Business Essentials SEMESTER
EXAM Questions with Correct
Answers
public wants - ANSWERSwants that are shared by many people
b - ANSWERSAll of the following involve offering services except
a.
banking.
c.
sports and entertainment.
b.
DVDs.
d.
tourism.
profit - ANSWERSThe reward for satisfying the needs and wants of consumers and
businesses is
competition - ANSWERS_________ forces businesses to decide how to best use and
conserve their resources
d - ANSWERSFor businesses to stay successful, they must offer
a.
quality products.
c.
competitive prices.
b.
outstanding service.
d.
all of the above.
a - ANSWERSWhen developing a product or service, a business must do all of the
following except
a.
create a need for the product or service.
b.
evaluate the demand for the product or service.
c.
obtain start-up and operating capital.
d.
,keep records to satisfy government requirements.
d - ANSWERSMarket research provides information that can help a business
a.
identify opportunities.
b.
evaluate demand.
c.
respond to market goods and services.
d.
all of the above
make a profit - ANSWERSBusinesses supply goods and services to
decreasing demand for it - ANSWERSA business may stop manufacturing a product
because
there is a
will be most profitable - ANSWERSCompetition is possible because companies have
the freedom to produce products they think
clothing - ANSWERSThe basic needs of people include food, water, shelter and
needs - ANSWERSbusinesses provide goods and services to satisfy wants and
b - ANSWERSAll of the following are resources except
a.
money.
c.
fuel.
b.
transportation.
d.
labor.
competition - ANSWERSThe contest among businesses to win customers is called
d - ANSWERSTo avoid failure, a business can modify
a.
its products.
c.
its business practices.
b.
its services.
d.
all of the above
, scarcity - ANSWERSA shortage of resources is called
demand exceeds supply - ANSWERSScarcity occurs when
a - ANSWERSAll of the following are factors of production except
a.
educational resources.
c.
labor resources.
b.
natural resources.
d.
capital resources.
renewable - ANSWERSSome natural resources, such as wheat and cattle, are
capital resources - ANSWERSBuildings, delivery trucks, and equipment are all
examples of
entrepreneurial - ANSWERSOf the four factors of production, the resource that must
adapt to meet society's changing wants and needs is
opportunity cost - ANSWERSDeciding to use a resource for one purpose and giving up
the chance to use it for something else is
privately owned - ANSWERSIn a market economy, resources are
the government - ANSWERSIn a command economy, resources and businesses are
owned and controlled by
consumers will buy - ANSWERSIn a market economy, the higher the price the less
profit motive - ANSWERSThe desire to make a profit is
will cover their costs and result in a profit - ANSWERSIn a market economy, producers
set a price that
earn the same - ANSWERSin a command economy, highly skilled workers ____ ___
_____ as low-skilled workers
mixed economy - ANSWERSMost nations have a
socialistic - ANSWERSEconomies with greater governmental control of resources are
considered more
EXAM Questions with Correct
Answers
public wants - ANSWERSwants that are shared by many people
b - ANSWERSAll of the following involve offering services except
a.
banking.
c.
sports and entertainment.
b.
DVDs.
d.
tourism.
profit - ANSWERSThe reward for satisfying the needs and wants of consumers and
businesses is
competition - ANSWERS_________ forces businesses to decide how to best use and
conserve their resources
d - ANSWERSFor businesses to stay successful, they must offer
a.
quality products.
c.
competitive prices.
b.
outstanding service.
d.
all of the above.
a - ANSWERSWhen developing a product or service, a business must do all of the
following except
a.
create a need for the product or service.
b.
evaluate the demand for the product or service.
c.
obtain start-up and operating capital.
d.
,keep records to satisfy government requirements.
d - ANSWERSMarket research provides information that can help a business
a.
identify opportunities.
b.
evaluate demand.
c.
respond to market goods and services.
d.
all of the above
make a profit - ANSWERSBusinesses supply goods and services to
decreasing demand for it - ANSWERSA business may stop manufacturing a product
because
there is a
will be most profitable - ANSWERSCompetition is possible because companies have
the freedom to produce products they think
clothing - ANSWERSThe basic needs of people include food, water, shelter and
needs - ANSWERSbusinesses provide goods and services to satisfy wants and
b - ANSWERSAll of the following are resources except
a.
money.
c.
fuel.
b.
transportation.
d.
labor.
competition - ANSWERSThe contest among businesses to win customers is called
d - ANSWERSTo avoid failure, a business can modify
a.
its products.
c.
its business practices.
b.
its services.
d.
all of the above
, scarcity - ANSWERSA shortage of resources is called
demand exceeds supply - ANSWERSScarcity occurs when
a - ANSWERSAll of the following are factors of production except
a.
educational resources.
c.
labor resources.
b.
natural resources.
d.
capital resources.
renewable - ANSWERSSome natural resources, such as wheat and cattle, are
capital resources - ANSWERSBuildings, delivery trucks, and equipment are all
examples of
entrepreneurial - ANSWERSOf the four factors of production, the resource that must
adapt to meet society's changing wants and needs is
opportunity cost - ANSWERSDeciding to use a resource for one purpose and giving up
the chance to use it for something else is
privately owned - ANSWERSIn a market economy, resources are
the government - ANSWERSIn a command economy, resources and businesses are
owned and controlled by
consumers will buy - ANSWERSIn a market economy, the higher the price the less
profit motive - ANSWERSThe desire to make a profit is
will cover their costs and result in a profit - ANSWERSIn a market economy, producers
set a price that
earn the same - ANSWERSin a command economy, highly skilled workers ____ ___
_____ as low-skilled workers
mixed economy - ANSWERSMost nations have a
socialistic - ANSWERSEconomies with greater governmental control of resources are
considered more
