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Intro to Business Chapter 1 and 2

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bdimemmo
Quiz by bdimemmo, updated more than 1 year ago
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Created by bdimemmo over 8 years ago
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Resource summary

Question 1

Question
When 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?
Answer
  • a. business stays open longer
  • b. government gives him the highest honor
  • c. he gets to name the business after himself
  • d. earns profit

Question 2

Question
Every society has enough productive resources to produce everything people want and need.
Answer
  • True
  • False

Question 3

Question
What 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?
Answer
  • Equilibrium
  • c

Question 4

Question
All of the following involve offering services except for which one?
Answer
  • a. cook
  • b. waitress
  • c. haircut
  • d. movie theatre

Question 5

Question
How does a person know how many wants he/she will be able to get?
Answer
  • a. all of the other answers are correct
  • b. the type of job a person has
  • c. by where a person lives
  • d. number of resources a person has

Question 6

Question
Competition among businesses hurts the consumers.
Answer
  • True
  • False

Question 7

Question
Countries rely on their natural resources for their main source of income from other countries through trading.
Answer
  • True
  • False

Question 8

Question
Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?
Answer
  • a. capital
  • b. natural
  • c. entrepreneur
  • d. labor

Question 9

Question
Who tells the businesses what products to offer to the consumers?
Answer
  • a. consumers
  • b. stock holders
  • c. managers
  • d. employees

Question 10

Question
The Red Cross is a business that does not need to make a profit to survive?
Answer
  • True
  • False

Question 11

Question
Which 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?
Answer
  • a. How should it be produced
  • b. Where should it be produced
  • c. What should be produced
  • d. Who should share in what is being produced?

Question 12

Question
Natural Resources can either be renewable or nonrenewable depending on what the item is.
Answer
  • True
  • False

Question 13

Question
An example of an entrepreneurial resource would be Ted Drew because he is the creator and owner of the ice cream shop: Ted Drews.
Answer
  • True
  • False

Question 14

Question
Give and explain two reasons why competition is important to us as consumers
Answer
  • Lower the prices of goods New products are created Better customer service Better quality of products produced
  • c

Question 15

Question
Which of the following is not a need that a person has to have?
Answer
  • a. water
  • b. shelter
  • c. food
  • d. car

Question 16

Question
Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?
Answer
  • a. short-term investments
  • b. labor resources
  • c. permanent assets
  • d. capital resources

Question 17

Question
When two companies sell the same products, which of the following does NOT effect the consumers choice?
Answer
  • a. customer service
  • b. price
  • c. quality of product
  • d. supply of the product

Question 18

Question
When developing a product or service, a business must do all of the following except for what thing?
Answer
  • a. evaluate the demand for the product or service
  • b. obtain start-up and operating capital
  • c. keep records to satisfy government requirements
  • d. create a need for the product or service

Question 19

Question
In a market economy, the higher the price, .........
Answer
  • a. the more profit the business will make
  • b. the higher demand for that product
  • c. the better the quality of the product offered
  • d. the less consumers will buy

Question 20

Question
What type of resource does the country rely on the most as far as making money through trade with other countries?
Answer
  • a. natural resources
  • b. capital resources
  • c. processed resources
  • d. labor resources

Question 21

Question
What must Burger King do in order to stay around and compete with other companies such as McDonalds and Jack N Box?
Answer
  • a. profit
  • b. have a catchy slogans
  • c. advertise
  • d. have a good product

Question 22

Question
Every type of business needs at least one type labor resources to produce goods and provide services.
Answer
  • True
  • False

Question 23

Question
In a Market Economy, when the government takes involvement with a public commany that is usually struggling that is called what?
Answer
  • Nationalization
  • v

Question 24

Question
The government sets the prices for all the goods at the grocery store.
Answer
  • Market Economy
  • Command Economy
  • Mixed Economy

Question 25

Question
Anybody can start up their own business with no interference form the government.
Answer
  • Market Economy
  • Mixed Economy
  • Command Economy

Question 26

Question
Resources are privately owned by individuals or groups of people
Answer
  • Market Economy
  • Command Economy
  • Mixed Economy

Question 27

Question
Economy is also called Free Enterprise System or Capitalism
Answer
  • Mixed Economy
  • Market Economy
  • Command Economy

Question 28

Question
All countries use some form of this economic system
Answer
  • Market Economy
  • Mixed Economy
  • Command Economy

Question 29

Question
The government tells you how much education you will receive and your profession.
Answer
  • Mixed Economy
  • Market Economy
  • Command Economy

Question 30

Question
An individual’s income depends on how many skills a person possess
Answer
  • Mixed Economy
  • Market Economy
  • Command Economy

Question 31

Question
No competition. No motive to make a better product.
Answer
  • Command Economy
  • Market Economy
  • Mixed Economy

Question 32

Question
Jon 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.
Answer
  • Amount of money that goes into the decision How long you are going to have the product
  • c

Question 33

Question
A mixed economy has to be 50/50 between both the Command and the Market Economy in order to be called a Mixed Economy.
Answer
  • True
  • False

Question 34

Question
Which of the following is not a factor in production?
Answer
  • a. none of the other answers are correct
  • b. natural resources
  • c. entrepreneurial resources
  • d. capital resources
  • e. employee resources

Question 35

Question
A shortage of resources is called?
Answer
  • a. threat
  • b. scarcity
  • c. limitation
  • d. reduction

Question 36

Question
Explain how the USA’s economy has both Command and Market Economy characteristics in it. Give one example of each.
Answer
  • Government 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.
  • x

Question 37

Question
Which of the following resources cannot be privately owned by a person?
Answer
  • a. business
  • b. land
  • c. a school
  • d. home

Question 38

Question
Business owners do NOT decide which of the following things?
Answer
  • a. how much to charge for an item
  • b. how many items to produce
  • c. how much profit they will have
  • d. how to run a company

Question 39

Question
Market research provides information that can help a business do what?
Answer
  • a. all of the other answers are correct
  • b. respond to market goods and services
  • c. evaluate demand
  • d. identify opportunities

Question 40

Question
Which of the following is not a capital resource for the office building?
Answer
  • a. employees
  • b. computer
  • c. building
  • d. plasma televisions

Question 41

Question
In a market economy, producers set a price that ________________?
Answer
  • a. will cover their costs and result in a profit
  • b. consumers are willing to pay
  • c. the government will allow
  • d. consumers can afford

Question 42

Question
Teacher
Answer
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Question 43

Question
Plumber
Answer
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Question 44

Question
Bus Boy at a restaurant
Answer
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Question 45

Question
Construction Worker
Answer
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Question 46

Question
Scarcity or shortage occurs when what happens?
Answer
  • a. conservation is at an all-time high
  • b. demand exceeds supply
  • c. distribution breaks down
  • d. consumer’s needs exceed wants

Question 47

Question
To avoid failure, a business can modify what thing?
Answer
  • a. its business practices
  • b. all of the other answers are correct (excluding none of the answers are correct)
  • c. its products
  • d. its services
  • e. none of the other answers are correct
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