Quiz
Intro to Business Chapter 1 and 2
Create a free account to finish this quiz
Save your progress and see your final score.
Already have an account? Sign in
Questions in this quiz (47)
1When Bobby starts a business of his own he understands that he is taking a risk by doing this. What is Bobby’s reward if this works out for him?
- Aa. business stays open longer
- Bb. government gives him the highest honor
- Cc. he gets to name the business after himself
- Dd. earns profit
2Every society has enough productive resources to produce everything people want and need.
- ATrue
- BFalse
3What is the term called when the supply line and demand line meet? This is the price that businesses would like to have because it sells the maximum amount for the most profit?
- AEquilibrium
- Bc
4All of the following involve offering services except for which one?
- Aa. cook
- Bb. waitress
- Cc. haircut
- Dd. movie theatre
5How does a person know how many wants he/she will be able to get?
- Aa. all of the other answers are correct
- Bb. the type of job a person has
- Cc. by where a person lives
- Dd. number of resources a person has
6Competition among businesses hurts the consumers.
- ATrue
- BFalse
7Countries rely on their natural resources for their main source of income from other countries through trading.
- ATrue
- BFalse
8Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?
- Aa. capital
- Bb. natural
- Cc. entrepreneur
- Dd. labor
9Who tells the businesses what products to offer to the consumers?
- Aa. consumers
- Bb. stock holders
- Cc. managers
- Dd. employees
10The Red Cross is a business that does not need to make a profit to survive?
- ATrue
- BFalse
11Which of the following is NOT one of the three basic economic questions that companies have to ask themselves to meet the needs of their customers?
- Aa. How should it be produced
- Bb. Where should it be produced
- Cc. What should be produced
- Dd. Who should share in what is being produced?
12Natural Resources can either be renewable or nonrenewable depending on what the item is.
- ATrue
- BFalse
13An example of an entrepreneurial resource would be Ted Drew because he is the creator and owner of the ice cream shop: Ted Drews.
- ATrue
- BFalse
14Give and explain two reasons why competition is important to us as consumers
- ALower the prices of goods
New products are created
Better customer service
Better quality of products produced - Bc
- ALower the prices of goods
15Which of the following is not a need that a person has to have?
- Aa. water
- Bb. shelter
- Cc. food
- Dd. car
16Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?
- Aa. short-term investments
- Bb. labor resources
- Cc. permanent assets
- Dd. capital resources
17When two companies sell the same products, which of the following does NOT effect the consumers choice?
- Aa. customer service
- Bb. price
- Cc. quality of product
- Dd. supply of the product
18When developing a product or service, a business must do all of the following except for what thing?
- Aa. evaluate the demand for the product or service
- Bb. obtain start-up and operating capital
- Cc. keep records to satisfy government requirements
- Dd. create a need for the product or service
19In a market economy, the higher the price, .........
- Aa. the more profit the business will make
- Bb. the higher demand for that product
- Cc. the better the quality of the product offered
- Dd. the less consumers will buy
20What type of resource does the country rely on the most as far as making money through trade with other countries?
- Aa. natural resources
- Bb. capital resources
- Cc. processed resources
- Dd. labor resources
21What must Burger King do in order to stay around and compete with other companies such as McDonalds and Jack N Box?
- Aa. profit
- Bb. have a catchy slogans
- Cc. advertise
- Dd. have a good product
22Every type of business needs at least one type labor resources to produce goods and provide services.
- ATrue
- BFalse
23In a Market Economy, when the government takes involvement with a public commany that is usually struggling that is called what?
- ANationalization
- Bv
24The government sets the prices for all the goods at the grocery store.
- AMarket Economy
- BCommand Economy
- CMixed Economy
25Anybody can start up their own business with no interference form the government.
- AMarket Economy
- BMixed Economy
- CCommand Economy
26Resources are privately owned by individuals or groups of people
- AMarket Economy
- BCommand Economy
- CMixed Economy
27Economy is also called Free Enterprise System or Capitalism
- AMixed Economy
- BMarket Economy
- CCommand Economy
28All countries use some form of this economic system
- AMarket Economy
- BMixed Economy
- CCommand Economy
29The government tells you how much education you will receive and your profession.
- AMixed Economy
- BMarket Economy
- CCommand Economy
30An individual’s income depends on how many skills a person possess
- AMixed Economy
- BMarket Economy
- CCommand Economy
31No competition. No motive to make a better product.
- ACommand Economy
- BMarket Economy
- CMixed Economy
32Jon Moxon decided he needed to buy a new cell phone. His buddy Charlie Tweeder recommended an iPhone but his other friend Darcy Sears recommended a Samsung Galaxy phone. What things should Jon consider before buying either phone? (or any important decision when comparing two products) Hint: Do not be specific about the iPhone or the Galaxy.
- AAmount of money that goes into the decision
How long you are going to have the product - Bc
- AAmount of money that goes into the decision
33A mixed economy has to be 50/50 between both the Command and the Market Economy in order to be called a Mixed Economy.
- ATrue
- BFalse
34Which of the following is not a factor in production?
- Aa. none of the other answers are correct
- Bb. natural resources
- Cc. entrepreneurial resources
- Dd. capital resources
- Ee. employee resources
35A shortage of resources is called?
- Aa. threat
- Bb. scarcity
- Cc. limitation
- Dd. reduction
36Explain how the USA’s economy has both Command and Market Economy characteristics in it. Give one example of each.
- AGovernment programs-people make their own choices as far as how they want to live
Government has some controls over certain businesses. Anybody can start and own a business. - Bx
- AGovernment programs-people make their own choices as far as how they want to live
37Which of the following resources cannot be privately owned by a person?
- Aa. business
- Bb. land
- Cc. a school
- Dd. home
38Business owners do NOT decide which of the following things?
- Aa. how much to charge for an item
- Bb. how many items to produce
- Cc. how much profit they will have
- Dd. how to run a company
39Market research provides information that can help a business do what?
- Aa. all of the other answers are correct
- Bb. respond to market goods and services
- Cc. evaluate demand
- Dd. identify opportunities
40Which of the following is not a capital resource for the office building?
- Aa. employees
- Bb. computer
- Cc. building
- Dd. plasma televisions
41In a market economy, producers set a price that ________________?
- Aa. will cover their costs and result in a profit
- Bb. consumers are willing to pay
- Cc. the government will allow
- Dd. consumers can afford
42Teacher
- Aphysical resource
- Bunskilled resource
- Cintellectual resource
- Dskilled resource
43Plumber
- Aphysical resource
- Bunskilled resource
- Cintellectual resource
- Dskilled resource
44Bus Boy at a restaurant
- Aphysical resource
- Bunskilled resource
- Cintellectual resource
- Dskilled resource
45Construction Worker
- Aphysical resource
- Bunskilled resource
- Cintellectual resource
- Dskilled resource
46Scarcity or shortage occurs when what happens?
- Aa. conservation is at an all-time high
- Bb. demand exceeds supply
- Cc. distribution breaks down
- Dd. consumer’s needs exceed wants
47To avoid failure, a business can modify what thing?
- Aa. its business practices
- Bb. all of the other answers are correct (excluding none of the answers are correct)
- Cc. its products
- Dd. its services
- Ee. none of the other answers are correct
Information
- Description
- Exam
- Author
- bdimemmo
- Language
- English
- Views
- 78
- Tags
- Rating
- No ratings yet Rate this quiz