Business Savvy Exam 1 Practice Quizzes
UPDATED Study Guide QUESTIONS
AND CORRECT ANSWERS
- One reason to study business includes _______, which includes
having an understanding of cultural (or workplace) diversity.
A. starting your own business
B. being a better informed consumer
C. helping to choose a career
D. being a successful employee - CORRECT ANSWERS D.
being a successful employee
Which of the following is not included in material resources?
A. buildings
B. machinery
C. labor
D. minerals - CORRECT ANSWERS C. labor
,Which of the following is a material resource for General Motors?
A. leadership intellect
B. labor
C. paint
D. money - CORRECT ANSWERS C. paint
Organizations that combine machinery, labor, and raw materials to
produce goods are called _____.
A. market intermediaries
B. processing plants
C. manufacturing businesses
D. service businesses - CORRECT ANSWERS C.
manufacturing businesses
Costco stores would most likely be classified as _____.
A. sole proprietorships
,B. marketing intermediaries
C. service businesses
D. manufacturing establishments - CORRECT ANSWERS B.
marketing intermediaries
Which of the following equations represents the relationship between
sales and profits?
A. sales revenue - expenses = profit
B. expenses + loss = sales revenue + profit
C. profit - expenses = sales revenue
gain + profit = sales revenue - CORRECT ANSWERS A. sales
revenue - expenses = profit
______ is the study of the national and global economy.
A. macroeconomics
B. microeconomics
, C. economics
D. entrepreneurship - CORRECT ANSWERS A.
macroeconomics
According to economists, factors of production would not include
which of the following: _______.
A. labor
B. capital
C. money
D. entrepreneurship - CORRECT ANSWERS C. money
In Adam Smith's view, which of the following is the role of
government in business?
A. regulating business activity
B. redistributing the wealth created by business
C. determining business production quotas
UPDATED Study Guide QUESTIONS
AND CORRECT ANSWERS
- One reason to study business includes _______, which includes
having an understanding of cultural (or workplace) diversity.
A. starting your own business
B. being a better informed consumer
C. helping to choose a career
D. being a successful employee - CORRECT ANSWERS D.
being a successful employee
Which of the following is not included in material resources?
A. buildings
B. machinery
C. labor
D. minerals - CORRECT ANSWERS C. labor
,Which of the following is a material resource for General Motors?
A. leadership intellect
B. labor
C. paint
D. money - CORRECT ANSWERS C. paint
Organizations that combine machinery, labor, and raw materials to
produce goods are called _____.
A. market intermediaries
B. processing plants
C. manufacturing businesses
D. service businesses - CORRECT ANSWERS C.
manufacturing businesses
Costco stores would most likely be classified as _____.
A. sole proprietorships
,B. marketing intermediaries
C. service businesses
D. manufacturing establishments - CORRECT ANSWERS B.
marketing intermediaries
Which of the following equations represents the relationship between
sales and profits?
A. sales revenue - expenses = profit
B. expenses + loss = sales revenue + profit
C. profit - expenses = sales revenue
gain + profit = sales revenue - CORRECT ANSWERS A. sales
revenue - expenses = profit
______ is the study of the national and global economy.
A. macroeconomics
B. microeconomics
, C. economics
D. entrepreneurship - CORRECT ANSWERS A.
macroeconomics
According to economists, factors of production would not include
which of the following: _______.
A. labor
B. capital
C. money
D. entrepreneurship - CORRECT ANSWERS C. money
In Adam Smith's view, which of the following is the role of
government in business?
A. regulating business activity
B. redistributing the wealth created by business
C. determining business production quotas
