CFM FINAL 2024 (CORRECT ANSWERS)

CFM FINAL 2024 (CORRECT ANSWERS) Consists of all profit-seeking activities and enterprises that provide goods and services - business Which of the following is a tangible good? - IPhone Which of the following is NOT a service - Mp3 Player The process of returning a product for a new one - Exchange Schneider Inc. is a business that takes cotton and sells them to companies that make jeans and sweatshirts. Because they take the cotton straight from a farm they own this type of business would be known as a/an: - Extractor The company that makes the jeans and sweatshirts in question 5 would be known as what type of company? (Keep in mind they are buying raw materials and making them into a consumer product.) - Manufacturer Jerry buys an X-Box 360 from best buy. After 3 days of playing it the X-Box over heats and breaks the system completely. He sends the X-Box back to Microsoft and they mail him a brand new one. From this information we can assume that Microsoft offered a_____________: - Manufacturer Warranty The means through which goods and services are produced are called: - Factors of production Which of the following is a reward for business people that take risks in blending people, technology, and information to create and market want-satisfying goods and services? - Profits What are the four factors of production - land, labor, entrepreneurship, capital Equipment and tools fall under which of the four factors of production - Capital The willingness to take risks and create and operate a business is known as - Entrepreneurship Economic system that rewards businesses for their ability to perceive and serve the needs and demands of customers. It also minimizes government inference - The Private Enterprise System what are the 3 economic roles? - consumer role, citizen role, worker role . By volunteering your time at any community center; Paying Taxes; and voting in an election which role are you participating in? - Citizen Role Which economic role helps companies understand the demand for an item at a certain price? - Consumer Role What role does Dr. Fulton play in the economy by being our Principal at Hewlett High School? - Worker Role What are the rights of the private enterprise system? - ) Private Property, Profits, Freedom of Choice, Fair Competition Which right of the private enterprise system allowed Mr. Pittelli to change jobs from Smith Barney to Hewlett High School? - Freedom of Choice Mr. Colbert lives in a nation where all the goods and services are produced the way they have always been produced in his nation. He produces food and water the same way his grandparents and great-grandparents did. Mr. Colbert lives in which type of economy? - Custom Based Economy Mr. Stewart lives in a DEMOCRATIC nation that rewards businesses for providing goods and services based on the consumers wants and needs. There is little government interference so for the most part businesses can operate in a way they think will be most profitable. What type of economy does Mr. Stewart live in: - Market Economy Mr. Marsh lives in a nation where the government controls all of the aspects of the nation. They decide what job people get, how goods and services are produced, and how the goods and services are distributed to the people. What type of economy does Mr. Marsh live in? - Command Economy Mr. McCormick lives in a nation that is undergoing a lot of economic changes. They used to be a command economy but they are now starting to take on a lot of attributes of a market economy. During this transitional period how could you classify this type of economy? - Mixed Economy What is the term used to describe the desire to work hard to earn more money - Profit Motive When economic professionals want to measure our economy they always look at which of the following - Gross Domestic Product The total dollar value of all final goods and services produce in a country during one year - GDP What is NOT calculated in GDP - Work you do for yourself in your home Which of the following is ONE of the components of GDP - Consumer Spending Which of the following is when a company in the United States hires workers in another country - Outsourcing In any kind of economy the government is in charge of 3 economic questions. Which of the following is NOT one of the economic questions? - What type of health care should be available to other countries Amy wants to go into the business of construction contracting. Which of the following would be a reason that would convince Amy to set up her business as a sole proprietorship? - Its greater organizational flexibility Tom owns ABC Enterprises, a sole proprietorship. In a sole proprietorship, the liability of the owner is - Unlimited