WorksheetsQ2 Replacement Test
Total questions: 28
Worksheet time: 28mins
A bakery buys flour, sugar, and eggs, then sells cakes. Which step of the supply chain is this?
Distribution
Raw materials
Retail
Transportation
A bakery sells a cake for $40. Ingredients and labor cost $25. What is the profit?
$15
$25
$40
$65
What would most likely cause the price of bottled water to rise?
A new factory opens
A drought reduces water supply
A competitor lowers prices
Ads increase popularity
A country builds new highways and a company increases exports. What happens to GDP?
GDP decreases
GDP stays the same
GDP increases
GDP becomes meaningless
What is the best example of specialization?
Everyone does every job
One person bakes, another decorates, another handles money
Bakery changes recipes daily
Only local ingredients are used
A store sells out of a popular toy for two weeks. Why?
Low demand
Too much supply
Supply chain interruption or high demand
Prices dropped
Which is a revenue-generating activity?
Planning future products
Scrolling social media with no purpose
Buying unrelated personal items
Waiting for inspiration
What is the main difference between market and command economies?
Producers make choices based on tradition
Consumers decide everything
Government controls most decisions in a command economy
Foreign companies decide
An entrepreneur finds a cheaper supplier, lowering costs by 20%. What happens?
Profit decreases
Profit increases if revenue stays the same
Revenue decreases
Profit does not change
A company focuses on one product line to increase efficiency. What is this?
Productivity
Specialization
Demand
GDP
Which example shows innovation?
Copying a product
Creating a new design that solves a problem
Ignoring customer feedback
Repeating last year’s product
Many workers lose jobs, causing GDP to fall. What is likely?
More goods produced
People buy more luxury items
Economic activity slows
Supply chains unaffected
Customers buy a snack when it’s cheap, but not when it’s expensive. This shows:
Supply creates demand
Demand changes based on price
Government controls prices
Profit is unrelated to price
A company spends $100 on ads and earns $300 more in sales; other costs are $150. Profit?
$50
$150
$300
$450
Producers make fewer products due to rising material costs. What happens first?
Demand increases
Supply decreases
GDP rises
All prices drop
What is opportunity cost?
First choice
Cheapest option
The next-best option you didn’t choose
Hardest option
A business closes a factory and moves to another city. What is this an example of?
Better raw materials
Lower demand
Supply chain interruption
Higher GDP
A market with many competitors usually leads to:
Higher prices
Fewer products
Lower prices & better quality
Government takeover
A student selling bracelets wants to succeed. Which trait helps most?
Giving up quickly
Creativity
Avoiding risk
Ignoring customers
A business owner wastes time and gets little done. What is hurt most?
Revenue
Supply
Productivity
GDP
Which is a service?
Textbook
Pencil case
Tutoring session
Snack
A company sells more overseas but shipping costs rise. What affects profit?
Only revenue
Only expenses
Both revenue and expenses
Profit cannot change
A country uses both government rules and free choice. What economy is this?
Mixed economy
Traditional
Command
No economy
A popular game releases and supply can’t keep up. What happens?
Prices stay flat
Prices might rise
Supply increases instantly
Demand disappears
A business tracks work done daily to improve output. What is this?
GDP
Specialization
Productivity
Opportunity cost
Maya owns a small grocery store. One week, a major snowstorm disrupts deliveries from her main supplier, causing a supply chain interruption. Describe how this interruption affects Maya's store or her customers.
Explain why persistence is an important trait for entrepreneurs. Describe how persistence could help a business survive during a difficult time.
Describe how entrepreneurs respond to changes in supply and demand, using a specific business scenario to support your explanation.
