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