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A(n) ___ is any debt you have.
 
Liability
 
Credit
 
Refund
 
Asset
What is meant by "promotional mix"?
 
The combination of the types of promotion a business uses
 
A set of key words that all good ad campaigns should use
 
A schedule of TV ads that air at different times of day
In a retail business, what number do you get by subtracting an item's cost from its price?
 
Margin
 
Profit
 
Discount
 
Overhead
In the context of retail, which of the following means the same as "stock"?
 
Inventory
 
Headroom
 
Common
 
Floor space
"Our company supports environmental responsibility by encouraging employees to recycle and only paper products made from recycled materials." is a statement that would most likely appear in a company's:
 
code of ethics
 
list of employee rules
 
employment contract
 
collective bargaining agreement
If you live in a "right to work" state you are required to join a union for your job if one exists.
False
For a contract to be enforceable, only one party must agree to all of the terms.
False
For a contract to be enforceable, it must be in writing.
False
Which law gave workers the right to organize with the purpose of collective bargaining?
 
National Industrial Recovery Act
 
The Equal Employment and Opportunity Commission
 
Universal Declaration of Human Rights
 
The Bill of Rights
To have a valid contract, you must make sure that all parties are receiving something of value by performing the contract. This is known as the concept of:
 
capacity
 
complies with law
 
consideration
 
consent
Unions were formed for which of the following reason?
 
ensure safe working conditions for workers
 
help employers control workers
 
make sure all workers receive the same wages
 
make sure all people who want to work have a chance to work
Which of the following would NOT be something that is subject to collective bargaining?
 
building of a fast food restaurant nearby for worker's lunch
 
how much vacation time an employee is allowed
 
the cost of healthcare insurance paid by workers
 
wages paid to employees
A _____________ is an organization of workers who have come together to achieve work related goals, such as higher pay and better conditions.
Union
Company XYXY makes a product that it knows to be unsafe for children to use, but does not tell it's customers. Is Company XYXY breaking the law when it does this?
 
Yes-it is against the law to produce an unsafe product.
 
No, this is just how you do business.
 
No. It is not legally wrong to do this.
My job is to take care of all of the advertising for the company. I contact the radio stations, newspapers, and social media outlets to make sure that potential customers know about our store. My job is most probably in the ______________
 
Marketing
 
Information Management
 
Human Resources
 
Financial Analysis
I am responsible for taking care of all of the company's fiscal needs, which include taking deposits to the bank, preparing financial reports, and writing checks to pay for the company's bills. My job is most probably in the company's ___
 
Financial Analysis
 
Human Resources
 
Information Management
 
Marketing
I interview and hire employees and make sure that employees sign up for benefits such as insurance and health care. I also help handle any employee disputes with managers. My job is most probably in the________________department.
 
Human Resources
 
Marketing
 
Strategic Management
 
Financial Analysis
My job is to oversee the factory line where we produce hand sanitizer. I make sure that everything is working properly with the machines, that we have enough supplies, and that the workers are doing their jobs. What department am I in?
 
Operations Management
 
Strategic Management
 
Marketing
 
Human Resources
I have a job at XYZ Corporation. My job is to compile data and generate reports to distribute to managers about how many customers come in to our store each day. My job is most probably in the ______________ department of the company.
 
Information Management
 
Human Resources
 
Marketing
 
Financial Analysis
Which of the following is probably a competitor of Mary's CD Shop?
 
B Flat Video and Audio Entertainment
 
Food Clown Grocery Store
 
Donna's Donut Hut
 
Al's Garage
Jennifer purchases a soda to drink on the way to school. Jennifer is a:___________
 
both customer and consumer
 
producer
 
customer
 
consumer
Which of the following products is a service as opposed to a good?
 
a haircut
 
a lawn mower
 
a sandwich
 
a pair of shoes
Jonah has $35 to spend. He decides to go to Typhoon Texas with his friends instead of buying a new shirt. Jonah has:
 
made an economic trade-off
 
made a poor economic decision
 
satisfied a need
 
purchased a good
Which scenario best represents the concept of form utility?
 
David takes a chunk of wood and makes a table from it
 
Lisa Decides to open a lemonade stand at a busy corner
From the owner's point of view, what is the MAIN purpose of a business?
 
to make a profit
 
to pay taxes
 
to satisfy a want or need
 
to pay wages to workers
Jose has a car he wants to sell. Julie wants to buy the car but doesn't have enough money. She offers to trade Jose his car for her cat, dog, and motorcycle. This is known as the system of:
 
Bartering
 
Money
 
Markets
 
Command Economy
Which factor of production best describes the workers who assemble a product?
 
Labor
 
Land
 
Capital
 
Entreprenuers
Which government agency is responsible for ensuring that the products we purchase for consumption are safe?
 
FDA
 
FTC
 
DoD
 
EEOC
The______________price is the point where supply and demand are equal is called
Market Equillibrium
Anywhere a business exchange takes place is called a
Market
The money left over from sales after all of the costs of operating the business have been paid is called_________________.
Profit
When you make an economic choice, the _____________is the value of the next best alternative that you did not choose.
Opportunity Cost
A(n)______________is a risk taker who uses resources in a new way to create a new product or service.
Entreprenuer
Which of the following situations will probably cause the price of a product to drop?
 
Many companies begin producing fidget spinners
 
A snack food is very popular & only one company produces it
 
A big snowstorm is approaching with a few shovels in stock
 
Half of the world's diamond mines shut down production
Generally, as the price of a product increases,
 
businesses will be willing to supply more of the product
 
consumers will be willing to purchase larger quantities
 
the supply curve will slope downward
 
demand will increase
Which type of economy is centered around meeting people's basic needs?
 
Traditional
 
Market
 
Mixed
 
Command
Who own the resources in a market economy?
 
The people of the country
 
The business people
 
The tribal leaders
 
The government
The government of Erewhon owns and controls all the economic resources and decides how those resources will be used. The government even assigns people specific jobs and careers. Erewhon uses which type of economic system?
 
Command
 
Traditional
 
Mixed
 
Market
Which of the following is an economic need?
 
Water
 
A new TV
 
Concert tickets
 
A loaded SUV
Buildings, equipment, and supplies are examples of natural resources.
False
Goods and services are purchased by businesses as well as individuals.
True
Things that are required in order to live are known as wants.
False
What type of business is a car wash?
Service
What type of business sells would to Home Depot?
Wholesaler
What type of business is a grocery store?
Retailer
What type of business is a business that makes yarn?
Manufacturing


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