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Intro to Business Chapter 1 and 2

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Questão 1

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

Questão 2

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

Questão 3

Questão
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?
Responda
  • Equilibrium
  • c

Questão 4

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

Questão 5

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

Questão 6

Questão
Competition among businesses hurts the consumers.
Responda
  • True
  • False

Questão 7

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

Questão 8

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

Questão 9

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

Questão 10

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

Questão 11

Questão
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?
Responda
  • 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?

Questão 12

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

Questão 13

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

Questão 14

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

Questão 15

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

Questão 16

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

Questão 17

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

Questão 18

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

Questão 19

Questão
In a market economy, the higher the price, .........
Responda
  • 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

Questão 20

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

Questão 21

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

Questão 22

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

Questão 23

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

Questão 24

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

Questão 25

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

Questão 26

Questão
Resources are privately owned by individuals or groups of people
Responda
  • Market Economy
  • Command Economy
  • Mixed Economy

Questão 27

Questão
Economy is also called Free Enterprise System or Capitalism
Responda
  • Mixed Economy
  • Market Economy
  • Command Economy

Questão 28

Questão
All countries use some form of this economic system
Responda
  • Market Economy
  • Mixed Economy
  • Command Economy

Questão 29

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

Questão 30

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

Questão 31

Questão
No competition. No motive to make a better product.
Responda
  • Command Economy
  • Market Economy
  • Mixed Economy

Questão 32

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

Questão 33

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

Questão 34

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

Questão 35

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

Questão 36

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

Questão 37

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

Questão 38

Questão
Business owners do NOT decide which of the following things?
Responda
  • 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

Questão 39

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

Questão 40

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

Questão 41

Questão
In a market economy, producers set a price that ________________?
Responda
  • 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

Questão 42

Questão
Teacher
Responda
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Questão 43

Questão
Plumber
Responda
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Questão 44

Questão
Bus Boy at a restaurant
Responda
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Questão 45

Questão
Construction Worker
Responda
  • physical resource
  • unskilled resource
  • intellectual resource
  • skilled resource

Questão 46

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

Questão 47

Questão
To avoid failure, a business can modify what thing?
Responda
  • 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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