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Jeopardy final review

JEWEL

Question:

          When preparing a budget for the first time, many small businessesseek help from a(n)

a.

financial analyst

c.

established permanent employee

b.

established corporation

d.

accountant

 

 

 

 


Answer: d. Accountant

Question:

           Changing something from one form to another so it can be consumedor used to make something else is known as

a.

extracting

c.

marketing

b.

processing

d.

evolution


Answer: b. Processing

Question:             The most important step instarting a business is ______________

a.

information

c.

financing

b.

preparation

d.

an idea


Answer: b. Preparation

Question: Timing is not important in starting a business as long as a solid idea is formed.

a.

TRUE

b.

FALSE


Answer: b. FALSE 

Question: A rational buying motive is exemplified by choosing a tee shirt because of the carton character on it.

a.

TRUE

b.

FALSE


Answer: b. FALSE

IS

Question:

           The part of the profits that are paid to shareholders is called

a.

excess profit

c.

a dividend

b.

a surplus

d.

none of the above


Answer: d. none of the above

Question: Throughout the economy, theconsumption of luxuries is beginning to increase.  This scenario would most likely fall into the _______________ business cycle.

a.

Prosperity

c.

Depression

b.

Recession

d.

Recovery

 

 



Answer: d. Recovery

Question: The employees who work in an automobile assembly plant are that company’s

a.

natural resources

c.

capital gains

b.

capital resources

d.

human resources


Answer: d. Human resources

Question: Emotional buying motives are based on 

a.

logic

c.

feelings

b.

facts

d.

none of the above


Answer: c. Feelings

Question: Marketing involves just transporting and selling products.

a.

TRUE

b.

FALSE


Answer: b. FALSE

THE

Question:

          Considering the needs of customers when developing new products orservices is an important part of the

a.

Marketing concept

c.

Target Market

b.

Buying motive

d.

Distribution channel


Answer: a. Marketing concept

Question: The United States is primarily a __________________economy.

a.

custom

c.

market

b.

directed

d.

military


Answer: c. Market

Question:

           A franchise can be operated as a proprietorship, partnership, orcorporation.

a.

TRUE

b.

FALSE


Answer: a. TRUE

Question: A producers cooperative is often created by large number of small producers that want to be more competitive in the marketplace.

a.

TRUE

b.

FALSE


Answer: a. TRUE

Question: Which of the following is NOT one of the economic roles performed in our economy?

a.

leader

c.

citizen

b.

worker

d.

consumer


Answer: a. Leader

QUEEN

Question:

           A business that takes natural resources and converts them toconsumer goods is a

a.

manufacturer

c.

marketer

b.

extractor

d.

wholesaler


Answer: a. Manufacturer

Question: When you pay for something that you cannot see or touch, you have purchased a 

a.

goods

c.

service

b.

product

d.

none of the above


Answer: c. Service

Question: A balance sheet lists___________

a.

assets and liabilities

c.

liabilities and budgets

b.

financial plans and budgets

d.

net incomes


Answer: a. Assets and liabilities 

Question: A supermarket, a bank, and a utility company are all examples of businesses.

a.

TRUE

b.

FALSE


Answer: a. TRUE

Question: The type of business that does something for you rather than providing products is called____

a.

manufacturing

c.

producing goods

b.

service

d.

extractor


Answer: b. Service

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Question:

           Ifone store must lower its prices in response to another store’s advertised lowprices, it is facing the effects of ________________.

a.

productivity

c.

standard of living

b.

supply

d.

competition


Answer: d. Competition

Question: High labor productivityresults in 

a.

lower cost of production

c.

lower prices for consumers

b.

higher standards of living

d.

all of the above


Answer: d. all of the above 

Question: Maximizing profits, increasing sales, and maintaining an image are objectives related to 

a.

Pricing

c.

Distribution

b.

Promotion

d.

Marketing

 


Answer: a. Pricing

Question: Which of the following is correct about the pricing when considering the relationship between supply and demand.

a.

If supply goes up and demand goes down, prices go up.

b.

If supply goes down and demand goes up, prices stay about the same.

c.

If demand goes up and supply goes down, prices go up.

d.

If demand goes down and supply goes up, prices go up.


Answer: c. If demand goes up and supply goes down, prices go up.

Question: Ms. Haung has a business that has generated a net income for the month of $12,000.  Here income before expenses was $42,000.  How much were her expenses?

a.

$20,000

c.

$35,000

b.

$25,000

d.

none of the above


Answer: d. None of the above