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MW DECA Economics Flashcards | StudBud
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MW DECA Economics
MW DECA Economics
40 terms
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A Quiz to teach DECA members about economics.
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What is purchasing power?
amount of goods/services that a unit of currency can buy
how much debt a business has
the credit limit on a credit card
the influence of a corporation's wealth
2
Which one of these business tactics/practices is NOT illegal?
price fixing
nonprice competition
price discrimination
exclusive agreement
3
Which government agency tests food, cosmetics, and drugs to prevent the sale of unsafe items?
National Bureau of Standards
IRS
Federal Trade Comission
FDA
4
What sort of economy is the USA?
mixed
traditional
command
market
5
Businesses are being socially responsible to their customers when they
contribute to community causes.
provide safe working environments.
test the safety of their products.
offer employees job training.
6
The private enterprise system provides individuals with the freedom to choose:
which laws they will obey.
where they will work.
which taxes they will pay.
how their employers pay them.
7
How do you calculate profit?
Total revenue-total costs=profit
Marginal costs-total revenue=profit
Marginal revenue+marginal costs=profit
Total revenue+total costs=profit
8
When a government is against foreign competition, they are displaying
feudalism
expansion
protectionism
globalization
9
A few companies that control the majority of an industry is a
Oligarchy
Oligopoly
Monarchy
Monopoly
10
You do something, thus causing your manager to directly respond. Your manager is best showing
Sympathetic management
Controlled management
Proactive management
Reactive management
11
What term best describes a business owned by two or more people?
corporation
partnership
sole proprietorship
non-profit
12
In what type of system does the government completely control the economy?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
13
What protects a name, symbol or drawing used in trade to separate one business from another?
zoning laws
patent
copyright
trademark
14
What is a liability?
a certificate of debt
a debt or obligation owed to others
the risk of owning stocks
an item of value that you own, including money
15
An example of a natural resource is
office equipment.
iron ore.
an electrician.
physical ability.
16
What is GDP?
Gross Domestic Produce
Gross Dominant Product
Great Domestic Product
Gross Domestic Product
17
How can a firm build its customers' trust and communicate its commitment to ethical practices?
Publish its confidentiality statement
Post its earnings on its website
Develop liberal business policies
Hire employees who have a positive attitude
18
What does it mean when a business has a deficit?
money collected is worth more than the business itself
money owed is equal to money collected
money owed is greater than money collected
money owed is less than money collected
19
The money people have left over after paying their taxes is their
total personal income
disposable income
gross margin
gross income
20
Operating expenses are defined as the
salaries paid to managers.
start-up expenses of a business.
costs of running a business.
cost of goods sold.
21
What is a cost-benefit analysis?
the % of a bank's deposits that it must keep on hand
a process by which business decisions are analyzed
the cost advantages that a business obtains due to expansion
a tax on imports
22
What is a withdrawal?
the amount of money in a person's account
money taken out of an account
money in a savings account
money put into an account
23
Negative word-of-mouth advertising due to unresolved customer complaints can cost a business:
facilities.
licenses.
employees.
reputation.
24
A memo on the bulletin board from a supervisor to staff is an example of ____ communication.
downward
horizontal
upward
formal
25
The difference between a nation's exports and imports is their
balance of trade
difference ratio
difference of trade
business cycle
26
At what point in the business cycle is unemployment very high?
Expansion
Trough
Prosperity
Recession
27
One business promising to do something for another business is an example of a:
enterprise
contract
benefit
treaty
28
What does an enclosure notation at the bottom of a business letter signify?
The sender wishes for a reply.
Something is being sent with the letter.
Copies of the letter were sent to others.
The sender prepared the letter.
29
What is stagflation?
when inflation increases and unemployment decreases
When inflation and unemployment decrease
When inflation and unemployment increase
when inflation decreases and unemployment increases
30
What is the central problem in economics?
wants
needs
scarcity
limited resources
31
Pure risk may
may result in loss, no change, or gain
result in loss or no loss
always result in loss
always result in gain
32
What is inelastic demand?
where changes in price indirectly affect demand
where changes in price directly affect demand
a form of demand where changes in price affects demand
a form of demand where changes in price do not affect demand
33
Which of these is not an asset?
Accounts Payable
Cash
Stocks
Bonds
34
Pure competition is when there is
few sellers with similar products
few sellers with different products
many sellers with similar products
many sellers with different products
35
An effective executive summary
includes every point from the business report.
is written for people who won't read the whole document.
uses technical terminology to show the writer's expertise.
features complex compound sentences.
36
A seller's market is
the best time for consumers to buy
the best time for producers to buy
the best time for producers to buy and sell
the best time for producers to sell
37
What business has to have a charter (permission from the government) in order to operate?
partnership
franchise
corporation
sole proprietorship
38
Which one of these is a natural risk?
chances of loss due to changes in the product
chances of loss of money due to fire
chances of loss of money due to business failure
chances of loss due to human weakness and unpredictability
39
An agreement between a parent company and a business that sells the parent company's goods is a
franchiser
franchisee
franchising
franchise
40
The amount added to the cost of goods in order to determine the selling price is the
Added Cost
Import percent
Markup percent
Tax
