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Capital

64.

Google, Amazon, and Facebook are examples of...

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

65.

Lillian receives all of the profits and is personally responsible of all of the losses of her business; what type of business does she have?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

66.

Stocks are:

a)

promises to repay a loan.

b)

also known as bonds.

c)

issued by sole proprietorships.

d)

shares of ownership of a corporation.

67.

What type of business sells stocks and bonds

a)

Sole owner

b)

Partnership

c)

Corporation

d)

Schools

68.

Who is an entrepreneur?

a)

someone who works for a large company

b)

someone who studies business in University

c)

someone who starts their own business

69.

What is profit?

a)

the money you spend - the price you sell it for

b)

the price you sell if for- the money you spend

c)

the price you sell it for + the money you spend

70.

What is an entrepreneur?

a)

A person who organizes and operates their own business

b)

The process of starting your own business

c)

Allows you to purchase a license to use the name of an established business.

d)

All of the above

71.

Which is not a reward of entrepreneurship?

a)

Being the boss

b)

Doing what you enjoy

c)

Having the opportunity to be creative

d)

Long working hours

72.

An entrepreneur is...

a)

A person who starts a business that satisfies consumer wants and needs

b)

A part owner of a business

c)

The president of a corporation

d)

The highest ranking member of Congress

73.

Entrepreneurship is...?

a)

Starting and operating a business

b)

The process of applying for a loan

c)

The formal name of closing a business

d)

Teaching a younger person a trade

74.

The entrepreneurial process is...?

a)

How an entrepreneur turns their idea into a business

b)

The process of applying for a loan

c)

The formal name of closing a business

d)

Teaching a younger person a trade

75.

What is the main contribution of entrepreneurship to the country's economy?

a)

popularity

b)

tax

c)

investors

d)

consumers

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