Question 1

All of the following except ____ are effects felt by individuals in regard to the health of a nation's economy.

Accepted Answer

A)  the amount of interest paid for a home 
B)  acquiring a job 
C)  obtaining financing for your education 
D)  increases in productivity 
E)  the interest paid on credit card purchases 
A)  the amount of interest paid for a home 
B)  acquiring a job 
C)  obtaining financing for your education 
D)  increases in productivity 
E)  the interest paid on credit card purchases

Question 2

Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted for inflation?

Accepted Answer

A)  Altered gross domestic product 
B)  Gross domestic product 
C)  Real gross domestic product 
D)  Altered gross national product 
E)  Gross national product 
A)  Altered gross domestic product 
B)  Gross domestic product 
C)  Real gross domestic product 
D)  Altered gross national product 
E)  Gross national product

Question 4

A legal monopoly is also referred to as a(n)

Accepted Answer

A)  limited monopoly 
B)  public monopoly 
C)  natural monopoly 
D)  oligopoly 
E)  legal oligopoly 
A)  limited monopoly 
B)  public monopoly 
C)  natural monopoly 
D)  oligopoly 
E)  legal oligopoly

Question 5

Adam Smith developed the concept of the invisible hand to explain how all economic activity should be based on a nation's needs and not the individual's needs.

Accepted Answer

A) True 
 B)False

Question 6

A depression is a severe recession that lasts longer than a recession.

Accepted Answer

A) True 
 B)False

Question 7

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A)  Planning 
B)  Organising 
C)  Leading and motivating 
D)  Controlling 
E)  Selling 
A)  Planning 
B)  Organising 
C)  Leading and motivating 
D)  Controlling 
E)  Selling

Question 9

Command economies include capitalism, socialism, and communism.

Accepted Answer

A) True 
 B)False

Question 10

The relationship between sales and profits can be written as

Accepted Answer

A)  sales revenues + expenses = profit. 
B)  loss + profit = sales revenue. 
C)  profit -expenses = sales revenue. 
D)  expenses + loss = sales revenue + profit. 
E)  sales revenue - expenses = profit. 
A)  sales revenues + expenses = profit. 
B)  loss + profit = sales revenue. 
C)  profit -expenses = sales revenue. 
D)  expenses + loss = sales revenue + profit. 
E)  sales revenue - expenses = profit.

Question 11

The factors of production include natural resources, labour, government assistance, and entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 12

The ultimate goal of every business firm should be to satisfy the needs of its customers.

Accepted Answer

A) True 
 B)False

Question 13

In a socialist economy, key industries owned by the government include all except

Accepted Answer

A)  utilities. 
B)  communications. 
C)  food production. 
D)  banking. 
E)  transportation. 
A)  utilities. 
B)  communications. 
C)  food production. 
D)  banking. 
E)  transportation.

Question 14

The organised effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through the Internet is known as

Accepted Answer

A)  business. 
B)  economy. 
C)  entrepreneurship. 
D)  e-business. 
E)  e-marketing. 
A)  business. 
B)  economy. 
C)  entrepreneurship. 
D)  e-business. 
E)  e-marketing.

Question 15

____ is a loose, subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

Accepted Answer

A)  Employment success 
B)  Standard of wealth 
C)  Standard of living 
D)  Economic satisfaction 
E)  Satisfaction economic factor 
A)  Employment success 
B)  Standard of wealth 
C)  Standard of living 
D)  Economic satisfaction 
E)  Satisfaction economic factor

Question 16

Andrew Cooper decides to become a part owner of a corporation.As a part owner, he expects to receive a profit as payment because he has assumed the risk of

Accepted Answer

A)  serious inflation eroding the purchasing power of his investment. 
B)  being paid before the suppliers and employees are paid. 
C)  losing his home, car, and life savings. 
D)  losing the money he has invested in the corporation and not receiving profits. 
E)  the company giving all of the profits to local communities. 
A)  serious inflation eroding the purchasing power of his investment. 
B)  being paid before the suppliers and employees are paid. 
C)  losing his home, car, and life savings. 
D)  losing the money he has invested in the corporation and not receiving profits. 
E)  the company giving all of the profits to local communities.

Question 17

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

Accepted Answer

A)  profit. 
B)  loss. 
C)  positive cash flow. 
D)  financial resource. 
E)  factor of production. 
A)  profit. 
B)  loss. 
C)  positive cash flow. 
D)  financial resource. 
E)  factor of production.

Question 18

Fluctuations in a nation's economy are referred to as its

Accepted Answer

A)  economic upheaval. 
B)  inflation problem. 
C)  depression cycle. 
D)  business cycle. 
E)  recession period. 
A)  economic upheaval. 
B)  inflation problem. 
C)  depression cycle. 
D)  business cycle. 
E)  recession period.

Question 19

Randall Newman distributes rawhide to several different homes.In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Randall sells the finished goods.This represents a(n)

Accepted Answer

A)  oligopoly. 
B)  domestic system. 
C)  system of specialisation. 
D)  factory system. 
E)  barter system. 
A)  oligopoly. 
B)  domestic system. 
C)  system of specialisation. 
D)  factory system. 
E)  barter system.

Question 20

Which of the following is not one of the four states included in a typical business cycle?

Accepted Answer

A)  Repression 
B)  Peak 
C)  Recession 
D)  Trough 
E)  Recovery 
A)  Repression 
B)  Peak 
C)  Recession 
D)  Trough 
E)  Recovery

All of the following except ____ are effects felt by individuals in regard to the health of a nation's economy.

Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.

Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted for inflation?

A legal monopoly is also referred to as a(n)

Adam Smith developed the concept of the invisible hand to explain how all economic activity should be based on a nation's needs and not the individual's needs.

A depression is a severe recession that lasts longer than a recession.

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

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

Command economies include capitalism, socialism, and communism.

The relationship between sales and profits can be written as

The factors of production include natural resources, labour, government assistance, and entrepreneurship.

The ultimate goal of every business firm should be to satisfy the needs of its customers.

In a socialist economy, key industries owned by the government include all except

The organised effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through the Internet is known as

____ is a loose, subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

Andrew Cooper decides to become a part owner of a corporation.As a part owner, he expects to receive a profit as payment because he has assumed the risk of

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

Fluctuations in a nation's economy are referred to as its

Randall Newman distributes rawhide to several different homes.In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Randall sells the finished goods.This represents a(n)

Which of the following is not one of the four states included in a typical business cycle?

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters

Exam 1: Introduction to Business

All of the following except ____ are effects felt by individuals in regard to the health of a nation's economy.

Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.

Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted for inflation?

A legal monopoly is also referred to as a(n)

Adam Smith developed the concept of the invisible hand to explain how all economic activity should be based on a nation's needs and not the individual's needs.

A depression is a severe recession that lasts longer than a recession.

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

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

Command economies include capitalism, socialism, and communism.

The relationship between sales and profits can be written as

The factors of production include natural resources, labour, government assistance, and entrepreneurship.

The ultimate goal of every business firm should be to satisfy the needs of its customers.

In a socialist economy, key industries owned by the government include all except

The organised effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through the Internet is known as

____ is a loose, subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

Andrew Cooper decides to become a part owner of a corporation.As a part owner, he expects to receive a profit as payment because he has assumed the risk of

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

Fluctuations in a nation's economy are referred to as its

Randall Newman distributes rawhide to several different homes.In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Randall sells the finished goods.This represents a(n)

Which of the following is not one of the four states included in a typical business cycle?

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters