FREE BUSINESS AND STUDY GAMES ABOUT BUSINESS CH

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FREE BUSINESS AND STUDY GAMES ABOUT BUSINESS CH

1-4 EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -29 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: A market situation (or industry) in which there are few sellers

Answer:

Oligopoly

Question 2: For a business, stakeholders represent

Answer:

all the different people or groups who are affected in some way by the business

Question 3: an individual or organization granting the franchise

Answer:

franchisor

Question 4: Examples of command economies include

Answer:

socialism and communism

Question 5: Organizations that contain raw materials, machinery, and labor to produce goods are called

Answer:

manufacturing business

Question 6: The consumer price index (CPI)

Answer:

is a monthly index that tracks the prices paid by consumers and is often used to measure inflation Question 7: If the Land of Mercury had total exports of 150 billion and total imports of 234 billion, it had a

Answer:

trade deficit

Question 8: The application of moral standards to business situations

Answer:

Business ethics

Question 9: a carefully constructed guide for the person starting a business

Answer:

business plan

Question 10: why some small business fail

Answer:

lack of capital and cash-flow problems, flack of management skills, and over expansion Question 11: a governmental agency that assists, counsels, and protects the interests of small business in the U.S.

Answer:

the small business administration

Question 12: Another name for an import duty is a

Answer:

tariff

Question 13: The economic model of social responsibility places primary emphasis on

Answer:

economic return Question 14: China is selling school supplies in the Untied States for very low prices, even lower than the prevailing prices in China, and thus making it extremely difficult for American manufactures to compete. This is referred to as

Answer:

dumping

Question 15: The ultimate objective of every firm must be to

Answer:

satisfy the needs of their customers

Question 16: the actual granting of a franchise

Answer:

franchising Question 17: According to economists, natural resources, labor, capital, and entrepreneurship are called

Answer:

factors of production

Question 18: Arguments for imposing trade restrictions include

Answer:

equalizing a nations balance of payments Question 19: The total dollar value of all goods and services produced by all people within the boundaries of a country is called

Answer:

gross domestic product Question 20: a and business that is independently owned operated for profit and is not dominant in its field

Answer:

a small business

Question 21: a person or organization purchasing a franchise

Answer:

franchise Question 22: When a firms sales revenue are greater than it expenses, the firm has a

Answer:

profit Question 23: Mike Amerson decides to start a residential landscaping business. How would this business most likely be classified

Answer:

service business

Question 24: three basic purpose for creating a business plan

Answer:

communications, management, planning Question 25: Which of the following scenarios would not be considered international business

Answer:

a bearing manufacturer in South Carolina sells its parts to a Toyota plant in Kentucky Question 26: a license to operate an individually owned business as through it were part of a chain of outlets or stores

Answer:

franchise Question 27: The organized effort of individuals to produce and sell, for a profit, the goods and service that satisfy societies needs is called

Answer:

business Question 28: Purchasing products or materials in other nations and bringing them into one's country is

Answer:

importing