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EBM S1 Review
Test Description: Strand 1 Review
Instructions: Answer all questions to get your test result.
1) The concept that no one can can everything they want. Individuals and societies have to balance wants and needs with limited resources.
A
Scarcity
B
Supply
C
Demand
D
Opportunity Cost
2) Tangible Products - something you can touch that can be exchanged for money
A
Goods
B
Services
C
Wants
D
Needs
3) Intangible Products - things performed for you in exchange for money
A
Services
B
Goods
C
Wants
D
Demand
4) Things used to make goods and/or services
A
Resources
B
Goods
C
Services
D
Demand
5) Everything contained on (or in) the earth
A
Natural Resources
B
Human Resources
C
Capital Resources
D
Business Resources
6) People who work/labor at a business
A
Business Resources
B
Natural Resources
C
Human Resources
D
Capital Resources
7) Assets used to make goods and services
A
Business Resources
B
Capital Resources
C
Natural Resources
D
Human Resources
8) Tools, Money, Cars, Computers are examples of...
A
Business Resouces
B
Human Resources
C
Natural Resources
D
Capital Resources
9) Owned by many stockholders, pays taxes on profits, has limited liability
A
Corporation
B
Franchise
C
Non-Profit
D
Sole Proprietorship
10) Owned by two or more people. Relatively easy to start. Partners share the liabilities and the profits.
A
Sole Proprietorship
B
Corporation
C
Partnership
D
Franchise
11) The cost of an alternative that must be forgone (given up) in order to pursue a certain action.
A
Demand
B
Wants
C
Opportunity cost
D
Scarcity
12) The amount of goods or services a business is will to make or offer at specific prices.
A
Opportunity Cost
B
Capital Resources
C
Law of Supply
D
Law of Demand
13) The amount of good or services that customers are willing to buy at various prices
A
Resources
B
Law of Supply
C
Law of Demand
D
Equilibrium
14) The point where the demand line and the supply line meet.
A
Demand
B
Equilibrium
C
Supply
D
Balance
15) Moral principles that govern a person's or a group's behavior
A
Wants
B
Needs
C
Ethics
D
Laws
16) If something is permitted by law it is.....
A
Illegal
B
Ethical
C
Legal
D
Moral
17) The exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
A
Copyright
B
Patent
C
Trademark
D
Logo
18) A symbol, word, or words legally registered or established by use as representing a company or product.
A
Trademark
B
Copyright
C
Jingle
D
Patent
19) A license conferring a right or title for a set period to make, use, or sell an invention.
A
Copyright
B
Trademark
C
Slogan
D
Patent
20) Owned by one person. Owner must pay for everything needed for the business. Owner has unlimited liability.
A
Franchise
B
Partnership
C
Sole Proprietorship
D
Corporation
*select an answer for all questions
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