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WorksheetsBusiness Essentials Final Review 25-26
Total questions: 70
Worksheet time: 48mins
Which of the following is a need?
Video game
Water
Concert tickets
Designer shoes
Opportunity cost is best defined as:
The money you earn
What you give up when you choose something else
Your savings
A business expense
Scarcity exists because:
Wants are limited
Resources are limited
Prices never change
Everyone has enough
A market economy is characterized by:
Government controlling all resources
Competition and private ownership
No consumer choice
Equal distribution of everything
The question 'For whom to produce?' is part of:
Marketing
The three basic economic questions
Advertising
Business ethics
In SWOT analysis, a strength is:
An external challenge
A future risk
An internal capability
A competitor's advantage
A franchise is:
A) A type of nonprofit
B) A business that sells someone else's brand
C) A government agency
D) A sole proprietorship with no fees
A sole proprietorship has:
Many shareholders
One owner
Government control
Unlimited liability protection
The 4 Ps of marketing include:
Product, Price, Performance, People
Product, Price, Place, Promotion
Profit, Price, Place, Potential
Product, Planning, Price, Power
In marketing, promotion refers to:
Where the product is sold
How the product is advertised
How much it costs
Who makes the product
Which of the following is a professional service?
Car wash
Accountant
Toy store
Factory labor
Digital marketing includes:
(a)
A soft skill is best described as:
A technical ability
A personal attribute like teamwork
A type of advertising
A financial report
Entrepreneurs are people who:
Avoid risk
Start and manage businesses
Work only for the government
Sell only online
A merchandising business:
Manufactures products
Provides services
Buys and resells goods
Extracts raw materials
Local government is responsible for:
Federal tax law
City parks and roads
International trade
Printing money
A slogan is used to:
Set salaries
Catch customers’ attention
Build factories
Calculate prices
In the 4 Ps, place refers to:
Advertising methods
Where the product is sold
Product colors
Employee training
A nonprofit organization’s main purpose is to:
Earn profits
Support a cause
Sell products
Avoid taxes
A weakness in SWOT could be:
Loyal customers
Outdated technology
Strong brand
New market opportunities
A tariff is:
A tax on imported goods
A limit on exported goods
A total trade ban
A local tax
A quota limits:
Prices
The number of imports
Local sales
Employee hours
An embargo is:
A price control
A ban on trade
A marketing strategy
A business law
When price increases, supply usually:
Decreases
Increases
Stays the same
Disappears
When price falls, demand usually:
Increases
Decreases
Has no change
Is illegal
Market equilibrium happens when:
Supply equals demand
Supply is zero
Demand is zero
Prices stop changing
A budget is:
A savings account
A spending plan
A tax return
A bill collector
The 50/30/20 rule sets:
50% savings, 30% wants, 20% needs
50% needs, 30% wants, 20% savings
50% wants, 30% needs, 20% savings
20% needs, 30% wants, 50% savings
Inflation means:
Prices rise
Prices fall
Jobs increase
Savings increase
The unemployment rate measures:
Total jobs available
People without jobs who are seeking work
Retirees only
Students
Standard of living refers to:
Quality of life
Cost of imports
Hours worked
Government debt
National debt is:
Personal loans
Government total owed money
Sales tax
A business expense
Business cycles include:
Elections
Weather changes
Recovery and recession
Loans
Civil law deals with:
Crimes
Contract disputes
Buying products
Trade policies
Criminal law deals with:
Contract issues
Crimes against society
Marketing
Personal finance
Ethics are:
Legal rules
Moral principles guiding behavior
Government taxes
Marketing tools
A valid contract requires:
Only money
Offer, acceptance, and consideration
Only signatures
Only verbal agreement
A brochure should be:
Cluttered
Clear and organized
Tiny text only
Random colors
A flyer must:
Hide key information
Highlight important information
Use small fonts
Include paragraphs
A business card should:
Be cluttered
Be simple and readable
Include jokes
Have no contact info
A target market is:
Everyone
Likely buyers of a product
Competitors
Random people
Revenue means:
Money after expenses
Total income from sales
Tax payment
Loan amount
Profit equals:
Revenue – expenses
Revenue + expenses
Only expenses
Only wages
A mayor is:
Hired by council
Elected by voters
A volunteer
A business owner
A city manager is:
Elected
Hired by the city council
Randomly chosen
A politician
What is the economic problem?
We have limited wants but unlimited resources.
We have unlimited wants but limited resources.
When demand exceeds supply you have ________________
Surplus
Scarcity
Normal Balance
Economic Problem
All of the following are part of decision making except:
Identify the problem
List the alternatives
Determine the Pros and Cons
Only choose the decision that is best for only you
Evaluate your Decision
Which of the following only allows each person to have only a fixed amount:
sacrifice
rationing
allocation
opportunity cost
Which causes demand to increase?
Trend and popular items
Complimentary good increases
Consumers leave market
Trend is two years old
What is a contest between busdiness to win cutomers?
competitions
business
capital
entrepreneur
Which is a need?
Pop
Coffee
Water
Gatorade
