Question 1

The organized effort of individuals to produce and sell,for a profit,the goods and services that satisfy society's needs is called
A) consumerism.
B) the economy.
C) capitalism.
D) business.
E) the workplace.

Accepted Answer

Business refers to the organized effort of individuals to produce and sell goods and services for profit, meeting the needs of society.

Question 2

A business' efforts to sustain the planet and their participation in ecological movements are part of a firm's
A) free enterprise system.
B) stakeholder responsibilities.
C) factors of production.
D) social responsibility.
E) business cycle.

Accepted Answer

The efforts of a business to sustain the planet and participate in ecological movements fall under the realm of social responsibility. This involves a business's voluntary actions to improve environmental and social conditions, beyond what is legally required, in order to contribute to the betterment of society and the planet.

Question 3

Stella and Matt went to the mall.While there they passed a Vans store,Nike's store,New Balance store,and Adidas store.Matt commented that there was really a large number of sellers and noted that there seemed to be many buyers as well.What kind of market competition is represented by these stores?
A) Perfect.
B) Monopolistic.
C) Oligopoly.
D) Monopoly.

Accepted Answer

The answer of Stella and Matt went to the mall.While...

Question 4

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____,deemed an important management trait.
A) interpersonal skills
B) conceptual skills
C) leading and motivating functions
D) mechanical skills
E) controlling functions

Accepted Answer

Conceptual skills involve the ability to think in abstract terms and see the big picture. These skills are important for managers who need to understand how different parts of the organization fit together and how changes in one area may impact other areas. Interpersonal skills refer to the ability to work effectively with others, leading and motivating functions involve inspiring and guiding employees, mechanical skills involve expertise in a specific area (such as technical or analytical skills), and controlling functions involve monitoring and adjusting the organization's performance.

Question 5

Of the following,which is not considered a basic management function necessary to be an effective manager?
A) Planning
B) Organizing
C) Leading and motivating
D) Controlling
E) Selling

Accepted Answer

Selling is not a basic management function. While it may be important for certain industries or positions, it is not a fundamental aspect of managing a team or department. The other options (planning, organizing, leading and motivating, controlling) are considered essential management functions.

Question 6

Organizations that combine raw materials,machinery,and labor to produce goods are called
A) manufacturing businesses.
B) service businesses.
C) merchandisers.
D) market intermediaries.
E) processors.

Accepted Answer

Manufacturing businesses are the type of organizations that combine raw materials, machinery, and labor to produce goods.

Question 7

Melinda lives in a country where individuals may own their own property and the factors of production,however,the government lays very heavy taxes on individuals and businesses and uses the taxes to provide life-long pensions to each citizen in accordance with their economic need.The government also provides almost free medical and dental services and education through college.This kind of economic system could best be described as
A) communist.
B) socialist.
C) mixed.
D) capitalist.

Accepted Answer

The answer of Melinda lives in a country where individuals...

Question 8

When an individual chooses his or her ideal career,it is most likely a reflection of one's
A) values.
B) hobbies.
C) skills.
D) education.
E) desire to be rich.

Accepted Answer

Choosing an ideal career is a personal decision that is influenced by an individual's values. Values refer to the things that are important to a person, such as helping others, freedom, creativity, and personal growth. Therefore, one's values play a significant role in determining the type of career path that would be fulfilling and rewarding. Hobbies, skills, education, and financial objectives may also play a role, but they are not as crucial as values in determining one's ideal career.

Question 9

Stephanie would like to study abroad for a year before graduating from college.She would like to live someplace that is close to her native country of Ireland in terms of development because she will need to use the Internet for many of her classes.She can choose from programs in three countries.What could she use to measure the economic performance of the three countries?
A) Gross Domestic Product.
B) Productivity and Gross Domestic Productivity.
C) Marketing measures.
D) Accounting processes.

Accepted Answer

Gross Domestic Product (GDP) is a commonly used measure of a country's economic performance and can indicate the level of development in terms of infrastructure, technology, and access to resources such as the internet. This would allow Stephanie to make an informed decision about which country would be best suited for her studies.

Question 10

What resource tells the managers of a business how effectively the other three resources are being combined and used?
A) Technical
B) Human
C) Financial
D) Material
E) Informational

Accepted Answer

The informational resource provides data and metrics that can help managers evaluate how effectively the other resources are being combined and used. It includes information about productivity, efficiency, and other key performance indicators that can be used to identify areas for improvement and optimization.

Question 11

Raw materials,buildings,and machinery are ____ resources.
A) human
B) financial
C) informational
D) labor
E) material

Accepted Answer

Raw materials, buildings, and machinery are all physical objects or substances, making them material resources. Human resources refer to the people involved, financial resources involve money, informational resources involve knowledge or data, and labor resources refer to the work being done by people.

Question 12

George would like to start his own lawn maintenance business but is not quite sure where to begin or what to do to start a business.He has come to you for advice.What would you recommend for him to do?
A) First,determine what you want,why you want to do it,and write it down.
B) Focus on one task at a time then bounce between these tasks to accomplish them all.
C) Structure your time and do all of the mundane unimportant things first so they don't hang over your head all day.
D) Don't leave your desk until the job is done.If you take breaks,you may forget what you were doing and have to start over.

Accepted Answer

Starting a business requires a clear understanding of what you want to achieve and why you want to do it. Writing these down helps to clarify your goals and motivations, and can serve as a reference point as you move forward with your business.

