FTCE Business Ed 6-12 questions and answers
2025\2026 A+ Grade
Economic Growth
- correct answer An indicator. This is the growth of the labor force and the growth of the labor
productivity.
Substantive Law
- correct answer Defines Legal rights and duties. It is concerned with all rules of conduct except those
involved.
Genius Forecasting
- correct answer A method based on mixture of intuition, insight, and luck. It is impossible to recognize a
good forecast until the forecast has come to pass with this method.
Barriers to Entry
- correct answer Government regulations, technology, input, and economics of scale are all part of this.
They prevent competition and encourage monopolies.
Development
- correct answer A stage of the new product process when product prototypes are created and tested in
the lab and on consumers.
Market Testing
- correct answer Product is tested as well as the marketing strategy in the marketplace on a small scale.
Commercialization
- correct answer Product is positioned and offered in the marketplace
Absolute Advantage
- correct answer The concept that nations should focus their efforts on creating the goods that they can
make most efficiently.
, Prize Indemnity Insurance
- correct answer Indemnification insurance for a promotion in which the participants are offered the
chance to win prizes. Instead of keeping cash reserves to cover large prices the promoter pays a
premium to an insurance company, which then reimburses the insured should a prize be given away.
Indemnification
- correct answer A contractual right where one party agrees to cover the losses of another party under
specific circumstances.
Rational Expectations Theory
- correct answer The theory that businesses, consumers, and workers understand how the economy
functions and effectively uses available information to protect or further their own self-interest.
Free Market
- correct answer A system where the prices of goods are determined by the open market and
consumers.
Open Market
- correct answer An unrestricted market with free access and competition of buyers and sellers
Intermittent Production
- correct answer When a limited quantity of a product is made in manufacturing. Example: Seasonal
Items
Custom Production
- correct answer Products and services are made unique for each customer. Involves customer in the
materials, design, or individualization of it.
Continuous Production
- correct answer A continuous process or flow the materials, either dry bulk or fluids that are being
processed continuously undergoing chemical reactions or subject to merchanical heat treatments
Proactive Marketing Orientation
- correct answer Focusing on customers' unexpressed or latent needs. the firm operating in this manner
2025\2026 A+ Grade
Economic Growth
- correct answer An indicator. This is the growth of the labor force and the growth of the labor
productivity.
Substantive Law
- correct answer Defines Legal rights and duties. It is concerned with all rules of conduct except those
involved.
Genius Forecasting
- correct answer A method based on mixture of intuition, insight, and luck. It is impossible to recognize a
good forecast until the forecast has come to pass with this method.
Barriers to Entry
- correct answer Government regulations, technology, input, and economics of scale are all part of this.
They prevent competition and encourage monopolies.
Development
- correct answer A stage of the new product process when product prototypes are created and tested in
the lab and on consumers.
Market Testing
- correct answer Product is tested as well as the marketing strategy in the marketplace on a small scale.
Commercialization
- correct answer Product is positioned and offered in the marketplace
Absolute Advantage
- correct answer The concept that nations should focus their efforts on creating the goods that they can
make most efficiently.
, Prize Indemnity Insurance
- correct answer Indemnification insurance for a promotion in which the participants are offered the
chance to win prizes. Instead of keeping cash reserves to cover large prices the promoter pays a
premium to an insurance company, which then reimburses the insured should a prize be given away.
Indemnification
- correct answer A contractual right where one party agrees to cover the losses of another party under
specific circumstances.
Rational Expectations Theory
- correct answer The theory that businesses, consumers, and workers understand how the economy
functions and effectively uses available information to protect or further their own self-interest.
Free Market
- correct answer A system where the prices of goods are determined by the open market and
consumers.
Open Market
- correct answer An unrestricted market with free access and competition of buyers and sellers
Intermittent Production
- correct answer When a limited quantity of a product is made in manufacturing. Example: Seasonal
Items
Custom Production
- correct answer Products and services are made unique for each customer. Involves customer in the
materials, design, or individualization of it.
Continuous Production
- correct answer A continuous process or flow the materials, either dry bulk or fluids that are being
processed continuously undergoing chemical reactions or subject to merchanical heat treatments
Proactive Marketing Orientation
- correct answer Focusing on customers' unexpressed or latent needs. the firm operating in this manner
