WorksheetsIBT 1st Semester Review
Total questions: 50
Worksheet time: 25mins
When you think about what managers actually do every day, what are the five core activities that keep a business running smoothly?
Planning, organizing, leading, staffing, controlling
Hiring, firing, investing, selling, buying
Designing, marketing, distributing, financing, auditing
Negotiating, reporting, training, budgeting, advertising
If someone is inspiring others and giving direction, what role are they fulfilling?
Leadership
Management
Teamwork
Coordination
What do we call the “who reports to whom” structure in a business?
Chain of command
Profit margin
Market share
Business model
How do we categorize managers at the top, in the middle, and on the front lines?
Levels of management
Types of leadership
Business strategies
Organizational goals
When a manager works through a tricky issue, what skill are they using?
Problem-solving
Delegation
Time management
Communication
What do we call the skill of managing emotions—your own and others’?
Emotional intelligence
Critical thinking
Verbal reasoning
Numerical aptitude
Who is responsible for helping set a business’s long-term direction and carrying it out?
Leadership/Strategy
Human Resources
Finance/Accounting
Operations/Logistics
What do we call tools and machinery used to make other products?
Capital goods
Consumer goods
Raw materials
Finished products
Who is the person buying and using the product?
Consumer
Producer
Retailer
Supplier
When you face choices and can’t have everything, what do we call the alternative you pick instead of another?
Trade-off
Compromise
Preference
Sacrifice
If you choose one option, what do you call the next-best thing you didn’t choose?
Opportunity cost
Marginal benefit
Sunk cost
Trade-off
When someone wants something that isn’t needed to survive, what type of want is that?
Economic want
Basic want
Physical want
Survival want
What do we call wants that cannot be satisfied by goods or services?
Noneconomic wants
Economic wants
Material wants
Physical wants
What field studies how people make choices with limited resources?
Economics
Biology
Geography
Psychology
What problem exists because resources are limited but wants aren’t?
Scarcity
Abundance
Inflation
Monopoly
What resources come from nature?
Natural resources
Artificial resources
Man-made resources
Synthetic resources
What do you call a product that satisfies a want?
Economic good
Natural resource
Luxury item
Raw material
When prices rise overall, what is happening?
Inflation
Deflation
Stagnation
Recession
When prices fall overall?
Deflation
Inflation
Stagnation
Recession
What do we call giving up one thing to get something else in the marketplace?
Exchange
Profit
Investment
Saving
What do we call the value or usefulness something provides?
Economic utility
Market price
Production cost
Consumer demand
Which branch of economics studies individuals and businesses?
Microeconomics
Macroeconomics
Econometrics
Development Economics
Which branch studies the economy as a whole?
Macroeconomics
Microeconomics
Econometrics
Business Economics
What do consumers create when they show how much of a product they want at various prices?
Demand
Supply
Revenue
Profit
What do producers create when they decide how much of a product they'll make at each price?
Supply
Demand
Revenue
Profit
What's the “sweet spot” where supply and demand meet?
Equilibrium
Surplus
Shortage
Inflation
When stores run out because demand is too high, what do we call that?
Shortage
Surplus
Inventory
Discount
When there’s too much product left over, what do we call that?
Surplus
Deficit
Shortage
Demand
If something besides price changes and shifts the entire curve, what is that called?
Shift
Slope
Intercept
Rotation
What do we call government limits on how high or low prices can be?
Price controls
Taxation
Subsidies
Tariffs
What do we call how much consumers react to price changes?
Elasticity
Inflation
Substitution
Equilibrium
What do we call the total value of all final goods and services a country produces?
GDP
GNP
CPI
NDP
When calculating GDP, what component tells us the value of imports and exports?
Net exports
Government spending
Consumer spending
Investment
What do you call the goods used to make other goods?
Intermediate products
Final products
Consumer goods
Retail goods
What kind of goods last three years or more?
Durable goods
Perishable goods
Consumable goods
Seasonal goods
What kind last fewer than three years?
Nondurable goods
Durable goods
Capital goods
Intermediate goods
What do we call GDP divided by population?
Per capita GDP
Gross Domestic Product
Net National Product
Aggregate Demand
When the economy slows down for a long time, what is that?
Recession
Inflation
Boom
Stagnation
What do we call it when imports are greater than exports?
Trade deficit
Trade surplus
Balanced trade
Export boom
What do we call unreported economic activity?
Underground economy
Formal economy
Public sector
Legal market
When we measure how much output comes from each unit of input, what are we measuring?
Productivity
Profitability
Efficiency
Growth
What production technique breaks jobs into smaller steps for different workers?
Division of labor
Mass production
Automation
Outsourcing
When workers produce more efficiently, what usually happens to prices?
They fall
They rise
They stay the same
They become unpredictable
What can be harmed when productivity becomes too focused on speed and quantity?
The environment
Mathematics
Technology
Sports
At what level can productivity be measured beyond individuals and businesses?
The economy
The classroom
The family
The neighborhood
After running the business, what is the final step in the entrepreneurial process?
Harvesting
Planning
Funding
Marketing
What document explains how a business will operate and succeed?
Business plan
Invoice
Resume
Blueprint
What type of risk do entrepreneurs take on that employees usually don’t?
Financial risk
Physical risk
Social risk
Legal risk
What document summarizes your skills and experience for employers?
Resume
Invoice
Blueprint
Menu
What formal letter introduces you and explains why you’re applying?
Cover letter
Reference letter
Resignation letter
Thank you letter
