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Intro to Business S1 Review Part 1 Flashcards | StudBud
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Intro to Business S1 Review Part 1
Intro to Business S1 Review Part 1
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Semester 1 Final Exam review Ch. 1, 2, 5, 6, 7 Mr. Spratt Cameron Spratt Castle High School
Flashcards
36 cards
F
Practice quiz
P
Host live
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Questions
36
Answers
1
Which of the following would NOT go into GDP?
Buying a brand new car
Government spending on military
Buying a used couch from the Goodwill store
Dairy Queen buying a new refrigerator
2
If a city collects $10 million in taxes and spends $15 million on expenses, it has a
budget deficit
budget surplus
3
GDP measures a country's economic output during what amount of time?
3 weeks
5 months
2 years
1 year
4
The peak of the business cycle when the GDP is high and unemployment is low.
Depression
Prosperity
Recovery
Recession
5
Getting your hair cut is an example of a
service
good
natural resource
limited resource
6
Food, water, and shelter are all considered
Equity
Needs
Wants
Economic Questions
7
What type of economy focuses mainly on survival and maintaining cultural values?
Market
Command
Mixed
Traditional
8
Purchasing stock in a company means you own a very small % of the company. This is also called
Equity
Credit
Profit
Bond
9
Which organizational structure is this?
Functional
Matrix
10
Which of the following businesses would NOT be classified as a producer?
Wholesaler
Extractor
Manufacturer
Farmer
11
The type of influence that results from mastery of a topic.
Position
Reward
Influence
Expert
12
Classify the following business: Skyzone
Intermediary
Producer
Service
13
Most of the money to start a new small business comes from where?
Venture Capital
Selling stock
Savings, Friends, Family
Shark Tank
14
Which management function focuses on moving employees and resources around the company?
Planning
Staffing
Organizing
Implementing
15
Which of the following is NOT a situation in which strategic management should be used?
When work is routine and consistent
When working with skilled employees
When employee input is valued
When working under tight deadlines
16
Which of the following is NOT an ethical business standard?
Follows company policies and procedures
Will not embarrass the company
Does not cause harm
Does not cause job dissatisfaction
17
Which of the following is NOT a common trait of Capitalism?
Businesses have the right to earn and keep a profit
Consumers have the freedom of choice
The right to own private property
Competition is discouraged
18
Which management function involves leading employees and solving worker disputes?
Implementing
Planning
Organizing
Controlling
19
According to the Small Business Administration (SBA) a small business has less than _ employees
50
500
1000
100
20
The type of influence that results from a personal bond with employees.
Reward
Expert
Position
Identity
21
What is a DOWNSIDE to owning a sole proprietorship?
Feeling of accomplishment
Personal savings can be taken to pay company debts
Setting your own work hours
Being your own boss
22
To start a corporation you must file what?
Mission Statement
Articles of Incorporation
DBA
Core Values
23
What is the FIRST step in developing a business plan?
Research
Develop marketing strategy
Set sales goals
Write executive summary
24
Which of the following would be considered unemployed?
A graduate applying to jobs
A retired grandmother
A college student
An active military personnel
25
Why are small businesses able to compete with larger businesses?
They can focus on customers overlooked by big business
They can have lower prices
Consumers prefer supporting larger businesses
They have better brand recognition
26
Which of the following is NOT one of the three economic questions?
What needs and wants will be satisfied?
What goods and services to produce?
How will the goods/services be produced?
When to produce goods and services
27
All of the following people are part of the labor force EXCEPT
Mary: Part-time cashier
Lindsey: Stay at home mom
Cody: Manager at a non-profit
Martin: Laid off but looking for work
28
Inflation generally results in what?
Increased population
Low unemployment
decreased buying power of the dollar
increased buying power of the dollar
29
Which of the following is NOT one of the economic resources?
Natural Resources
Capital Resources
Human Resources
Technological Resources
30
Which type of financing is used to help open a business?
long-term
start-up
short-term
31
Classify the following business: Target
Service
Producer
Intermediary
32
Dividing GDP by the total population results in what number?
Unemployment Rate
Xtreme GDP
Gross GDP
GDP per Capita
33
Workers that are employed as needed and do not have an ongoing contract.
Apprentice
Part-Time
Contingent
Full-Time
34
Having limited resources to meet unlimited needs and wants occurs because of what?
Supply Chain
Scarcity
Factors of Production
Consumer Demand
35
North Korea has a ___ economy because all resources are owned and controlled by the government.
Command
Market
Traditional
Mixed
36
Tom has $2 for a snack. He decides to buy a candy bar instead of a soda. Tom has just made a
Trade-Off
Opportunity Cost
Vertical Acquisition
Monetary Gain
