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Business 101 Unit 1 Review Flashcards | StudBud
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Business 101 Unit 1 Review
Business 101 Unit 1 Review
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Flashcards
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Questions
22
Answers
1
What is the term that means a product is in short supply?
Surplus
Scarce
Unavailable
Low stock
2
Which of the following DO NOT contribute to Quality of Life?
Not-for-profit organizations
Schools
Businesses
Government
3
Apple Is an example of what type of business?
Merchandising
Manufacturing
Service
Hybrid
4
Which one of the following is a CAPITAL resource?
An assembly line worker
Oil
Tools
The manager
5
What is the primary goal of a business?
Improve the Quality of Life in the Community
Provide jobs
Make a profit
Provide goods and services to consumers
6
What happens to a goods price when the supply for that good decreases?
It stays the same.
It goes up.
It goes down.
7
In terms of business, Natural Resources, Labor, Entrepreneurship, and Capital are known as?
Types of jobs at the factory.
Accounting categories
Inputs to the manufacturing process.
Factors of Production
8
Businesses contribute to Quality of Life.
TRUE
FALSE
9
Waukesha Metal Products Is an example of what type of business?
Service
Manufacturing
Hybrid
Merchandising
10
The amount of goods and services that consumers will buy at various prices?
Equalibrium Point
Supply line
Demand line
11
What is an example of a GOOD?
Babysitting
Software
Repairs for a Chromebook
A haircut
12
What is one thing businesses DO NOT provide to their communities?
Services
Organizations
Jobs
Products
13
What happens to a goods price when the demand for that good increases?
It stays the same.
It goes down.
It goes up.
14
An auto repair shop Is an example of what type of business?
Manufacturing
Merchandising
Service
Hybrid
15
What does a business provide to it's customers?
Quality of Life
Profit
Jobs
Goods and services
16
In terms of the Factors of Production, how would you categorize Jeff Bezos?
Entrepreneurship
Natural Resource
Labor
Capital
17
Target Is an example of what type of business?
Merchandising
Service
Hybrid
Manufacturing
18
What is the amount of goods and services producers will provide at various prices?
Equalibrium Point
Demand line
Supply line
19
Which of the following is NOT a business category?
Service
High visibility
Merchandising
Manufacturing
20
What is a PROFIT?
The amount the business spends on raw materials
The amount sold minus all expenses
The total amount sold
The amount sold minus taxes
21
This type of business sells finished products to end consumers.
Retailer
Manufacturer
Processor
Producer
22
What is an example of a SERVICE?
New brakes for your car
Paint for your house
Housekeeping
A meal
