EBM S1 Review Question Preview (ID: 33878)


Strand 1 Review. TEACHERS: click here for quick copy question ID numbers.

Owned by one person. Owner must pay for everything needed for the business. Owner has unlimited liability.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Franchise

A symbol, word, or words legally registered or established by use as representing a company or product.
a) Patent
b) Trademark
c) Copyright
d) Jingle

A license conferring a right or title for a set period to make, use, or sell an invention.
a) Copyright
b) Trademark
c) Patent
d) Slogan

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

If something is permitted by law it is.....
a) Moral
b) Ethical
c) Legal
d) Illegal

The point where the demand line and the supply line meet.
a) Demand
b) Equilibrium
c) Supply
d) Balance

Moral principles that govern a person's or a group's behavior
a) Ethics
b) Laws
c) Wants
d) Needs

The amount of good or services that customers are willing to buy at various prices
a) Law of Demand
b) Law of Supply
c) Equilibrium
d) Resources

The amount of goods or services a business is will to make or offer at specific prices.
a) Opportunity Cost
b) Law of Demand
c) Law of Supply
d) Capital Resources

Owned by two or more people. Relatively easy to start. Partners share the liabilities and the profits.
a) Sole Proprietorship
b) Partnership
c) Corporation
d) Franchise

The cost of an alternative that must be forgone (given up) in order to pursue a certain action.
a) Wants
b) Opportunity cost
c) Scarcity
d) Demand

Owned by many stockholders, pays taxes on profits, has limited liability
a) Sole Proprietorship
b) Franchise
c) Corporation
d) Non-Profit

People who work/labor at a business
a) Natural Resources
b) Human Resources
c) Capital Resources
d) Business Resources

Assets used to make goods and services
a) Human Resources
b) Capital Resources
c) Natural Resources
d) Business Resources

Tools, Money, Cars, Computers are examples of...
a) Business Resouces
b) Natural Resources
c) Human Resources
d) Capital Resources

Everything contained on (or in) the earth
a) Natural Resources
b) Human Resources
c) Capital Resources
d) Business Resources

Things used to make goods and/or services
a) Demand
b) Services
c) Goods
d) Resources

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) Demand
c) Supply
d) Opportunity Cost

Tangible Products - something you can touch that can be exchanged for money
a) Services
b) Goods
c) Wants
d) Needs

Intangible Products - things performed for you in exchange for money
a) Goods
b) Wants
c) Services
d) Demand

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