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  • Goods and services are purchased by businesses as well as individuals.
    True
  • A(n)______________is a risk taker who uses resources in a new way to create a new product or service.
    Entreprenuer
  • For a contract to be enforceable, only one party must agree to all of the terms.
    False
  • A _____________ is an organization of workers who have come together to achieve work related goals, such as higher pay and better conditions.
    Union
  • A(n) ___ is any debt you have.
    Credit
    Refund
    Liability
    Asset
  • Jonah has $35 to spend. He decides to go to Typhoon Texas with his friends instead of buying a new shirt. Jonah has:
    satisfied a need
    purchased a good
    made a poor economic decision
    made an economic trade-off
  • When you make an economic choice, the _____________is the value of the next best alternative that you did not choose.
    Opportunity Cost
  • Things that are required in order to live are known as wants.
    False
  • Anywhere a business exchange takes place is called a
    Market
  • The______________price is the point where supply and demand are equal is called
    Market Equillibrium
  • Which factor of production best describes the workers who assemble a product?
    Land
    Capital
    Entreprenuers
    Labor
  • Unions were formed for which of the following reason?
    make sure all people who want to work have a chance to work
    make sure all workers receive the same wages
    help employers control workers
    ensure safe working conditions for workers
  • What type of business sells would to Home Depot?
    Wholesaler
  • I have a job at XYZ Corporation. My job is to compile data and generate reports to distribute to managers about how many customers come in to our store each day. My job is most probably in the ______________ department of the company.
    Information Management
    Financial Analysis
    Human Resources
    Marketing
  • I interview and hire employees and make sure that employees sign up for benefits such as insurance and health care. I also help handle any employee disputes with managers. My job is most probably in the________________department.
    Human Resources
    Marketing
    Strategic Management
    Financial Analysis
  • To have a valid contract, you must make sure that all parties are receiving something of value by performing the contract. This is known as the concept of:
    complies with law
    consent
    capacity
    consideration
  • Which scenario best represents the concept of form utility?
    David takes a chunk of wood and makes a table from it
    Lisa Decides to open a lemonade stand at a busy corner
  • Which type of economy is centered around meeting people's basic needs?
    Mixed
    Market
    Command
    Traditional
  • Which government agency is responsible for ensuring that the products we purchase for consumption are safe?
    EEOC
    DoD
    FDA
    FTC
  • What is meant by "promotional mix"?
    A set of key words that all good ad campaigns should use
    The combination of the types of promotion a business uses
    A schedule of TV ads that air at different times of day
  • Which of the following is an economic need?
    A new TV
    Concert tickets
    A loaded SUV
    Water
  • My job is to take care of all of the advertising for the company. I contact the radio stations, newspapers, and social media outlets to make sure that potential customers know about our store. My job is most probably in the ______________
    Information Management
    Human Resources
    Marketing
    Financial Analysis
  • Company XYXY makes a product that it knows to be unsafe for children to use, but does not tell it's customers. Is Company XYXY breaking the law when it does this?
    No, this is just how you do business.
    Yes-it is against the law to produce an unsafe product.
    No. It is not legally wrong to do this.
  • "Our company supports environmental responsibility by encouraging employees to recycle and only paper products made from recycled materials." is a statement that would most likely appear in a company's:
    employment contract
    code of ethics
    list of employee rules
    collective bargaining agreement
  • Jennifer purchases a soda to drink on the way to school. Jennifer is a:___________
    producer
    both customer and consumer
    customer
    consumer
  • Who own the resources in a market economy?
    The government
    The business people
    The people of the country
    The tribal leaders
  • The money left over from sales after all of the costs of operating the business have been paid is called_________________.
    Profit
  • If you live in a "right to work" state you are required to join a union for your job if one exists.
    False
  • For a contract to be enforceable, it must be in writing.
    False
  • What type of business is a car wash?
    Service
  • In a retail business, what number do you get by subtracting an item's cost from its price?
    Discount
    Margin
    Profit
    Overhead
  • Which of the following products is a service as opposed to a good?
    a lawn mower
    a sandwich
    a haircut
    a pair of shoes
  • Buildings, equipment, and supplies are examples of natural resources.
    False
  • The government of Erewhon owns and controls all the economic resources and decides how those resources will be used. The government even assigns people specific jobs and careers. Erewhon uses which type of economic system?
    Command
    Traditional
    Market
    Mixed
  • Which of the following is probably a competitor of Mary's CD Shop?
    Food Clown Grocery Store
    Donna's Donut Hut
    B Flat Video and Audio Entertainment
    Al's Garage
  • My job is to oversee the factory line where we produce hand sanitizer. I make sure that everything is working properly with the machines, that we have enough supplies, and that the workers are doing their jobs. What department am I in?
    Operations Management
    Strategic Management
    Human Resources
    Marketing
  • From the owner's point of view, what is the MAIN purpose of a business?
    to pay taxes
    to pay wages to workers
    to make a profit
    to satisfy a want or need
  • What type of business is a grocery store?
    Retailer
  • In the context of retail, which of the following means the same as "stock"?
    Floor space
    Inventory
    Common
    Headroom
  • I am responsible for taking care of all of the company's fiscal needs, which include taking deposits to the bank, preparing financial reports, and writing checks to pay for the company's bills. My job is most probably in the company's ___
    Human Resources
    Financial Analysis
    Information Management
    Marketing
  • Jose has a car he wants to sell. Julie wants to buy the car but doesn't have enough money. She offers to trade Jose his car for her cat, dog, and motorcycle. This is known as the system of:
    Money
    Command Economy
    Markets
    Bartering
  • Which of the following would NOT be something that is subject to collective bargaining?
    how much vacation time an employee is allowed
    wages paid to employees
    building of a fast food restaurant nearby for worker's lunch
    the cost of healthcare insurance paid by workers
  • Which law gave workers the right to organize with the purpose of collective bargaining?
    Universal Declaration of Human Rights
    The Equal Employment and Opportunity Commission
    National Industrial Recovery Act
    The Bill of Rights
  • What type of business is a business that makes yarn?
    Manufacturing
  • Generally, as the price of a product increases,
    demand will increase
    the supply curve will slope downward
    consumers will be willing to purchase larger quantities
    businesses will be willing to supply more of the product
  • Which of the following situations will probably cause the price of a product to drop?
    Half of the world's diamond mines shut down production
    A big snowstorm is approaching with a few shovels in stock
    Many companies begin producing fidget spinners
    A snack food is very popular & only one company produces it
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