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Exploring Economics Final Exam
Exploring Economics Final Exam
61 terms
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#economics
Flashcards
61 cards
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Questions
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Answers
1
What would cause a new business to have very few sales during its first year?
lack of a trademark for the company logo
lack of good advertising campaign
failure to apply for a a loan or grant
failure to pay taxes for the new business
2
The amount of a good or service that a producer can provide
Demand
Supply
3
opening new checking accounts for customers, and preparing certified checks are classified as?
finance
budgeting
accounting
banking
4
The nature of work for a help desk technician would usually include?
answering telephone calls
working outside
managing computer networks
creating software
5
creating a vision for the company, setting standards, communicating goals to employees
controlling
planning
leadring
organizing
6
DISADVANTAGE of a market economy compared with command economy
market econ. do not offer much competition for consumers
market econ. provide equal standard of living for everyone
government sets prices in a market econ.
Market econ. create a huge gap between wealthy and poor
7
Lacey designs computer systems for Dell computers.What is her profession?
computer programmer
Computer engineer
Computer administrator
Help desk technician
8
ADVANTAGE of a command economy compared with other types of economic systems?
business owneers are free to make their own decisions
government makes the decisions about what is produced
government provides an equal standard of living for evryone
decisions are based on customs and tradition
9
A device that connects you to the internet
phone jack
speakers
modem
wifi
10
What is an advantage of a market economy compared with a command economy?
market economies create a gap between the wealthy and poor
market economies provide an equal standard of living
market ecoomies do not offer much competition
the government sets prices in a market economy
11
how does e-commerce impact the U.S economy?
businesses have no need for sales people
businesses have very little competition
consumers except product availability 24-7
consumers refuse to shop in traditional malls
12
Chief financial officers and personal financial advisers are examples of which type of career?
budgeting
finance
banking
accounting
13
Parts of the computer that you cannot touch, the applications
Disk
Software
Hardware
IPOS
14
Which economic system does not use technology
Mixed
Traditional
Market
Command
15
What China and France's economy have in common?
both have strong central government
both allow the market to distribute wealth
both have limited government control over businesses
both rely on consumer to guide and make production decision
16
Promoting, distributing, and products are all classified as which type of function?
human resources
marketing
management
accounting
17
physical parts of the computer
IPOS
software
applications
hardware
18
What is an advantage of a franchise over a sole proprietorship?
Parent company provides traning and support to the business
Franchisees can sell stock to start up the business
franchisees do not have to work in the business
Parent company will pay off the franchisees stat up costs
19
A agreement made to buy or sell commodity (oil or gold) in the future
E-Commerce
Stock
Bonds
Future
20
The point at which the supply and demand curves meet
space and time
supply and demand lines
IDK
equalibrium
21
What is one difference between a bookkeeper and an accountant?
bookkeepers work in banks and accountants work for companies
Bookkeepers earn more money
accountants need more education than bookkeepers
accountants need less education than bookkeepers
22
Juan maintains and operates the network of computer systems at the hotel.What is his profession
Systems administrator
webmaster
Technical writer
systems analyst
23
To protect your LOGO you need a
trademark
copyright
nothing
franchise
24
Individual's need or desire
Supply
Demand
25
Which is an example of a traditional economy
Cuba
China
USA
Amish
26
A specific period of time covered by an accounting statement
Last Year
Fiscal period
Next Year
Time period
27
Reports assets, liabilities, and owner's equity
statement of change
income statement
balance sheet
owner's equity
28
assigning managers different task, coordinating activties
organizing
controlling
leadring
planning
29
which is an example of ethical behavior in the workplace
telling the boss that u cannot work with a coworker
telling a friend something the boss said confidentally
sending a coworker an email asking for an date
turning in actual receipts for a business trip reimbursement
30
Maintain email accounts, installing software applications, maintaining hardware
accounting
operations
human resources
information technology
31
Verifies the accuracy of an organization's financial needs
Banker
Auditor
Stock Broker
Teller
32
What is an asset?
