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PoB 5.00 - Economics (3 Of 3)
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) For a business, income remaining after payment of expenses is:
A
loss
B
profit
C
capital
D
debt
2) Which of the following is an example of a speculative business risk?
A
A cutomer is injured at a business and sues the company.
B
A cashier gives unauthorized discounts to friends.
C
A supplier's shipment is lost in transit.
D
A special promotion fails to increase sales.
3) What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?
A
$232,420
B
$368,730
C
$471,350
D
$523,820
4) Which of the following represents a natural risk for the owner of a delivery service?
A
Accident
B
Rising prices
C
Snowstorm
D
Government intervention
5) In business terms, what is profit?
A
A risky venture
B
A holiday bonus
C
A good investment
D
A monetary reward
6) Carefully selecting goods or services to sell is an example of handling business risks by _______________ the risk.
A
bypassing
B
avoiding
C
transferring
D
controlling
7) The basic economic role of the United States government is to:
A
maintain control of prices
B
increase production
C
limit business startups
D
protect U.S. citizens
8) 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
Robinson-Patman Act
C
Celler-Kefauver Act
D
Clayton Act
9) 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
refund checks
C
discount coupons
D
rebate certificates
10) When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:
A
clearance sales
B
nonprice competition
C
price fixing
D
offering rebates
11) Which problem is most associated with communist command economies?
A
high taxes
B
Individuals run the risk of losing their businesses
C
no competition
D
Supply and demand control what will be produced
12) The owner of a small company decides to stock a new product. Which business activity should the owner use to inform potential customers about the new product?
A
management
B
production
C
finance
D
marketing
13) What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $102,620 in cost of goods?
A
$471,350
B
$523,820
C
$368,730
D
$232,420
14) A major characteristic of a market economy is which type of ownership of property?
A
private
B
monopolistic
C
government
D
limited
15) Which situation would most likely indicate the need to adapt to changes in the business environment?
A
The number of the business's competitors has decreased
B
The business has experienced little employee turnover during the past year
C
The demand for the product is stable.
D
The supply of materials used in manufacturing a product has decreased.
16) A small-business owner whose business is a sole proprietorship is planning to “go global.” What method for going global would be best to recommend to the small-business owner?
A
Start by merging with a foreign business that can sell your products
B
Start by building facilities in the countries of interest
C
Start by hiring an export management company
D
Start by renting facilities in the countries of interest and hiring foreign employees
17) A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?
A
Yes, the museum will be a not-for-profit business.
B
No, the museum will not be considered a business.
C
No, the museum will be a charitable institution.
D
Yes, the museum will be a for-profit business.
18) The owner of a small company decides to stock a new product. Which business activity should the owner use to inform potential customers about the new product?
A
finance
B
marketing
C
management
D
production
19) The two main divisions of the trade industry are:
A
manufacturers and wholesalers
B
wholesalers and retailers
C
wholesalers and producers
D
producers and retailers
20) If a business is not concerned about social responsibility, it is likely to
A
prosper
B
be a failure
C
become solvent
D
grow
*select an answer for all questions
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