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PoBF 5.02 Flashcards | StudBud
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PoBF 5.02
PoBF 5.02
11 terms
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Economics
Flashcards
11 cards
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Questions
11
Answers
1
Which is an example of a speculative business risk?
A cashier gives unauthorized discounts to friends.
A special promotion fails to increase sales.
A supplier's shipment is lost in transit.
A customer is injured at a business and sues the company.
2
What is it when manufacturers give back part of the purchase price of an item to the customer?
price fixing
nonpricing competition
offering rebates
clearance sales
3
What do customers need to show at the time of purchase to lower the price of an item?
discount coupon
rebate certificates
refund checks
sales receipts
4
Figure Net Profit: Revenue = $700,000; Operating Costs = $238,000; Cost of Goods = $291,000
$171,000
$529,000
$462,000
$409,000
5
Countries that provide free medical care, education & other benefits are often called...
consumer states
capitalist states
welfare states
military states
6
Which represents a natural risk for the owner of a delivery service?
government intervention
rising prices
snowstorm
accident
7
Which is a problem associated with communist command economies?
There is no competition.
Individuals run the risk of losing their businesses.
There are high prices.
Supply and demand control what will be produced.
8
For a business, income remaining after payment of expenses is:
profit
loss
capital
debt
9
The basic role of the United States government is to:
protect U.S. citizens
maintain control of prices
limit business startups
increase production
10
In business terms, what is profit?
a good investment
a holiday bonus
a risky venture
a monetary reward
11
A major characteristic of a market economy is which type of ownership of property?
private
monopolistic
limited
government