Question 13

Andrewand Timmy are neighbors.Andrew owns a boat but never uses it.Timmy owns a car that he no longer needs since his son left for college in another state.Andrew needs a car.Andrew and Timmy make an agreement to trade the boat for car.What is the economic term given to this kind of exchange?
A) Barter.
B) Buying and selling.
C) Bargained-for exchange.
D) Replevin.

Accepted Answer

In a barter exchange, goods or services are directly traded without the use of money. In this scenario, Andrew and Timmy are exchanging their assets directly without involving money, hence it is a barter exchange.

Question 14

____ resources are the individuals who provide labor for an organization in exchange for wages.
A) Human
B) Material
C) Labor
D) Financial
E) Informational

Accepted Answer

Human resources refer to the people who work for an organization and provide labor in exchange for wages. Material resources refer to physical items used in the production of goods or services, labor resources refer to the individuals who provide the labor to produce goods or services, financial resources refer to the money used to finance operations, and informational resources refer to information used to make decisions and operate the organization.

Question 15

Cultural diversity represents
A) a business theory that is no longer valid.
B) the differences among people in a workforce.
C) a technical skill.
D) a statistical method used to project sales revenues and profits for global companies.
E) a religious issue that doesn't affect business organizations.

Accepted Answer

Cultural diversity represents the differences among people in a workforce, including differences in race, ethnicity, gender, age, religion, and other factors. This is an important consideration for businesses as they strive to create inclusive and diverse work environments that respect and value the unique perspectives and experiences of every employee.

Question 16

Which of the following companies is an example of a manufacturer?
A) Best Buy
B) Intel
C) Walmart
D) McDonalds
E) H&R Block

Accepted Answer

Intel is a company that manufactures computer hardware, including microprocessors, chipsets, and other components. The other options are not manufacturers, but instead are retailers (Best Buy, Walmart), fast food chains (McDonald's), and a tax preparation service (H&R Block).

Question 17

When a firm's sales revenues are greater than its expenses,the firm has a
A) profit.
B) loss.
C) positive cash flow.
D) financial resource.
E) factor of production.

Accepted Answer

A profit is generated when a firm's sales revenues exceed its expenses. This indicates that the firm is making money and has a positive financial position.

Question 18

Zoe,geologist,has discovered a new mineral which she named brellio.She believes that it can be used to generate clean energy.The mineral is much like uranium and can be used to create energy without the harmful radiation side-effects.What factors of production will she use to mine the mineral and establish her energy business?
A) Land and natural resources,labor,capital,and entrepreneurship.
B) Natural resources,political associations,and capital.
C) Labor,advertising,and capital.
D) Entrepreneurship,labor,and ethics.

Accepted Answer

Zoe will need land and natural resources (to mine the mineral), labor (to extract and process the mineral), capital (to invest in equipment and infrastructure for mining and energy generation), and entrepreneurship (to establish and manage her energy business).

Question 19

____ resources include the funds needed to pay wages,purchase raw materials,and operate a business.
A) Human
B) Financial
C) Informational
D) Labor
E) Material

Accepted Answer

Financial resources refer to the funds needed to run a business, including the money required to pay wages, purchase raw materials, and cover other operational expenses. Therefore, option B is the most appropriate choice. The other options (human, informational, labor, and material resources) are other types of resources a business may require, but they do not directly relate to the funds needed to operate the business.

Question 20

When a firm's expenses are greater than its sales revenue,the firm has a
A) profit.
B) loss.
C) negative cash flow.
D) recession.
E) depression.

Accepted Answer

When a firm's expenses are greater than its sales revenue, it is operating at a loss. This means that the firm is not generating enough revenue to cover its expenses and is therefore losing money.

Quiz 1: Exploring the World of Business and Economics

The organized effort of individuals to produce and sell,for a profit,the goods and services that satisfy society's needs is called

A business' efforts to sustain the planet and their participation in ecological movements are part of a firm's

Stella and Matt went to the mall.While there they passed a Vans store,Nike's store,New Balance store,and Adidas store.Matt commented that there was really a large number of sellers and noted that there seemed to be many buyers as well.What kind of market competition is represented by these stores?

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____,deemed an important management trait.

Of the following,which is not considered a basic management function necessary to be an effective manager?

Organizations that combine raw materials,machinery,and labor to produce goods are called

When an individual chooses his or her ideal career,it is most likely a reflection of one's

What resource tells the managers of a business how effectively the other three resources are being combined and used?

Raw materials,buildings,and machinery are ____ resources.

George would like to start his own lawn maintenance business but is not quite sure where to begin or what to do to start a business.He has come to you for advice.What would you recommend for him to do?

Andrewand Timmy are neighbors.Andrew owns a boat but never uses it.Timmy owns a car that he no longer needs since his son left for college in another state.Andrew needs a car.Andrew and Timmy make an agreement to trade the boat for car.What is the economic term given to this kind of exchange?

____ resources are the individuals who provide labor for an organization in exchange for wages.

Cultural diversity represents

Which of the following companies is an example of a manufacturer?

When a firm's sales revenues are greater than its expenses,the firm has a

____ resources include the funds needed to pay wages,purchase raw materials,and operate a business.

When a firm's expenses are greater than its sales revenue,the firm has a