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PHS BMF Semester Exam Review
Test Description: Semester Exam Review
Instructions: Answer all questions to get your test result.
1) Goods and service one country buys from another country
A
Tariff
B
Embargo
C
Exports
D
Imports
2) Goods and services one country sells to another country
A
Export
B
Import
C
Tariff
D
Embargo
3) A tax placed on imported products to make them more expensive than domestic products
A
Embargo
B
Export
C
Tariff
D
Import
4) A ban on the import or export of a product
A
Embargo
B
Import
C
Tariff
D
Export
5) A contractual agreement to use the name and sell the goods or services of an existing company
A
Partnership
B
Franchise
C
Sole Proprietorship
6) Franchise
A
Franchise
B
Sole Proprietorship
C
Partnership
7) a business owned by only one person
A
Partnership
B
Sole Proprietorship
C
Franchise
8) Guidelines used in making consistent decisions
A
Organizational Chart
B
Mission Statement
C
Policies
9) A diagram that shows the structure of an organization
A
Organizational Chart
B
Policies
C
Mission Statement
10) A short, specific written statement of the reason a business exists and what it wants to achieve
A
Organizational Chart
B
Policies
C
Mission Statement
11) Plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable
A
Start Up Budget
B
Income
C
Expenses
12) Costs of operating a business
A
Income
B
Start Up Budget
C
Expenses
13) Money that an individual or business receives in exchange for providing a good or service
A
Income
B
Start Up Budget
C
Expenses
14) The rise and fall of economic activity over time
A
Business Cycle
B
Sweatshops
C
Code of Ethics
15) A strict set of guideline in a profession or company for upholding ethical behavior in the workplace
A
Sweatshop
B
Code of Ethics
C
Business Cycle
16) Factories that pay poorly, have unsafe working conditions, and treat workers badly
A
Business Cycle
B
Sweatshop
C
Code of Ethics
17) The obligation to do what is best for the welfare of society
A
Social Responsibility
B
EPA
C
FDA
18) A federal law that enforces rules to protect the environment and control pollution
A
EPA
B
Social Responsibility
C
FDA
19) A government agency that protects consumers from dangerous or falsely advertised products
A
EPA
B
Social Responsibility
C
FDA
20) The accepted behaviors, customs, and values of a society or a system of learned, shared, unifying, and interrelated beliefs, values, and assumptions
A
International Business
B
Domestic Business
C
Culture
*select an answer for all questions
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