Business management exam test
quiz and answers graded A+
What is anything that people can use to make or obtain what they need or want? -
ANS✅✅Resource
What is a procedure for carefully considering alternative and their consequences before making a
final decision? - ANS✅✅Decision making
What must a business must do what to the people and equipment to provide a product? -
ANS✅✅Organize
Even if a business has natural resources, capital resources, and entrepreneurial resources it still can
not function without what? - ANS✅✅factor of production
What is the amount of money left over after a business has paid the cost of its goods and services? -
ANS✅✅Profits
Who is a person who selects, purchases, uses, or disposes of goods or services? - ANS✅✅A
consumer
The decision to stop manufacturing products is often because there is a decrease in what? -
ANS✅✅demand
What type of resource is the headquarters of IBM? - ANS✅✅Capital Resource
Henry Ford, William Hewlett, and David Packard are examples of What kind of resources? -
ANS✅✅entrepreneurial
What is the study of how society chooses to use resources to provide goods and services for people's
consumption? - ANS✅✅Business
Anywhere money changes hands is called a? - ANS✅✅Market
, In what kind of economy are economic decisions made in the marketplace according to the laws of
supply and demand? - ANS✅✅Market economy
For producers to earn a profit and produce goods and services what has to be high enough? -
ANS✅✅Price
What is the amount of goods and services that consumers are willing to buy at various prices -
ANS✅✅demand
What is the amount of goods and services that producers will provide at various prices -
ANS✅✅supply
A market economy is often called private enterprise or what? - ANS✅✅Capitalism
When will people probably cut back on spending - ANS✅✅In a recession
What were the harsh economic conditions in the United States in the 1930s called? - ANS✅✅A
depression (The Great Depression)
Prosperity, Recession, Depression, and Recovery are called what? - ANS✅✅The business cycle
What is a measure of how well the people in an economic system live? - ANS✅✅standard of living
What occurs when a recession effects related industries? - ANS✅✅A ripple effect
One indicator of a growing economy is a decrease in what? - ANS✅✅Unemployment rate
What happens when an economy becomes too productive and inflation spirals out of control? -
ANS✅✅hyperinflation
The duty to do what is best for the good of society is called? - ANS✅✅Social responsibility
quiz and answers graded A+
What is anything that people can use to make or obtain what they need or want? -
ANS✅✅Resource
What is a procedure for carefully considering alternative and their consequences before making a
final decision? - ANS✅✅Decision making
What must a business must do what to the people and equipment to provide a product? -
ANS✅✅Organize
Even if a business has natural resources, capital resources, and entrepreneurial resources it still can
not function without what? - ANS✅✅factor of production
What is the amount of money left over after a business has paid the cost of its goods and services? -
ANS✅✅Profits
Who is a person who selects, purchases, uses, or disposes of goods or services? - ANS✅✅A
consumer
The decision to stop manufacturing products is often because there is a decrease in what? -
ANS✅✅demand
What type of resource is the headquarters of IBM? - ANS✅✅Capital Resource
Henry Ford, William Hewlett, and David Packard are examples of What kind of resources? -
ANS✅✅entrepreneurial
What is the study of how society chooses to use resources to provide goods and services for people's
consumption? - ANS✅✅Business
Anywhere money changes hands is called a? - ANS✅✅Market
, In what kind of economy are economic decisions made in the marketplace according to the laws of
supply and demand? - ANS✅✅Market economy
For producers to earn a profit and produce goods and services what has to be high enough? -
ANS✅✅Price
What is the amount of goods and services that consumers are willing to buy at various prices -
ANS✅✅demand
What is the amount of goods and services that producers will provide at various prices -
ANS✅✅supply
A market economy is often called private enterprise or what? - ANS✅✅Capitalism
When will people probably cut back on spending - ANS✅✅In a recession
What were the harsh economic conditions in the United States in the 1930s called? - ANS✅✅A
depression (The Great Depression)
Prosperity, Recession, Depression, and Recovery are called what? - ANS✅✅The business cycle
What is a measure of how well the people in an economic system live? - ANS✅✅standard of living
What occurs when a recession effects related industries? - ANS✅✅A ripple effect
One indicator of a growing economy is a decrease in what? - ANS✅✅Unemployment rate
What happens when an economy becomes too productive and inflation spirals out of control? -
ANS✅✅hyperinflation
The duty to do what is best for the good of society is called? - ANS✅✅Social responsibility
