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Worksheets2024 NYS FBLA Introduction to Business Concepts
Total questions: 100
Worksheet time: 50mins
An example of a liquid asset is?
cash
car
land
equipment bought for production
Which of the following is not considered as part of a corporate social responsibility?
not doing or at least avoiding doing harm
fighting for fair wages
contributing the resources available to the well-being community
conducting market research
Job enlargement is
set of objectives of a job
the structure and design of a job
systematically transferring employees from one role to another
horizonal job loading, giving employees more tasks to perform
Which of the following statements is correct about productivity?
It is the measurement of how satisfied employees are with some specific accomplished tasks.
It measures the accomplishment of a task or a goal.
It measures how costly the resources (used for the accomplished task) are.
It measures both the quantity and the quality of the accomplished work while taking not account the resources that were used for that task.
The four main functions of management are?
monitoring, selling, appraising, controlling
planning, organizing, leading, controlling
organizing, leading, monitoring, controlling
planning, selling, suggesting, controlling
Which of the following statements is NOT correct?
a risk-averse individual is happy to pay more than the amount of expected loss to avoid risk
subjective risk measures both actual and expected loss of a certain outcome
a person who is indifferent to risk is risk-neutral
a risk-seeker is willing to pay more than the amount of expected gain, which will result in a risky situation
An embargo is defined as
an area, throughout which the trade between nations is made without protective tariffs
a grant paid by a government to an enterprise
the prohibition of any kind of import or export with another country
exporting and selling good at prices lower than the home-market prices
Liabilities are
what a company owns
what a company owes
a company’s equity capital
a company’s receivables
Which is the following is NOT an economic activity?
production
social service
professional services
trading in goods
Which option is NOT a business activity?
production of goods
transportation
exchange of goods
work in a factory for wages
What drives the economy?
goods and services
wants and needs
resources
consumers
Oil refinery and sugar mill are classified under which industries?
Primary
Secondary
Tertiary
Risk Element
Identify the activity which does NOT support trade?
banking
warehousing
insurance
mining
Which item does NOT cause any business risk?
breakdown of machinery
efficient management
riot
changing government policy
One of the disadvantages of having a Partnership is?
limited liability
unlimited liability
no liability
no risk
An organization that is owned and operated by its members is called?
partnership
corporation
sole proprietorship
franchise
A contractual agreement to use the name and sell the products or services of a company in a designated geographic area is called?
franchise
partnership
corporation
sole proprietorship
In business, why it is essential to make a profit?
It provides a return to investors.
It provides no funds for future extension.
It decreases the reputation of a company.
It just looks good.
Select the correct meaning to the following word: Seguro de vida
medical insurance
life insurance
insurance coverage
take small bites
This is the number of people without a job
unemployment
employment
qualified candidate
conference
What is NOT true of public wants?
They are widely shared by many.
Resources are insured.
They are often considered private.
Examples include highways and parks.
What is true of resources?
Resources are unlimited.
Businesses and governments lack resources.
Insurance and tourism are examples of resources.
Resources are limited.
Which is the name for items people can use to make or obtain what they need or want?
resources
goods
services
products
What should you do before making a decision?
make the best use of limited resources
think of another decision you have made
satisfy your needs and wants
determine the pros and cons of alternatives
Which question would best help you evaluate a decision after you put it into effect?
What resources are available to me?
What are my needs and wants?
Would I make the same choice again?
What is the problem and what are my options?
Which is true of both personal and business decisions?
They should be made independently.
They should be made without regard for consequences.
They should consume the most resources available.
They should be consistent with values and goals.
What is a commercial activity that seeks profit by providing goods in exchange for money?
profit
market research
competition
a business
What is profit?
commercial activity
motivation and wealth
money remaining after costs have been paid
an opportunity to earn a better living
Which is NOT true of businesses?
They pay taxes and provide jobs.
The wealth they create benefits the entire community.
They are rewarded with profits by satisfying consumers.
They can survive without profits.
