Principles of Business - Objective 5.0

Question 1

The productivity of an individual worker can be measured by:

Accepted Answer

# of customers served divided by # of hours employee worked

Question 2

When manufacturers give back part of the purchase price of an item, they are engaged in:

Accepted Answer

offering rebates

Question 3

Which is a factor that affects the business environment?

Accepted Answer

industry competition

Question 4

Businesses that successfully adapt to current market situations often realize that:

Accepted Answer

change is an opportunity

Question 5

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Accepted Answer

a seller's market

Question 6

One factor that might limit the human resources available for certain jobs is a/an:

Accepted Answer

inadequate pay level

Question 7

1 reason why businesses develop a design that requires a board of directors is because a board:

Accepted Answer

provides experience that increases business credibility

Question 8

Which situations would cause prices to rise?

Accepted Answer

insects destroy a large cotton crop

Question 9

Which is a reason that natural resources are considered limited?

Accepted Answer

the earth has certain boundaries

Question 10

Which is an external factor that affects market price?

Accepted Answer

consumer buying power

Question 11

If a business is not concerned about social responsibility, it is likely to:

Accepted Answer

be a failure

Question 12

One reason that has caused the government's role in business to expand is that:

Accepted Answer

people's attitudes have changed

Question 13

Which is a problem associated with communist command economies?

Accepted Answer

There is no competition

Question 14

The usefulness of a product to consumers is referred to as product:

Accepted Answer

utility

Question 15

A U.S. company would decide to offer its products in other countries as a reason to:

Accepted Answer

expand to new, untapped markets

Question 16

Which represents a natural risk for the owner of a delivery service?

Accepted Answer

snowstorm

Question 17

What state is a country in if its gov't. provides them with free medical care, education, etc.

Accepted Answer

welfare

Question 18

They gave credit to a company to use them as a sole source of supplies. Fed. act was violated?

Accepted Answer

Clayton Act

Question 19

In a private enterprise economic system, the interaction of supply and demand determines:

Accepted Answer

product prices

Question 20

Which change provides the most time utility for a consumer?

Accepted Answer

staying open for business on the weekend

Question 21

Which factor has aided the most in creating a global business environment?

Accepted Answer

technology

Question 22

The owner of a company stocks a new product. Which activity should he use to inform customers?

Accepted Answer

marketing

Question 23

There is $762,750 in income, $291,400 in expenses, and $238,930 in cost of goods? Net Profit?

Accepted Answer

$232,420

Question 24

Who decides how goods and services will be marketed in a private enterprise economic system?

Accepted Answer

business people

Question 25

Which is an example of a speculative business risk?

Accepted Answer

a special promotion fails to increase sales

Question 26

3 workers work 35 hrs/wk & make total of 9,765 items. What is total hourly productivity level?

Accepted Answer

93

Question 27

Which is an example of ethical business behavior?

Accepted Answer

testing products to ensure they are safe to use

Question 28

Which is an example of an economic service?

Accepted Answer

concert ticket

Question 29

Which occurs when the supply of individuals who are able and willing to work diminishes?

Accepted Answer

human resources become limited

Question 30

Which would customers need, to get money taken off the purchase price of the item?

Accepted Answer

discount coupons

Question 31

The formula that is generally used to measure productivity is:

Accepted Answer

outputs divided by inputs

Question 32

The two main divisions of the trade industry are:

Accepted Answer

wholesalers and retailers

Question 33

Which situation would indicate the need to adapt to changes in the business environment?

Accepted Answer

supply of materials used in making a product has decreased

Question 34

If Max opens a museum and charges just enough admission to pay the expenses, is it a business?

Accepted Answer

yes, the museum will be not-for-profit business

Question 35

Which is an example of an economic factor that affects the business environment?

Accepted Answer

business cycle

Question 36

A local dry cleaner that also launders and presses shirts is selling:

Accepted Answer

consumer services

Question 37

When prices increase, producers usually:

Accepted Answer

increase supply

Question 38

When lowering the sticker prices on cars because of low demand, which type of market is this?

Accepted Answer

buyer's

Question 39

Which group of words best describes wants?

Accepted Answer

unlimited, changing, and competing

Question 40

Which is a natural resources that can be renewed through people's efforts?

Accepted Answer

trees

Question 41

For a business, income remaining after payment of expenses is:

Accepted Answer

profit

Question 42

3 factors that affect the structure of a business are interpersonal relationships, tasks, and:

Accepted Answer

authority

Question 43

The desire for which item(s) would be considered a non economic want?

Accepted Answer

a walk

Question 44

The government can borrow money from the private sector to pay the costs of regulation by:

Accepted Answer

issuing bonds

Question 45

In business terms, what is profit?

Accepted Answer

a monetary reward

Question 46

A business (sole proprietorship) owner is planning to “go global.” What method should he use?

Accepted Answer

Start by hiring an export management company

Question 47

If a farmer had to reduce the amount of apple tree acres for more cows, it is an example of:

Accepted Answer

opportunity cost

Question 48

The basic role of the United States government is to:

Accepted Answer

protect U.S. citizens

Question 49

Equilibrium price of a good or service is determined by trial and error and exists when:

Accepted Answer

the amount supplied is equal to the amount demanded

Question 50

Business ethics involve considering issues about what is:

Accepted Answer

right and wrong

Question 51

A majority characteristic of a market economy is which type of ownership of property?

Accepted Answer

private

Question 52

Which affects the business environment because it provides the most options for consumers?

Accepted Answer

global competition

Question 53

A business selling winter holiday decorations in late autumn is creating what type of utility?

Accepted Answer

time

Question 54

Which provides government protection of business property?

Accepted Answer

patents

Question 55

A business selects goods or services to sell. Which type of risk is this business using?

Accepted Answer

controlling risk

Principles of Business - Objective 5.0

Questions 55

Principles of Business - Objective 5.0

Questions 55