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Worksheets

IBT 1st Semester Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

When you think about what managers actually do every day, what are the five core activities that keep a business running smoothly?

a)

Planning, organizing, leading, staffing, controlling

b)

Hiring, firing, investing, selling, buying

c)

Designing, marketing, distributing, financing, auditing

d)

Negotiating, reporting, training, budgeting, advertising

2.

If someone is inspiring others and giving direction, what role are they fulfilling?

a)

Leadership

b)

Management

c)

Teamwork

d)

Coordination

3.

What do we call the “who reports to whom” structure in a business?

a)

Chain of command

b)

Profit margin

c)

Market share

d)

Business model

4.

How do we categorize managers at the top, in the middle, and on the front lines?

a)

Levels of management

b)

Types of leadership

c)

Business strategies

d)

Organizational goals

5.

When a manager works through a tricky issue, what skill are they using?

a)

Problem-solving

b)

Delegation

c)

Time management

d)

Communication

6.

What do we call the skill of managing emotions—your own and others’?

a)

Emotional intelligence

b)

Critical thinking

c)

Verbal reasoning

d)

Numerical aptitude

7.

Who is responsible for helping set a business’s long-term direction and carrying it out?

a)

Leadership/Strategy

b)

Human Resources

c)

Finance/Accounting

d)

Operations/Logistics

8.

What do we call tools and machinery used to make other products?

a)

Capital goods

b)

Consumer goods

c)

Raw materials

d)

Finished products

9.

Who is the person buying and using the product?

a)

Consumer

b)

Producer

c)

Retailer

d)

Supplier

10.

When you face choices and can’t have everything, what do we call the alternative you pick instead of another?

a)

Trade-off

b)

Compromise

c)

Preference

d)

Sacrifice

11.

If you choose one option, what do you call the next-best thing you didn’t choose?

a)

Opportunity cost

b)

Marginal benefit

c)

Sunk cost

d)

Trade-off

12.

When someone wants something that isn’t needed to survive, what type of want is that?

a)

Economic want

b)

Basic want

c)

Physical want

d)

Survival want

13.

What do we call wants that cannot be satisfied by goods or services?

a)

Noneconomic wants

b)

Economic wants

c)

Material wants

d)

Physical wants

14.

What field studies how people make choices with limited resources?

a)

Economics

b)

Biology

c)

Geography

d)

Psychology

15.

What problem exists because resources are limited but wants aren’t?

a)

Scarcity

b)

Abundance

c)

Inflation

d)

Monopoly

16.

What resources come from nature?

a)

Natural resources

b)

Artificial resources

c)

Man-made resources

d)

Synthetic resources

17.

What do you call a product that satisfies a want?

a)

Economic good

b)

Natural resource

c)

Luxury item

d)

Raw material

18.

When prices rise overall, what is happening?

a)

Inflation

b)

Deflation

c)

Stagnation

d)

Recession

19.

When prices fall overall?

a)

Deflation

b)

Inflation

c)

Stagnation

d)

Recession

20.

What do we call giving up one thing to get something else in the marketplace?

a)

Exchange

b)

Profit

c)

Investment

d)

Saving

21.

What do we call the value or usefulness something provides?

a)

Economic utility

b)

Market price

c)

Production cost

d)

Consumer demand

22.

Which branch of economics studies individuals and businesses?

a)

Microeconomics

b)

Macroeconomics

c)

Econometrics

d)

Development Economics

23.

Which branch studies the economy as a whole?

a)

Macroeconomics

b)

Microeconomics

c)

Econometrics

d)

Business Economics

24.

What do consumers create when they show how much of a product they want at various prices?

a)

Demand

b)

Supply

c)

Revenue

d)

Profit

25.

What do producers create when they decide how much of a product they'll make at each price?

a)

Supply

b)

Demand

c)

Revenue

d)

Profit

26.

What's the “sweet spot” where supply and demand meet?

a)

Equilibrium

b)

Surplus

c)

Shortage

d)

Inflation

27.

When stores run out because demand is too high, what do we call that?

a)

Shortage

b)

Surplus

c)

Inventory

d)

Discount

28.

When there’s too much product left over, what do we call that?

a)

Surplus

b)

Deficit

c)

Shortage

d)

Demand

29.

If something besides price changes and shifts the entire curve, what is that called?

a)

Shift

b)

Slope

c)

Intercept

d)

Rotation

30.

What do we call government limits on how high or low prices can be?

a)

Price controls

b)

Taxation

c)

Subsidies

d)

Tariffs

31.

What do we call how much consumers react to price changes?

a)

Elasticity

b)

Inflation

c)

Substitution

d)

Equilibrium

32.

What do we call the total value of all final goods and services a country produces?

a)

GDP

b)

GNP

c)

CPI

d)

NDP

33.

When calculating GDP, what component tells us the value of imports and exports?

a)

Net exports

b)

Government spending

c)

Consumer spending

d)

Investment

34.

What do you call the goods used to make other goods?

a)

Intermediate products

b)

Final products

c)

Consumer goods

d)

Retail goods

35.

What kind of goods last three years or more?

a)

Durable goods

b)

Perishable goods

c)

Consumable goods

d)

Seasonal goods

36.

What kind last fewer than three years?

a)

Nondurable goods

b)

Durable goods

c)

Capital goods

d)

Intermediate goods

37.

What do we call GDP divided by population?

a)

Per capita GDP

b)

Gross Domestic Product

c)

Net National Product

d)

Aggregate Demand

38.

When the economy slows down for a long time, what is that?

a)

Recession

b)

Inflation

c)

Boom

d)

Stagnation

39.

What do we call it when imports are greater than exports?

a)

Trade deficit

b)

Trade surplus

c)

Balanced trade

d)

Export boom

40.

What do we call unreported economic activity?

a)

Underground economy

b)

Formal economy

c)

Public sector

d)

Legal market

41.

When we measure how much output comes from each unit of input, what are we measuring?

a)

Productivity

b)

Profitability

c)

Efficiency

d)

Growth

42.

What production technique breaks jobs into smaller steps for different workers?

a)

Division of labor

b)

Mass production

c)

Automation

d)

Outsourcing

43.

When workers produce more efficiently, what usually happens to prices?

a)

They fall

b)

They rise

c)

They stay the same

d)

They become unpredictable

44.

What can be harmed when productivity becomes too focused on speed and quantity?

a)

The environment

b)

Mathematics

c)

Technology

d)

Sports

45.

At what level can productivity be measured beyond individuals and businesses?

a)

The economy

b)

The classroom

c)

The family

d)

The neighborhood

46.

After running the business, what is the final step in the entrepreneurial process?

a)

Harvesting

b)

Planning

c)

Funding

d)

Marketing

47.

What document explains how a business will operate and succeed?

a)

Business plan

b)

Invoice

c)

Resume

d)

Blueprint

48.

What type of risk do entrepreneurs take on that employees usually don’t?

a)

Financial risk

b)

Physical risk

c)

Social risk

d)

Legal risk

49.

What document summarizes your skills and experience for employers?

a)

Resume

b)

Invoice

c)

Blueprint

d)

Menu

50.

What formal letter introduces you and explains why you’re applying?

a)

Cover letter

b)

Reference letter

c)

Resignation letter

d)

Thank you letter