Test Bank — Principles of Business, 10th Edition (Dlabay & Kleindl, 2023), Chapters 1-20 | All Chapters Covered

TEST BANK

Principles of Business
Les Dlabay, Brad Kleindl
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10th Student Edition
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, TABLE OF CONTENTS
Principles of Business (10th Student Edition) - Test Bank
Les Dlabay and Brad Kleindl
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UNIT I: BUSINESS IN THE GLOBAL ECONOMIC ENVIRONMENT




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Chapter 1 Economic Decisions and Systems
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Chapter 2 Economic Activity
Chapter 3 Business in the Global Economy




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Chapter 4 Social Responsibility of Business and Government
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UNIT II: BUSINESS ORGANIZATION AND MANAGEMENT
Chapter 5 Business Organization
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Chapter 6 Entrepreneurship and Small Business Management
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Chapter 7 Management and Leadership
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Chapter 8 Human Resources, Culture, and Diversity
Chapter 9 Career Planning and Development
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UNIT III: BUSINESS OPERATIONS AND TECHNOLOGY
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Chapter 10 Marketing
Chapter 11 Business and Technology
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Chapter 12 Financial Management
Chapter 13 Production and Business Operations
Chapter 14 Risk Management
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UNIT IV: PERSONAL FINANCIAL MANAGEMENT
Chapter 15 Consumers in the Global Economy
Chapter 16 Money Management and Financial Planning
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Chapter 17 Banking and Financial Services
Chapter 18 Consumer Credit
Chapter 19 Savings and Investment Strategies
Chapter 20 Insurance

, Name: Class: Date:

Ch 01 Economic Decisions and Systems
1. Things that are required in order to live are known as wants.
a. True
b. False
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ANSWER: False
RATIONALE: Needs are things required in order to live. Wants are things that add to the comfort and
pleasure of your life.
POINTS: 1
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REFERENCES: Needs and Wants
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.1 - Compare and contrast needs and wants.
DATE CREATED: 5/24/2022 10:42 AM
IA
DATE MODIFIED: 5/24/2022 2:33 PM

2. Goods and services are purchased by businesses as well as by individuals.
a. True
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b. False
ANSWER: True
RATIONALE: Both businesses and consumers purchase goods and services.
POINTS: 1
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REFERENCES: Goods and Services
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.2 - Distinguish between goods and services.
DATE CREATED: 5/24/2022 10:42 AM
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DATE MODIFIED: 5/26/2022 10:52 AM

3. Buildings, equipment, and supplies are examples of natural resources.
a. True
b. False
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ANSWER: False
RATIONALE: Raw materials supplied by nature are natural resources, while capital resources include
buildings, equipment, and supplies.
POINTS: 1
REFERENCES: Economic Resources
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QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.3 - Describe the types of economic resources.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/24/2022 2:36 PM

4. All economic resources have a limited supply.
a. True

, Name: Class: Date:

Ch 01 Economic Decisions and Systems
b. False
ANSWER: True
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RATIONALE: Economic resources are scarce, meaning they have a limited supply.
POINTS: 1
REFERENCES: Economic Resources
QUESTION TYPE: True / False
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HAS VARIABLES: False
LEARNING OBJECTIVES: 1.1.3 - Describe the types of economic resources.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/26/2022 10:51 AM

5. The basic economic problem results from not having enough resources to satisfy every need.
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a. True
b. False
ANSWER: True
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RATIONALE: Individuals and businesses have unlimited wants and needs. However, the economic
resources they can use to meet their needs are limited. The gap between unlimited wants and
needs and limited economic resources is known as the basic economic problem.
POINTS: 1
REFERENCES: The Basic Economic Problem
PP
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: 1.2.1 - Describe the basic economic problem.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 5/24/2022 2:40 PM
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6. The final step in the decision-making process is to select the best choice from among the alternatives.
a. True
b. False
ANSWER: False
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RATIONALE: In the decision-making process, after choosing the best alternative, the next steps are to act
on your choice and then to review the decision.
POINTS: 1
REFERENCES: The Decision-Making Process
QUESTION TYPE: True / False
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HAS VARIABLES: False
LEARNING OBJECTIVES: 1.2.2 - Explain the steps in the decision-making process.
DATE CREATED: 5/24/2022 10:42 AM
DATE MODIFIED: 7/1/2022 4:48 PM

7. Although all nations differ in the type and amount of economic resources they have, they all have the same economic
needs.
a. True