Introduction to Business Semester Review

Question 1

___________ utility is when a business changes the form of a product in order to make it easier to use.

Accepted Answer

Form

Question 2

The difference between income earned and expenses incurred by a business during a specific time period is called ______.

Accepted Answer

Profit

Question 3

The activities involved in buying and selling goods on a large scale is ____.

Accepted Answer

Commerce

Question 4

A _________ is anywhere that buyers and sellers meet to buy and sell good and services.

Accepted Answer

Market

Question 5

This type of intermediary buys products from wholesalers & directly from producers to sell them to consumers for profit​

Accepted Answer

Retailer

Question 6

A ________ is a contract to rent something.

Accepted Answer

Lease

Question 7

The North American Industry Classification System (NAICS) is a numeric system used the US, Canada, and Brazil

Accepted Answer

False

Question 8

Sole proprietorships result in unlimited liability for the owner

Accepted Answer

True

Question 9

Fiscal policy are the tax and spending decisions made by the president and ________.

Accepted Answer

Congress

Question 10

Anything that is bought or sold is called a __________.

Accepted Answer

Product

Question 11

SBA refers to an agency of the first government which helps entrepreneurs start, build and grow their business

Accepted Answer

True

Question 12

____ competition is a competitive advantage based on factors other than price.

Accepted Answer

Non-Price

Question 13

When one or more parties does not follow the agreed terms without a legitimate reason is called a __________.

Accepted Answer

Breach of Contract

Question 14

Name That Show:

Accepted Answer

Victorious

Question 15

Name That Artist:

Accepted Answer

Christina Aguilera

Question 16

The customer of service business is often known as a _________.

Accepted Answer

Client

Question 17

The following term describes the general rises in prices in an economy

Accepted Answer

Inflation

Question 18

Name That Company:

Accepted Answer

Apple

Question 19

Name That Artist:

Accepted Answer

Backstreet Boys

Question 20

The four components of GDP are consumer spending, business investment, government spending, and ____.

Accepted Answer

Net Exports

Question 21

The ______ represents the cost of a loan and is expressed as a percent of the amount borrowed.

Accepted Answer

Interest Rate

Question 22

This agency helps to monitor the unemployment rate

Accepted Answer

Department of Labor

Question 23

The total money circulating at any one time in a country is the ____.

Accepted Answer

Money Supply

Question 24

Name That Artist:

Accepted Answer

Wham

Question 25

The following term describes the rise and fall of the prices of products in an economy

Accepted Answer

Consumer Price Index (CPI)

Question 26

Customers who purchase goods and services for their own consumption are known as ________.

Accepted Answer

Consumers

Question 27

__________ is the term for all of the activities involved in developing and exchanging products.

Accepted Answer

Business

Question 28

Name That Business:

Accepted Answer

Gatorade

Question 29

A(n) ____ business is an organization that generates revenue with the goal of making money.

Accepted Answer

For-Profit Business

Question 30

This type of intermediary purchases large quantities of products directly from producers and sell to retailers

Accepted Answer

Wholesaler

Question 31

Name That Show:

Accepted Answer

Phineas and Ferb

Question 32

Principles that help define appropriate behavior in a business setting are ____.

Accepted Answer

business ethics

Question 33

This term defines the market value of all products produced in a country

Accepted Answer

GDP

Question 34

Promoting the welfare of others is called ________.

Accepted Answer

Philanthropy

Question 35

A science that examines how goods and services are sold, produced, and used is called ________.

Accepted Answer

Economics

Question 36

In a perfectly competitive market, buyers and sellers can have a substantial impact on market price

Accepted Answer

True

Question 37

Market research is gathering and analyzing information about a business

Accepted Answer

True

Question 38

The law of ____ says that: price of a product is determined by the relationship of product supply and product demand.

Accepted Answer

Supply and Demand

Question 39

One of the disadvantages of corporations is double taxation

Accepted Answer

True

Question 40

________ means that anyone is able to enter a legally binding contract.

Accepted Answer

Capacity

Question 41

A ____ economy is one in which economic decisions are based on a society’s values, culture, and customs.

Accepted Answer

Traditional

Question 42

A mixed economic system is a combination of a command and traditional economic system

Accepted Answer

False

Question 43

Name That Movie:

Accepted Answer

Home Alone 1

Question 44

Name That Company:

Accepted Answer

Chevrolet

Question 45

Name That Movie:

Accepted Answer

National Lampoons Christmas Vacation

Question 46

Something of value promised in a contract is known as ________.

Accepted Answer

Consideration

Question 47

A ________ is a legally binding agreement between two or more people or businesses.

Accepted Answer

Contract

Question 48

A ________ is a proposal to provide a good or service.

Accepted Answer

Offer

Question 49

The ____ rate is the rate of change in prices calculated on a monthly or yearly basis.

Accepted Answer

Inflation

Question 50

When two or more businesses work together to eliminate their competition, set prices and distribution is known as _____.

Accepted Answer

Collusion

Introduction to Business Semester Review

Questions 50

Introduction to Business Semester Review

Questions 50