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POBF 5.02 - Economic Systems (2016)
Test Description: POBF 5.02 - Economic Systems (2016)
Instructions: Answer all questions to get your test result.
1) In a private enterprise economic system, the interaction of supply and demand primarily determines:
A
the extent of pollution.
B
economic choices.
C
government regulation.
D
product prices.
2) In business terms, what is profit?
A
a monetary reward
B
a holiday bonus
C
a risky venture
D
a good investment
3) When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
A
price fixing.
B
offering rebates.
C
clearance sales.
D
nonprice competition.
4) For a business, income remaining after payment of expenses is:
A
loss.
B
capital.
C
profit.
D
debt.
5) Which would customers need to present at the time of purchase to get money taken off the purchase price of the item?
A
refund checks
B
sales receipts
C
discount coupons
D
rebate certificates
6) A major characteristic of a market economy is which type of ownership of property?
A
limited
B
government
C
private
D
monopolistic
7) Who decides how goods and services will be marketed in a private enterprise economic system?
A
business people
B
competitors
C
consumers
D
legislators
8) A business selects goods or services to sell. Which type of risk is this business using?
A
controlling risk
B
avoiding risk
C
bypassing risk
D
transferring risk
9) Which is a problem associated with communist command economies?
A
Individuals run the risk of losing their businesses.
B
Supply and demand control what will be produced.
C
There is no competition.
D
There are high taxes.
10) Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?
A
consumer
B
military
C
capitalist
D
welfare
11) A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?
A
Clayton Act
B
Celler-Kefauver Act
C
Sherman Act
D
Robinson-Patman Act
12) The basic role of the United States government is to:
A
maintain control of prices.
B
limit business startups.
C
protect U.S. citizens.
D
increase production.
13) Which is an example of a speculative business risk?
A
A supplier's shipment is lost in transit.
B
A cashier gives unauthorized discounts to friends.
C
A special promotion fails to increase sales.
D
A customer is injured at a business and sues the company.
14) Which represents a natural risk for the owner of a delivery service?
A
government intervention
B
accident
C
rising prices
D
snowstorm
*select an answer for all questions
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