Business & Economics Basics Review

Question 1

What is the first step in the Decision Making Process?

Accepted Answer

Identify the situation

Question 2

Which is not one of the 3 resources?

Accepted Answer

Exchange

Question 3

The motive of business is to make profit and add value to society.

Accepted Answer

True

Question 4

Businesses help our economy by providing individuals with jobs

Accepted Answer

True

Question 5

What is profit?

Accepted Answer

Revenue - Expenses = Profit

Question 6

An individual who buys goods and services from businesses

Accepted Answer

Consumer

Question 7

Which of the following is NOT one of the steps of the decision making process?

Accepted Answer

Ask for advice from trusted people.

Question 8

The contest between businesses to win customers

Accepted Answer

Competition

Question 9

Your wants never change.

Accepted Answer

False

Question 10

Products created by businesses that you can physically touch or see

Accepted Answer

Goods

Question 11

Which of the following explains why businesses must fulfill needs first, then wants?

Accepted Answer

Limited Resources

Questions 11