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BEM1O - Business Flashcards | StudBud
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BEM1O - Business
BEM1O - Business
25 terms
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20 plays
#business #knowledge
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Which statement best describes an
export
for a Canadian business?
A service purchased from a local supplier
Online business
Raw materials they purchase from other parts of the world
A good or service they sell overseas
2
A braded clothing store with latest fashion is meeting what kind of consumer needs?
Safety needs
Physiological, social and esteem needs
Self actualization needs
Physiological and social needs
3
Which is NOT a business objective?
Increase sales
Survive
Scam customers
Make profits
4
If £1 = $1.50, then a $150 weekend break in New York will cost a UK customer:
£100
$600
£225
£600
5
Which country is the biggest producer of natural gas?
Russia
Iran
Qatar
The United States
6
What is the basic economic problem?
Resources are available in infinite (unlimited) supply
There aren’t enough needs and wants
Unlimited needs and limited resources creates scarcity
Unlimited wants and limited resources create scarcity (shortage)
7
Which nation is not a member of the Asia-Pacific Economic Cooperation (APEC)?
Panama
Russia
China
Mexico
8
If the CA$ is weaker (1$ = less of other currencies)
Import and export prices are unaffected
Exports become cheaper, imports become more expensive
Exports and imports become more expensive
Exports become cheaper, imports become cheaper
9
Which statement is true?
When prices are low, supply is high
When supply is high, prices are high
When prices are low, demand is relatively high
When demand is high, supply is low
10
Value added (profit) is...
Cost of goods sold + selling price
Selling price + cost of goods sold
Cost of goods sold - selling price
Selling price - cost of goods sold
11
If interest rates fall,
a currency becomes stronger.
it becomes cheaper for firms to borrow money.
consumers safe more of their income.
a firm's costs rises.
12
Which of the following is NOT a commodity (raw material)?
Coffee
Nike trainers
Gold
Money
13
If £1 = $1.80, then a £1,000 order of British cheese will cost in Canada for:
$18000
$180
$1800
$1080
14
What country had the highest crude oil production in 2023?
Russia
China
The United States
Saudi Arabia
15
The price of chocolate falls. Which statement best describes the reason why this has happened?
More manufacturers are making chocolate
The cost of sugar has risen
Demand for chocolate has risen
Supply of chocolate has fallen
16
What year did NAFTA (The North American Free Trade Agreement) enter into force?
1994
2002
1998
1990
17
If firms can correctly forecast future economic conditions:
They are less likely to need to borrow money from a bank
They are less likely to experience falling revenues
They are more likely to achieve growth over time
They are more likely to survive a recession
18
What are the factors of production?
Land, labour, capital and entrepreneurship
Land, labour and enterprise
Employment, ethics, age and gender
Money, food, shop. land
19
What does NAFTA not offer?
Guranteed success
Less or no tariffs
Convenience to trade between Canada, USA, and Mexico.
Free trade zone
20
Which of the following countries is not one of the three largest trade partners of the USA?
Canada
China
Japan
Mexico
21
If the CA $ becomes stronger:
Costs of imported goods and raw materials will rise
Canadian manufacturers may experience a fall in overseas sales
Canadian manufacturers may experience a rise in overseas sales
Canadian holiday makers may choose to holiday at home
22
What is the largest stock exchange in the world in terms of market capitalisation?
Hong Kong Stock Exchange
Tokyo Stock Exchange
New York Stock Exchange
Nasdaq Stock Market
23
If the interest rate rises,
small firms can sell goods more cheaply.
consumers will save more, and borrow and spend less.
consumers will borrow more money.
firms can borrow money more cheaply.
24
A tuition Centre offering guaranteed success in school is meeting what kind of consumer needs?
Safety needs
Esteem needs and social needs
Physiological needs
Self actualization needs
25
The price of petrol rises, which statement best describes the effect on a small delivery firm?
The firm's costs rise and so might prices
The firm's costs rise but the prices will not
The firm's prices will fall
The firm will go bankrupt
