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WorksheetsQ2 Cumulative Test
Total questions: 45
Worksheet time: 38mins
Supply and demand describe the relationship between:
Price and quantity
Goods and services
Profit and taxes
Imports and exports
Which is an example of a service?
A candle
A haircut
A T-shirt
A backpack
A business owned by one person is a:
Corporation
Partnership
Sole proprietorship
Franchise
A market economy is one where:
Government controls all business
Individuals own and operate businesses
Religion drives production
Tradition decides what is produced
Imports are:
Goods shipped out of the country
Goods brought into the country
A type of service
Government-owned goods
The marketing mix includes:
Price, product, place, promotion
Supply, demand, profit, GDP
Market, segmentation, target, price
Goods, services, supply, demand
A wholesaler:
Sells directly to consumers
Buys in bulk and resells to retailers
Manufactures products
Creates advertisements
Revenue is:
Money before expenses
Money after expenses
Employee pay
Profit only
Net pay is:
Pay before taxes
Pay after taxes
Only overtime pay
Only bonus pay
A shortage of raw materials causing production delays is a:
Profit
Interruption
Advantage
Mix-up
Behavioral segmentation includes grouping customers by:
Age
Hobbies
Buying habits
Climate
Psychographic segmentation focuses on:
Location
Lifestyle and values
Price sensitivity
Work schedule
GDP measures the:
Profit of all businesses
Total goods and services produced
Total taxes collected
Size of population
Tariffs are:
Taxes on imports
Discounts on domestic goods
Payments to manufacturers
Fees for marketing
A mixed economy includes:
Only government decisions
Only private decisions
Both government and individual decisions
No economic structure
Money after paying expenses is called:
Revenue
Net pay
Profit
Credit
An ethical business would:
Hide extra fees
Treat customers fairly
Use false advertising
Sell broken products knowingly
High consumer confidence usually causes GDP to:
Fall
Stay flat
Rise
Crash
If price increases and buyers purchase much less, the product is:
Elastic
Inelastic
Wholesale
Service
Which document shows a business’s financial position?
Flyer
Balance sheet
Poster
Logo
Specialization increases productivity because workers:
Do many different jobs
Focus on one job and improve
Work fewer hours
Avoid teamwork
Marketing is mainly about:
Organizing files
Promoting and selling products
Cutting expenses
Government regulation
Market segmentation helps businesses:
Pay fewer taxes
Identify specific groups of consumers
Manufacture faster
Hire employees
In the Pop-Up Shop, choosing colors, fonts, and a logo relates to:
Accounting
Branding
Finance
Supply chain
“Bring Warmth Home This Holiday” is an example of a:
Business cycle
Slogan
Profit plan
Segment
A pop-up shop display should be designed to:
Confuse shoppers
Attract attention and guide customers
Hide the products
Block the entrance
A target market for a holiday candle booth could be:
Anyone alive
People who dislike scents
Teens looking for inexpensive gifts
People who do not shop during holidays
The cost of making a candle includes:
Wax, wicks, jars
Selling price only
Customer reviews
Flyer design
If each candle costs $4 to make and sells for $10, the profit is:
$4
$6
$10
$14
An elevator pitch should be:
Long and detailed
Confusing
Short and persuasive
Only about the logo
Products purchased from another country are called (a) .
The group of customers a business aims to sell to is the (a) .
Physical products you can touch are called (a) .
Money a business earns before expenses is called (a) .
Money left after expenses is called (a) .
The steps a product goes through before reaching customers is the (a) .
How sensitive buyers are to changes in price is called (a) .
Grouping customers by similarities is called ____________________.
Actions someone performs for pay are called (a) .
Colors, fonts, logos, and themes used to identify a business are called (a) .
Describe one example of an unethical business practice.
Describe how a supply chain interruption affects consumers.
Explain one selling strategy you used at your booth and why you chose it.
Explain how your group chose your product. What factors did you consider?
Describe how you determined the price for your product. Include at least one cost and one marketing factor.
