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NOCTI General Management REVIEW
With Complete Questions And Answers
Market Price-correct-answer-The point where supply and demand are equal.
Market Economy-correct-answer-An economy in which the resources are owned
and controlled by the people of the country.
Opportunity Cost-correct-answer-The value of the next-best alternative that you
were not able to choose.
Profit-correct-answer-The amount of money available to the business after all
costs and expenses have been paid.
Supply-correct-answer-The quantity of a good or service that businesses are
willing and able to provide.
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Trade-off-correct-answer-What you make when you give something up to have
something else.
Traditional Economy-correct-answer-An economy in which goods and services are
produced the way they have always been produced. It is used in countries that are
less developed and are not yet participating in the global economy.
Consumer-correct-answer-A person who buys and uses goods and services.
Bond-correct-answer-A certificate representing a promise to pay a definite
amount of money at a stated interest rate on a specified due date.
Budget Deficit-correct-answer-A financial situation that occurs when a
government spends more than it takes in.
Budget Surplus-correct-answer-A financial situation that occurs when a
government spends less than it takes in.
NOCTI General Management REVIEW
With Complete Questions And Answers
Market Price-correct-answer-The point where supply and demand are equal.
Market Economy-correct-answer-An economy in which the resources are owned
and controlled by the people of the country.
Opportunity Cost-correct-answer-The value of the next-best alternative that you
were not able to choose.
Profit-correct-answer-The amount of money available to the business after all
costs and expenses have been paid.
Supply-correct-answer-The quantity of a good or service that businesses are
willing and able to provide.
, 2|Page
Trade-off-correct-answer-What you make when you give something up to have
something else.
Traditional Economy-correct-answer-An economy in which goods and services are
produced the way they have always been produced. It is used in countries that are
less developed and are not yet participating in the global economy.
Consumer-correct-answer-A person who buys and uses goods and services.
Bond-correct-answer-A certificate representing a promise to pay a definite
amount of money at a stated interest rate on a specified due date.
Budget Deficit-correct-answer-A financial situation that occurs when a
government spends more than it takes in.
Budget Surplus-correct-answer-A financial situation that occurs when a
government spends less than it takes in.
