Introduction To Business Final Exam
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Introduction to Business Test
- 1.What are needs considered?
- A.
Necessary Wants such as food, shelter, and clothing
- B.
Extraneous wants that include basketballs, softballs, football, or dance shoes
- C.
Luxury Items
- 2.A good can be physically weighed or measured.
- A.
True
- B.
False
- 3.A service is....
- A.
Task that people or machines perform
- B.
Product offered by individual businesses
- C.
Business ideas provided by entrepreneurs
- 4.Most people have unlimited wants for goods and services.
- A.
True
- B.
False
- 5.The United States of America employs what type of economic system?
- A.
Mixed Economy
- B.
Socialism
- C.
Free Enterprise
- D.
Marxism
- 6.A loss is best defined as ...
- A.
The amount of money by which total cost exceeds total revenue
- B.
The amount of credit by which total revenue exceeds total revenue
- C.
The amount of ethical dilemmas present in a company's integrity
- 7.If total revenue was $100.00 If total cost was $35.00 Your total profit is $65.00
- A.
True
- B.
False
- 8.As it pertains to choice, choosing is refusing.
- A.
True
- B.
False
- 9.Which of the following is the best example of opportunity cost?
- A.
Studying late for a test, your opportunity cost is a good night's sleep
- B.
Studying for a test and getting the answers correct on the test
- C.
Moving to Denver for a new job
- 10.Which of the following is a synonym for utility?
- A.
Wants
- B.
Satisfaction
- C.
Creation
- D.
Economics
- 11.Which of the following is considered a tangible good?
- A.
Accounting service
- B.
Trash collection
- C.
IBM computers
- D.
Hair Styling
- 12.Which one of the following is not an example of the factors of production?
- A.
Land
- B.
Labor
- C.
Capital
- D.
Economic Decisions
- 13.The Soviet Union or Cuba is best described as what type of economic system...
- A.
Command
- B.
Market
- C.
Free Enterprise
- 14.Which of the following is an example of public property?
- A.
Roadways such as I-70
- B.
Businesses
- C.
Homes
- D.
Bowling Alleys
- 15.A positive incentive is best characterized as which of the following?
- A.
Causes a person to act in a positive or intended manner
- B.
Emotion related to doing something for a price
- C.
Performing a service for pay
- 16.What are the three things that competition leads to?
- A.
Lower Prices, Better Quality, and Efficiency
- B.
Efficiency, Cost Production, and Service Oriented Practices
- C.
Lower Prices, Economic Output, and separate markets
- 17.What does the degree of competition affect the most?
- A.
Decisions made by firms in that market
- B.
Decisions made by consumers
- C.
Decisions made by the government
- 18.In an oligopoly, how many firms are typically involved ni a particular market?
- A.
Few
- B.
Many
- C.
One
- 19.In a monopoly, how many firms or businesses are involved in a particular market?
- A.
Many
- B.
Few
- C.
One
- 20.What is the major goal of economics?
- A.
To make businesses more money
- B.
To make additional financial compensation for government
- C.
To make people better-off through the use of choices
- 21.What do most situations in life involve?
- A.
Choices due to scarcity
- B.
Scarcity
- C.
Opportunity Cost
- D.
Business
- 22.What is a preference?
- A.
A person's first choice
- B.
A person's most valued opportunity
- C.
A service business first sale of the year
- 23.Which one of the following is an alternative?
- A.
Choosing Chipotle instead of Qdoba
- B.
Going to the Mall
- C.
Riding the Bus
- 24.Which of the following is the best definition for alternative?
- A.
The different options from which you can choose
- B.
The different choices that are made
- C.
The different opportunity costs that are associated with making a choice
- 25.How is a trade-off different than an alternative?
- A.
Alternatives have other choices only
- B.
Trade-offs require something to be given up to get something
- C.
Alternatives are inevitable
- 26.All choices have consequences both positive and negative
- A.
True
- B.
False
- 27.How are sunk costs recovered by a business?
- A.
Sunk costs are unrecoverable
- B.
By asking for a refund
- C.
Exercising financial constraint prior to purchase
- D.
Expenditures made by the government
- 28.A __________________ is a person who selects, purchases, uses, or disposes of goods or services.
- 29.Things we must have to survive are called________________
- 30.The amount of money left over after a business has paid for the cost of producing its goods and services.
- 31.The contest between businesses to win customers.
- 32.Things we wish we could have.
- 33.What is a public want?
- A.
Widely shared by many people
- B.
A want held by governmental employees only
- C.
A want desired by a corporation
- D.
A want shared by a particular industry, such as fishing.
- 34.Private wants are held by private individuals
- A.
True
- B.
False
- 35.Which of the following is an example of a Government Program?
- A.
Students receiving free education via property taxes
- B.
People buying Apple products
- C.
Businesses providing individual services during the recession
- 36.Which economist worked with Ronald Reagan and Bill Clinton and served as Chairman of the Federal Reserve?
- A.
Adam Smith
- B.
John Maynard Keynes
- C.
Alan Greenspan
- D.
Karl Marx
- 37.The United States utilizes a free enterprise economy.
- A.
True
- B.
False
- 38.What is one key component of Alan Greenspans economic theory?
- A.
Private Property
- B.
Intangible Goods
- C.
Tangible Goods
- D.
Choice and Opportunity Cost
- 39.What is the free market according to Alan Greenspan?
- A.
Where people are free to choose and be involved in voluntary trade
- B.
Where people are free to locate their own government within a country
- C.
Where people are free to remain apart from society
- 40.A credit card is a limitless source of money.
- A.
True
- B.
False
- 41.Technology and Business are seperate fields and have nothing to do with one another
- A.
True
- B.
False
- 42.Facebook has nothing to do with marketing and sales. They just want people to enjoy their website.
- A.
True
- B.
False
- 43.An example of currency is....
- A.
Dollar Bills
- B.
Brittish Sterling Pounds
- C.
Japanese Yen
- D.
All the above
- 44.
- A.
A goofy teacher who loves business and bad jokes
- B.
Choose A
- C.
Seriously pick A
- D.
You didn't have to read all the answers, I told you to pick A
- E.
Oh yea you probably should have chosen A by now
- F.
Mr. A says pick A!!!!
- G.
Ok fine.....if you must you can Pick D but seriously A is the right answer.
- H.
Have a Wonderful Summer, come back and visit me next year.... Mr. Araujo
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