Anything of value
Money Owed
33
What is one difference between a computer programmer and a software designer?
A computer programmer coordinates the coding work
A software designer writes code for systems program
A computer programmer writes the codes for computer program
A computer programmer plans the computer program
34
college presidents, school superintendents, and principals are examples of which career?
education administrator
public relations manager
human resources manager
administrative service manager
35
To protect an invention, you need a
trademark
copyright
patent
nothing
36
How does a bull market impact the U.S economy?
consumers will save more money in the bank and spend less
consumers will purchase fewer single-family homes
consumers will purchase more larger appliances and cars
americans will invest less money in the stock market
37
What do mixed economy and market economy have in common?
big gap between weathly and poor
competition in marketplace
equal standard of living
government controls the market place
38
Money owed by a business
Liability
Income statement
Assest
Balance sheet
39
What is a difference between a consumer and customer?
consumers purchase goods and services
Consumers make goods and services
customers purchase goods and services
customers make goods and services
40
How is a cooperation different from a sole proprietorship and partnership?
corporations provide lower owner taxes
corporations are easier to start
corporations do not require a charter
corporations provide limited owner liability
41
Collecting money from customers,and paying taxes are all examples of which function?
information technology
human resources
Accounting
operations
42
Section in business plan that list income statement. balance sheet, and owners equity
marketing plan
growth plan
financial plan
operational plan
43
How are grandparents, Wachovia bank, and credit unions classified?
potential investors for an entrepreneur
marketing strategies for the new business
legal protection for the new business
fiends and relatives of the entrepreneur
44
E-Commerce stands for
Electronic Commerce
Elite Commerce
Ebates Commerce
Everybody Commerce
45
Identify new investors, apply for a loan, seeking employees
concept development
resourcsing
harvesting
actualization
46
Part of business plan that list the qualifications of management team
management team plan
operational plan
organizational plan
marketing plan
47
Report revenue, expenses,net income (loss)
balance sheet
net worth
owner's equity
income statment
48
Owner's Equity is
amount of assets minus the amount of liabilities
amount of assets minus the amount of assets
amount of assets minus the amount of income
amount of assets minus the amount of owner's equity
49
what is a disadvantage of a traditional economy compared with other types of economic systems?
decisions are centered toward the family
starte-of-the-art technology is not used
competition guides production desicions
government takes care of peoples need
50
Central Bank of the USA
Federal Reserve
Wells Fargo
51
What is an advantage of market economy compared to traditonal
equal standard of living for everyone
innovation and competition in the market place
the government decided what is produced
Economic decisions are made the way they are always made
52
Assets = Liabilities + Owner's Equity is called
Accounting Equation
Accounting Taxes
Accounting Math
Accounting Problem
53
To protect your art work, literacy text, and music, you need a
patent
copyright
nothing
trademark
54
Section in business plan that includes processes involving producing and delivering products
organizational plan
operational plan
marketing plan
financial plan
55
What do wants and needs have in common?
Both needs and wants are services
Both needs and wants are things people must have
Both needs and wants are things people use
Both needs and wants are goods
56
Compare the way economic decisions are made in the U.S. with the way they are made in China.
Tradition dictates how decisions are made in China
Individuals and government make decisions in U.S.
Individuals and government make decisions in China
Government makes all the decisions in the U.S.
57
What type of economy does China and Cuba have
Mixed
Traditonal
Common
Command
58
Part of business plan that includes Price, Place (distribution), Promotion, Product
management plan
financial plan
marketing plan
industry plan
59
report changes in owner's equity accounts
fiscal period
income statement
balance sheet
statement of change in owner's equity
60
In order to start a corporation, a business owner must have a
a charter
IPO
a partner
stocks
61
Loans made by the investor to the issuer
Stocks
Futures
E-Commerce
Bonds
