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Business Fundamentals Unit 1 Review
Test Description: Unit 1 Review
Instructions: Answer all questions to get your test result.
1) Human Resources
A
The people who produce goods and services are known as
B
things available to be used to produce goods and services.
C
Hearts, Livers, Lungs, etc..
D
things that add comfort and pleasure to your life.
2) Scarcity
A
what you make when you give something up to have something else.
B
A really, really scary city.
C
Having too much of something
D
not having enough resources to satisfy every need.
3) Capitalism
A
the method a country uses to answer the three economic questions.
B
Making the first letter in a sentence capital
C
an economy in which resources are owned and controlled by the government.
D
the private ownership of economic resources by individuals rather than by the government.
4) Producer
A
a person who buys and uses goods and services.
B
individuals and organizations that determine what products and services will be available for sale.
C
the point where supply and demand are equal.
5) Market Price
A
the quantity of a good or service that consumers are willing and able to buy.
B
All of the above, Mike pick this one.
C
the point where supply and demand are at their lowest points
D
the point where supply and demand are equal.
6) Prosperity
A
IDK
B
the production output in relation to a unit of input, such as a worker.
C
not having enough resources to satisfy every need.
D
During this, the demand for goods and services are high.
7) A bond
A
represents ownership in a corporation
B
James Bond
C
a certificate representing a promise to pay a definite amount of money at a stated interest rate on a specified due date.
8) The United States conducts trade with more than 180 countries.
A
False
B
True
9) Balance of Trade
A
the difference between the amount of money that comes into a country and the amount that goes out of a country.
B
the difference between a country’s total exports and total imports.
C
goods and services bought from other countries.
D
goods and services sold to other countries
10) infrastructure
A
restrictions to free trade.
B
an action imposed by the government to stop the export or import of a product completely.
C
a factor that supports international trade in industrialized countries, including a nation’s transportation, communication, a
11) Code of Ethics
A
a set of rules for guiding the action of employees or members of an organization.
B
Top secret information of a company
C
a natural resource that cannot be replaced when used up.
12) economic resources.
A
a natural resource that cannot be replaced when used up.
B
The means through which goods and services are produced are called
C
money
13) A mixed economy combines elements of
A
command and market economies
B
command, market, and traditional economies.
C
market and traditional economies.
D
the duty of a business to contribute to the well-being of a community.
14) The quantity of a good or service that businesses are willing and able to provide is called
A
supply
B
demand
C
needs
D
wants
15) GDP stands for
A
Gross Dirty People
B
Gosh Darn People
C
Gross Domestic Product
16) About how many people are employed in the United States?
A
127 million
B
209 million
C
4
D
158 million
17) Patent
A
a distinctive name, symbol, word, picture, or combination of these that a company uses to identify products or services.
B
the protection of the creative work of authors, composers, and artists.
C
the exclusive right of an inventor to make, sell, and use a product or process.
18) Imports
A
Items bought from other countries
B
Items sold to other countries
19) The right to use a company name or business process in a specific way is called a
A
license.
B
proprietorship.
C
franchise.
D
joint venture.
20) consideration
A
The tax levied on goods and services that is collected by the seller is called
B
something of measurable value must be exchanged by the parties involved
C
when a business has control of the market for a product or service.
*select an answer for all questions
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