eQuizShow
Final Reveiw
Question: Profit is the only goal a business has when setting a price. True or False?
Answer: False
Question: The economic system generally found in countries with democratic governments is....
Answer: Market
Question: When buyers & sellers decide a price for goods and services, they are involved in....
Answer: Voluntary Exchange
Question: Several years of operationare usually required before a new business earns a(n)
Answer: Profit
Question: Small Ownership is...
Answer: Made for those who want independence
or
Risky
or
Made for those with persistence
Question: Money needed for the important resources of a business that will last for many years is a _______
Answer:
long-term financing
Question: When you buy the right to sell a product or service using a company’s name, logo, and prescribed methodof doing business, you have purchased a ___________
Answer: Fanchise
Question: What is not a type of budget?
Answer: inventory budget
Question: Long-term financing is the money needed to pay for the current operating activities of a business. True of False?
Answer: False
Question: The what is the most used financial statements are ______
Answer: income statement
Question: The production process of getting goods to consumers usually requires only one business. True or False?
Answer: False
Question: People who become part owners of a corporation are called________
Answer: cooperative owners
Question: Who would be the most impressed by a business plan?
Answer: leaders and investors
Question: All businesses must raise capital, use human resources, and keep records. True or False?
Answer: True
Question: What is NOT one of the five activities of business managers?
Answer: Purchasing
Question: Things that are necessary for survival such as food, clothing, and shelter are...
Answer: Needs
Question: ____________ are principles of morality or rules of conduct.
Answer: Ethics
Question: Centralized agencies deciding to make computers for business and typewriters for families this is an example of...
Answer: how to produce in a custom economy
Question: A type of business that sells directly to the consumer is known as a...
Answer: Retailer
Question: A type of business that sells directly to the consumer is known as a...
Answer: Retailer
Question: Marketing increases our standard of living by helping businesses understand our needs so they can produce the products and services we want. True or False?
Answer: False
Question: This form of business represents two-thirds of U.S. businesses it is __________
Answer: sole porprietorship
Question: The four marketing mix elements are:
Answer: product, place, promotion, pricing
Question: In this economy, the three economic questions are answered through people buying and selling activities in the marketplace. What economy is it?
Answer: market economy
Question: Which of the following steps is the correct order of the economic decision making process?
Answer: define the problem, evaluate the advantages of each, chose