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