What is competition?
a contest to win customers
the freedom to product new products
voluntary exchange
inexpensive goods and services
Which is not something a competitive business needs to offer?
quality products
discontinued goods
outstanding service
good prices
What must a business do when developing new products or services?
evaluate demand
lend money
pay taxes
focus on customer service
What is one result of effective market research?
immediate access to global markets
immediate access to start-up capital
information that helps a business identify opportunities
improved production management
What might a business do if its products don’t meet consumer’s needs?
consider bankruptcy
start a new business
try new selling techniques
modify its products to satisfy consumers
An advertisement is generally considered to be?
a firm offer
a valid offer
an offer which is voidable
an invitation to make an offer
The oldest form of training new employees for special skills is?
on-the-job
apprenticeship
vestibule
laboratory
The values and moral standards that guide people in dealing with one another is known as?
consistency
loyalty
tact
ethics
Day care, flex hours, profit sharing, and paid vacations are examples of?
productivity tactics
motivational benefits
employee morale
fringe benefits
Which activity is involved when labor union representatives meet with management to negotiate contract provisions?
mediation
arbitration
collective bargaining
labor negotiating
Which step in the decision-making process provides information about the effectiveness of a decision?
defining the problem
identifying possible solutions
implementation
evaluation
Which of the following provides income and medical payment for employees injured on the job?
Social Security
Employee Compensation
Worker’s Compensation
Disability Insurance
The form that must be completed by an employee to claim withholding allowances is called the?
Form W-2
Form W-4
Wage and Tax Statement
Employment Application
Which is an optional payroll deduction?
State and Federal Withholding
Social Security
Worker’s Compensation
Health Insurance Premiums
Product, price, place, and promotion (the 4P’s) are collectively known as
economic utilities
the marketing mix
the marketing concept
the factors of production
The process of dividing the total consumer market into smaller groups of people with common buying characteristics is referred to as
the marketing concept
market research
market segmentation
market identification
A consumer’s concern for product durability can best be described as a(n) _____ buying motive.
emotional
patronage
rational
product
Obsolescence occurs when
a product stops selling
a product is reissued in a new container
the fundamental nature of the product has changed
the product has become old and less useful
The federal agency which oversees workplace regulations related to safety and health is the
Department of Human Services
Occupational Safety and Health Administration
Bureau of Safety Regulatory Commission
Department of Health
Income left over after paying the basic cost of living is called _____ income.
personal
disposable
discretionary
limited
The term “market price” refers to the
price consumers are willing to pay for a product at a given time
cost of producing the product
point where supply and demand are in balance
cost of the resources needed to produce the product
The three levels of consumer problem solving are
routine, limited, and recognition
routine, recognition, and extensive
routine, limited, and extensive
routine, identification, and recognition
Laws which are passed to prevent companies from forming monopolies are called
registered trademark
antitrust laws
patent
statute
Which of the following is not one of the “three C’s” used to determine a person’s credit worthiness?
Competition
Character
Capacity
Capital/Collateral
A share of corporate stock represents
debt owed to the corporation by the stockholder
debt owed by the corporation to the stockholder
part ownership in the corporation
a guaranteed share in the profits of the corporation
The Truth in Lending Act
protects consumers against unfair billing practices
requires creditors to tell consumers the cost of using credit
provides for the accuracy of information in credit reports
prohibits a creditor from denying credit for discriminatory reasons
If you write a check for an amount more than what you have in the account, your account is
balanced
unbalance
certified
overdrawn
Outstanding checks
are checks returned to the payer
have not been received by the bank for processing
have been paid by the bank
are blank checks
The automobile insurance coverage that protects persons who are legally liable for accidents in which others are injured or killed is called
comprehensive physical damage
collision
bodily injury liability
property damage liability
According to the terms of Tina’s automobile insurance policy, she must pay the first $300 of repair costs for damage to her car. This amount is referred to as the
deductible
face value
premium
principal
The intention of a credit card is to allow you to
spend only the amount in your account
borrow money for a short time
protect your checks and cash from thieves
transfer money between accounts on-line
Of the following investments, the one with the most predictable income is
gold
commodities
corporate stock
U.S. savings bonds
A legal form that asks stockholders to transfer their voting privileges is called
ballot
proxy
preemptive right
stock split
A business transaction occurs each time a business
contacts a potential customer
reports a profit
records a purchase
issues a financial statement
A business plan can be useful to an entrepreneur and the potential
investors who may finance the new business
employees of the new business
customers of the new business
CEO of the new business
A registered name, brand, or symbol used by a business to identify its product/product line is called a
statute
patent
copyright
trademark
A legal “right” which prevents anyone else from producing a company’s unique product is called a
registered trademark
certificate of title
registered patent
registered copyright
A tax that increases as income increases is called
progressive tax
regressive tax
value-added tax
a tax base
The total of all loans made to the federal government is called
deficit spending
public debt
national debt
personal debt
The rules and regulations for operating nationally chartered banks come from
The FDIC
Congress
The Federal Reserve System
The Supreme Court
Making purchases on the spur of the moment is called
budget spending
impulse buying
unit pricing
rational spending
The private consumer organization that helps people resolve problems with local businesses is the
Federal Trade Commission
American Consumer Federation
Consumer Product Safety Commission
Better Business Bureau
The law that gives you the right to know what is in your credit file is the
Fair Credit Reporting Act
Equal Credit Opportunity Act
Truth-in-Lending Law
Fair Credit Billing Act
For a given accounting period, a balance sheet reports the
overall financial health of the company
assets, liabilities, and owner’s equity accounts
net income or net loss for the period
gross income or gross loss for the period
The law of supply states that the ______ an item.
