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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
government regulation.
C
product prices.
D
economic choices.
2) In business terms, what is profit?
A
a monetary reward
B
a good investment
C
a risky venture
D
a holiday bonus
3) When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
A
nonprice competition.
B
price fixing.
C
offering rebates.
D
clearance sales.
4) For a business, income remaining after payment of expenses is:
A
capital.
B
loss.
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
sales receipts
B
discount coupons
C
rebate certificates
D
refund checks
6) A major characteristic of a market economy is which type of ownership of property?
A
limited
B
monopolistic
C
government
D
private
7) Who decides how goods and services will be marketed in a private enterprise economic system?
A
legislators
B
business people
C
competitors
D
consumers
8) A business selects goods or services to sell. Which type of risk is this business using?
A
transferring risk
B
bypassing risk
C
avoiding risk
D
controlling risk
9) Which is a problem associated with communist command economies?
A
There is no competition.
B
Individuals run the risk of losing their businesses.
C
Supply and demand control what will be produced.
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
military
B
welfare
C
capitalist
D
consumer
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
Sherman Act
B
Clayton Act
C
Celler-Kefauver Act
D
Robinson-Patman Act
12) The basic role of the United States government is to:
A
maintain control of prices.
B
protect U.S. citizens.
C
limit business startups.
D
increase production.
13) Which is an example of a speculative business risk?
A
A special promotion fails to increase sales.
B
A customer is injured at a business and sues the company.
C
A cashier gives unauthorized discounts to friends.
D
A supplier's shipment is lost in transit.
14) Which represents a natural risk for the owner of a delivery service?
A
government intervention
B
accident
C
snowstorm
D
rising prices
*select an answer for all questions
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