eQuizShow
Business:The Final Review
Question: profit is the only goal a business has when setting a price.
True or False
Answer: False
Question: Several years of operation are usually required before a new business earns a(n)a: tax refund
b: award
c: profit
d: certificate
Answer: C: Profit
Question: Small business ownership is...a: made for those who want independence
b: risky
c: made for those with persistence
d: all of the above
Answer: D: all of the above
Question: Money needed for the important resources of a business that will last for many years is...a: short term financing
b: start up financing
c: legal financing
d: long term financing
Answer: D: Long term financing
Question: When you buy the right to sell a product, or service using a companies name, logo, and prescribe method of doing business, you have purchased a...a: partnership
b: franchise
c: cooperative
d: sole proprietorship
Answer: B: Franchise
Question: Long term financing is the money needed to pay for the current operating activities of a business.
True or False?
Answer: False
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...a: partners
b: special owners
c: shareholders
d: cooperative owners
Answer: C: Shareholders
Question: Which of the following would be most impressed by a business plan?a: lenders and investors
b: your ex partner
c: your mother
d: none of the above
Answer: A: lenders and invetors
Question: All businesses must raise capital, use human resources, and keep records.
True or False
Answer: True
Question: Centralized agencies deciding to manufacture computers for business and typewriters for families is an example of...a: for whom to produce in a planned economy
b: what to produce in a market economy
c: how to produce in a custom economy
d: what to produce in a custom economy
Answer: A: For whom to produce in a planned economy
Question: Which of the following is NOT one of the 5 activities of business managers?a: planning
b: purchasing
c: controlling
d: staffing
Answer: B: Purchasing
Question: The type of business that sells directly to the consumer is known as...a: wholesaler
b: retailer
c: marketer
d: promoter
Answer: B: 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: True
Question: The form of a business that represents two thirds of the U.s. business is the... a: corporation
b: partnership
c: sole proprietorship
d: cooperative
Answer: C: Sole propiertorship
Question: A nations plan for answering the key economic questions is known as... a: economic system
b: custom based
c: free enterprise
d: private enterprise
Answer: A: Economic system
Question: The economic system generally found in countries with democratic governments is...a: custom based
b: directed or controlled
c: market
d: none of the above
Answer: C: Market
Question: In this economy, the 3 key economic questions are answered through individuals buying and selling activities in the market place...a: custom based economy
b: planned economy
c: market economy
d: directed economy
Answer: C: Market economy
Question: Which of the following is not a type of budget?a: start up budget
b: operating budget
c: inventory budget
d: cash budget
Answer: C: Inventory budget
Question: The 2 most used financial statements are...a: balanced sheet
b: pay roll register
c: income statement
d: both A and C
e: both B and C
Answer: D: both A and C
Question: When buyers and sellers decide a price for goods and services, they are involved in...a: profit motive
b: competition
c: voluntary exchange
d: auctioning
Answer: C: Voluntary exchange
Question: Things that are necessary for survival such as food, clothing, and shelter are...a: needs
b: wants
c: advertising
d: scarcity
Answer: A: Needs
Question: ____ are principles of morality or rules of conduct.a: customs
b: traditions
c: cultures
d: ethics
Answer: D: Ethics
Question: Which of the following is the best definition of supply?
a: what consumers are willing and able to buy
b: what producers would like to produce
c: what producers are able to produce at a given price
d: what business would like consumers to buy
Answer: C: What producers are able to produce at a given price
Question: The four marketing mix elements are...
a: marketing, distributing, production, pricing.
b: production, marketing, decision making, advertising.
c: product, place, promotion, pricing.
d: promotion, pricing, distribution, marketing.
Answer: C: product, place, promotion, pricing.