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WorksheetsChapter 1 Review: Define Key Terms
Total questions: 24
Worksheet time: 12mins
Define the following key term from this chapter: asset
Something that an individual or business owns
A type of liability owed to others
A government regulation
A method of calculating profit
Define the following key term from this chapter: business
The aspect of making, selling, and providing products in exchange for money
A type of government organization
A form of entertainment
A scientific experiment
Define the following key term from this chapter: business activity
Anything a business does to generate profit
A government policy to control inflation
A type of employee benefit
A method of advertising products
Define the following key term from this chapter: business ethics
The moral and social responsibility of businesses to demonstrate ethical behavior in their policies and decision-making
The process of maximizing profits regardless of consequences
The legal requirement to pay taxes on business income
The strategy of expanding a business into new markets
Define the following key term from this chapter: business plan
A series of documents that serve as a blueprint for building a business
A list of employees and their roles in a company
A marketing strategy for promoting products
A financial statement showing company profits
Define the following key term from this chapter: customer
A person who purchases the goods and services businesses offer
A person who manages a business
A person who supplies raw materials to businesses
A person who works for a business
Define the following key term from this chapter: economic activity
The production, distribution, and consumption of goods and services
A government policy to control inflation
A type of natural resource
A method of measuring population growth
Define the term 'economic resource'.
A good or service businesses use to meet consumer wants and needs.
A type of currency used in international trade.
A government policy for regulating markets.
A method of advertising products to consumers.
Define the term 'economic system'.
An organized way in which a state or nation distributes its resources and provides goods and services.
A system for measuring a country's population growth.
A method for organizing a country's political parties.
A process for determining a nation's climate zones.
Define the term 'economics'.
The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources.
The study of weather patterns and their impact on agriculture.
The process of creating and interpreting works of art.
The science of human anatomy and physiology.
Define the term 'entrepreneur'.
A person who organizes, operates, and assumes the risk for a business venture.
A person who only invests in stocks and bonds.
A person who manages government projects.
A person who works as an employee in a company.
Define the term 'good'.
Tangible item that is produced and sold to consumers.
A service provided without any physical product.
A type of government regulation.
A method of advertising products.
Define the term 'investment'.
Using money to create wealth over time and is achieved through investment vehicles such as stocks, bonds, mutual funds, and real estate, among others.
Spending money only on daily necessities without any savings.
Keeping all your money in cash at home for emergencies.
Donating all your money to charity without expecting any return.
Define the term 'liability'.
Something that is owed by an individual or business.
A type of income received by a business.
An asset owned by a company.
A profit earned during a financial year.
Define the term 'market'.
Place where products (goods and services) are bought and sold.
A type of financial instrument.
A government policy for trade.
A method of advertising products.
Define the term 'need'.
A product essential to survival.
A product used for entertainment.
A product that is a luxury item.
A product that is rarely used.
Define the term 'net worth'.
The value of a business determined by assets minus liabilities.
The total revenue generated by a business in a year.
The amount of cash a business has on hand.
The total number of employees in a business.
Define the term 'product'.
Anything that can be bought or sold to meet a customer’s want or need.
A service provided for free to customers.
A process of manufacturing goods only.
A type of advertisement used to promote sales.
Define the term 'profit'.
The financial gain calculated by the difference between amount earned and amount spent by a business.
The total amount of money invested in a business.
The total number of products sold by a business.
The amount of tax paid by a business.
Define the term 'service'.
The performance of a particular task in exchange for money.
A physical object that can be touched and owned.
A type of government regulation.
A form of natural resource.
Define the term 'standard of living'.
The level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area.
A measure of the number of people living in a city.
The process of increasing the value of goods and services produced in a country.
A system of government based on hereditary rule.
Define the term 'tax'.
Mandatory payment to a local, state, or national government for public services.
A voluntary donation to a charity organization.
A fee paid for private club membership.
A reward given for good behavior.
Define the term 'wage'.
Money earned in exchange for work.
A type of tax paid to the government.
A loan given by banks to individuals.
A penalty for breaking a law.
Define the term 'want':
A product that is desired but can be lived without.
A product that is necessary for survival.
A product that is always expensive.
A product that cannot be replaced.
