Business Essentials Final Exam Review, Fall 2021

Which of the following is a type of economic resource?

A proprietorship is owned and operated by 2 or more people.

A specific group of consumers who have similar wants and needs are a

Used to record and analyze the financial performance of a business

An increase in the general level of prices

The products and money used in the production of a good or service are called

Determining the best ways for customers to locate, obtain, and use the products and services of an organization

Conserving natural resources is an example of social responsibility.

When one person leaves a partnership, the original partnership will dissolve.

Buying a security system to protect your family after being robbed is an example of what buying motive?

Inflation can be measured by Price Index.

A short, specific written statement of the reason a business exists and what it wants to achieve

Someone who creates the products and services used by individuals

The phase of the Business Cycle where the economy slows and unemployment begins to rise is called

The items you desire that bring comfort or pleasure to your life are called

To determine marketing strategy, a business must

When resources are limited, the price of those resources tends to

A decrease in the general level of prices

One advantage of a corporation is that if you invest, you have limited liability.

The amount of a good or service that a producer is willing to make is called

What do interest rates represent?

Businesses depend on demand to make a profit.

Offering employee wellness perks, like free gym memberships, would be an example of social responsibility.

A business that is formed by a written agreement among all owners, detailing the rules & procedures that guide ownership

Which of the following is an example of a benefit of social responsibility?

Market price is determined by

Which of these questions might you ask yourself if you're unsure whether something is ethical or not?

Many new businesses fail because of poor financial planning

If an owner leaves a partnership, the original partnership

The point where supply and demand are equal

The report of revenue, expenses and income profit or loss for a specific period of time

Market price is the point where supply and demand are equal.

A factory worker is an example of a capital resource.

The four stages of The Business Cycle are

The movement of an economy from one condition to another and back again is called

Sales of durable and nondurable goods

Someone who takes a risk by starting a business to try and earn a profit is called an

If you mow your own lawn, it is included in GDP.

The quantity of a good or service that consumers are willing and able to buy is called

A customer's buying motive affects their choices in what to buy.

Setting and communicating the value of a product or service

A business owned and operated by one person is called a

The CEO of a company represents this level of management

Which of the following is a way for a business to be socially responsible?

The amount of output per worker

Communicating information about products and services to potential customers

There are few legal requirements involved when you start a proprietorship.

This type of business is managed by a Board of Directors

Increased training and additional technology may increase productivity.

Water, air and minerals are examples of a

The amount added to the cost of a product to set the selling price

The type of business where you have limited liability (you can only lose what's been invested) is called

The total dollar value of all final goods and services produced in a country during one year is called

The items that are required to live are called

Interest rates represent the cost of money.

A period of high unemployment, weak sales, and business failures