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Intro to Business Chapter 1 and 2

Question 1 of 47

1

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?

Select one of the following:

  • a. business stays open longer

  • b. government gives him the highest honor

  • c. he gets to name the business after himself

  • d. earns profit

Explanation

Question 2 of 47

1

Every society has enough productive resources to produce everything people want and need.

Select one of the following:

  • True
  • False

Explanation

Question 3 of 47

1

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?

Select one of the following:

  • Equilibrium

  • c

Explanation

Question 4 of 47

1

All of the following involve offering services except for which one?

Select one of the following:

  • a. cook

  • b. waitress

  • c. haircut

  • d. movie theatre

Explanation

Question 5 of 47

1

How does a person know how many wants he/she will be able to get?

Select one of the following:

  • 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

Explanation

Question 6 of 47

1

Competition among businesses hurts the consumers.

Select one of the following:

  • True
  • False

Explanation

Question 7 of 47

1

Countries rely on their natural resources for their main source of income from other countries through trading.

Select one of the following:

  • True
  • False

Explanation

Question 8 of 47

1

Of the four factors of production, the resource that must adapt to meet society's changing wants and needs is what?

Select one of the following:

  • a. capital

  • b. natural

  • c. entrepreneur

  • d. labor

Explanation

Question 9 of 47

1

Who tells the businesses what products to offer to the consumers?

Select one of the following:

  • a. consumers

  • b. stock holders

  • c. managers

  • d. employees

Explanation

Question 10 of 47

1

The Red Cross is a business that does not need to make a profit to survive?

Select one of the following:

  • True
  • False

Explanation

Question 11 of 47

1

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?

Select one of the following:

  • 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?

Explanation

Question 12 of 47

1

Natural Resources can either be renewable or nonrenewable depending on what the item is.

Select one of the following:

  • True
  • False

Explanation

Question 13 of 47

1

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

Select one of the following:

  • True
  • False

Explanation

Question 14 of 47

1

Give and explain two reasons why competition is important to us as consumers

Select one of the following:

  • Lower the prices of goods
    New products are created
    Better customer service
    Better quality of products produced

  • c

Explanation

Question 15 of 47

1

Which of the following is not a need that a person has to have?

Select one of the following:

  • a. water

  • b. shelter

  • c. food

  • d. car

Explanation

Question 16 of 47

1

Desks, Smart Boards, Klemm Stadium, and the School Building are all of examples of what to CBC?

Select one of the following:

  • a. short-term investments

  • b. labor resources

  • c. permanent assets

  • d. capital resources

Explanation

Question 17 of 47

1

When two companies sell the same products, which of the following does NOT effect the consumers choice?

Select one of the following:

  • a. customer service

  • b. price

  • c. quality of product

  • d. supply of the product

Explanation

Question 18 of 47

1

When developing a product or service, a business must do all of the following except for what thing?

Select one of the following:

  • 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

Explanation

Question 19 of 47

1

In a market economy, the higher the price, .........

Select one of the following:

  • 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

Explanation

Question 20 of 47

1

What type of resource does the country rely on the most as far as making money through trade with other countries?

Select one of the following:

  • a. natural resources

  • b. capital resources

  • c. processed resources

  • d. labor resources

Explanation

Question 21 of 47

1

What must Burger King do in order to stay around and compete with other companies such as McDonalds and Jack N Box?

Select one of the following:

  • a. profit

  • b. have a catchy slogans

  • c. advertise

  • d. have a good product

Explanation

Question 22 of 47

1

Every type of business needs at least one type labor resources to produce goods and provide services.

Select one of the following:

  • True
  • False

Explanation

Question 23 of 47

1

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

Select one of the following:

  • Nationalization

  • v

Explanation

Question 24 of 47

1

The government sets the prices for all the goods at the grocery store.

Select one of the following:

  • Market Economy

  • Command Economy

  • Mixed Economy

Explanation

Question 25 of 47

1

Anybody can start up their own business with no interference form the government.

Select one of the following:

  • Market Economy

  • Mixed Economy

  • Command Economy

Explanation

Question 26 of 47

1

Resources are privately owned by individuals or groups of people

Select one of the following:

  • Market Economy

  • Command Economy

  • Mixed Economy

Explanation

Question 27 of 47

1

Economy is also called Free Enterprise System or Capitalism

Select one of the following:

  • Mixed Economy

  • Market Economy

  • Command Economy

Explanation

Question 28 of 47

1

All countries use some form of this economic system

Select one of the following:

  • Market Economy

  • Mixed Economy

  • Command Economy

Explanation

Question 29 of 47

1

The government tells you how much education you will receive and your profession.

Select one of the following:

  • Mixed Economy

  • Market Economy

  • Command Economy

Explanation

Question 30 of 47

1

An individual’s income depends on how many skills a person possess

Select one of the following:

  • Mixed Economy

  • Market Economy

  • Command Economy

Explanation

Question 31 of 47

1

No competition. No motive to make a better product.

Select one of the following:

  • Command Economy

  • Market Economy

  • Mixed Economy

Explanation

Question 32 of 47

1

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.

Select one of the following:

  • Amount of money that goes into the decision
    How long you are going to have the product

  • c

Explanation

Question 33 of 47

1

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

Select one of the following:

  • True
  • False

Explanation

Question 34 of 47

1

Which of the following is not a factor in production?

Select one of the following:

  • a. none of the other answers are correct

  • b. natural resources

  • c. entrepreneurial resources

  • d. capital resources

  • e. employee resources

Explanation

Question 35 of 47

1

A shortage of resources is called?

Select one of the following:

  • a. threat

  • b. scarcity

  • c. limitation

  • d. reduction

Explanation

Question 36 of 47

1

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

Select one of the following:

  • 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

Explanation

Question 37 of 47

1

Which of the following resources cannot be privately owned by a person?

Select one of the following:

  • a. business

  • b. land

  • c. a school

  • d. home

Explanation

Question 38 of 47

1

Business owners do NOT decide which of the following things?

Select one of the following:

  • 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

Explanation

Question 39 of 47

1

Market research provides information that can help a business do what?

Select one of the following:

  • a. all of the other answers are correct

  • b. respond to market goods and services

  • c. evaluate demand

  • d. identify opportunities

Explanation

Question 40 of 47

1

Which of the following is not a capital resource for the office building?

Select one of the following:

  • a. employees

  • b. computer

  • c. building

  • d. plasma televisions

Explanation

Question 41 of 47

1

In a market economy, producers set a price that ________________?

Select one of the following:

  • 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

Explanation

Question 42 of 47

1

Teacher

Select one of the following:

  • physical resource

  • unskilled resource

  • intellectual resource

  • skilled resource

Explanation

Question 43 of 47

1

Plumber

Select one of the following:

  • physical resource

  • unskilled resource

  • intellectual resource

  • skilled resource

Explanation

Question 44 of 47

1

Bus Boy at a restaurant

Select one of the following:

  • physical resource

  • unskilled resource

  • intellectual resource

  • skilled resource

Explanation

Question 45 of 47

1

Construction Worker

Select one of the following:

  • physical resource

  • unskilled resource

  • intellectual resource

  • skilled resource

Explanation

Question 46 of 47

1

Scarcity or shortage occurs when what happens?

Select one of the following:

  • a. conservation is at an all-time high

  • b. demand exceeds supply

  • c. distribution breaks down

  • d. consumer’s needs exceed wants

Explanation

Question 47 of 47

1

To avoid failure, a business can modify what thing?

Select one of the following:

  • 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

Explanation

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