lower the price, the more consumers will buy
higher the price, the less consumers will buy
lower the price, the less producers will make
higher the price, the more consumers will buy
A prolonged rise in the level of prices for goods and services is called
economic stability
inflation
recession
economic fluctuations
A trade restriction that limits the quantities of goods which can move into or out of a country is referred to as a
license
tariff
quota
surcharge
Which of the following does not occur during a recession?
decreased production
increased employment
increased unemployment
decreased demand for goods and services
An economic index showing changes in the average prices of goods that are of particular interest to consumers is called the _____ Index.
Consumer Price
Producer Price
Fiscal Policy
Monetary Policy
In a market economy, the decision of what goods and services are produced, for whom, and for what price is determined by
the federal government
entrepreneurs
the availability of products
the buying habits of consumers
Which term refers to expenses that occur regularly and are regularly paid?
net expenses
fixed expenses
variable expenses
gross expenses
Which term refers to the actual amount of money you earn or receive during a given period?
income
deductions
gross pay
expenses
Which is the way most people organize the work experience section of a resume?
A job that is most like the one you are applying for is listed first.
Jobs are listed in order of increasing responsibility.
Jobs are listed in chronological order.
The job you held for the longest period is listed first.
Which usually comes at the end of a resume?
job objective
education section
skills summary
work experience
Which type of job might require drug and lie-detector testing?
government and law enforcement jobs
sales and sales support jobs
truck driver and delivery jobs
public relations and advertising jobs
What might an interviewer think of you if you show up late for the interview?
You are unreliable and perhaps even disrespectful.
You are a very busy person with lots of responsibilities.
Your personality is better suited to another type of job.
You had another interview that went longer than expected.
Which term refers to things you want to accomplish?
budgets
risks
expenses
goals
Which is not one of the six steps of financial planning?
develop your financial goals.
apply for credit.
evaluate alternatives.
implement a financial plan of action
Which term refers to the risk that you may have to withdraw your savings or investments?
inflation risk
interest rate risk
liquidity risk
income risk
Which term refers to basic skills you need to get a job, keep a job, and do well at it?
employability skills
high school diploma
work experience
work-related skills
Which term is a synonym for body language?
verbal communication
nonverbal communication
gestures and fidgeting
eye contact
Which is not considered a soft skill?
computer knowledge
friendliness
language skills
proper dress
Which is an evaluation of how well an employee is doing a job?
job description
performance appraisal
reference
orientation
Which of the following is based on rank or length of service?
seniority
promotion
evaluation
performance appraisal
Which is not another word for ethics?
principles
honor
recycling
integrity
Businesses need a _______ to maintain a workplace.
code of ethics
business ethics
social responsibility
conflict of interest
How are consumers affected when companies restrict competition?
They have fewer choices in products and pricing.
They pay less.
They can determine the price.
They can buy out the company.
What group of workers are not necessarily protected by American Law?
workers who volunteer.
children
women
those with disabilities
Which is usually not included in a job description?
salary
job duties
qualifications
conditions
Which is not considered compensation?
salary
company car
wage
benefits
Which term refers to actively looking for qualified people to fill a job?
resources management
hiring
recruitment
application
