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Exploring Economics Final Exam
Exploring Economics Final Exam
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#economics
Flashcards
61 cards
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Answers
1
What China and France's economy have in common?
both rely on consumer to guide and make production decision
both have limited government control over businesses
both allow the market to distribute wealth
both have strong central government
2
Collecting money from customers,and paying taxes are all examples of which function?
human resources
operations
Accounting
information technology
3
report changes in owner's equity accounts
fiscal period
income statement
balance sheet
statement of change in owner's equity
4
Parts of the computer that you cannot touch, the applications
IPOS
Disk
Hardware
Software
5
The nature of work for a help desk technician would usually include?
working outside
managing computer networks
answering telephone calls
creating software
6
which is an example of ethical behavior in the workplace
telling a friend something the boss said confidentally
sending a coworker an email asking for an date
telling the boss that u cannot work with a coworker
turning in actual receipts for a business trip reimbursement
7
Part of business plan that includes Price, Place (distribution), Promotion, Product
marketing plan
financial plan
management plan
industry plan
8
Promoting, distributing, and products are all classified as which type of function?
management
marketing
human resources
accounting
9
Verifies the accuracy of an organization's financial needs
Banker
Teller
Auditor
Stock Broker
10
Section in business plan that list income statement. balance sheet, and owners equity
financial plan
operational plan
growth plan
marketing plan
11
college presidents, school superintendents, and principals are examples of which career?
administrative service manager
public relations manager
human resources manager
education administrator
12
To protect your art work, literacy text, and music, you need a
copyright
nothing
trademark
patent
13
physical parts of the computer
applications
hardware
IPOS
software
14
how does e-commerce impact the U.S economy?
businesses have no need for sales people
consumers refuse to shop in traditional malls
consumers except product availability 24-7
businesses have very little competition
15
Owner's Equity is
amount of assets minus the amount of assets
amount of assets minus the amount of income
amount of assets minus the amount of liabilities
amount of assets minus the amount of owner's equity
16
Section in business plan that includes processes involving producing and delivering products
organizational plan
financial plan
marketing plan
operational plan
17
Juan maintains and operates the network of computer systems at the hotel.What is his profession
webmaster
Technical writer
Systems administrator
systems analyst
18
What is a difference between a consumer and customer?
customers purchase goods and services
consumers purchase goods and services
customers make goods and services
Consumers make goods and services
19
The amount of a good or service that a producer can provide
Supply
Demand
20
The point at which the supply and demand curves meet
IDK
supply and demand lines
equalibrium
space and time
21
What is an advantage of a franchise over a sole proprietorship?
franchisees do not have to work in the business
Parent company will pay off the franchisees stat up costs
Franchisees can sell stock to start up the business
Parent company provides traning and support to the business
22
Assets = Liabilities + Owner's Equity is called
Accounting Equation
Accounting Math
Accounting Problem
Accounting Taxes
23
What type of economy does China and Cuba have
Common
Command
Mixed
Traditonal
24
Compare the way economic decisions are made in the U.S. with the way they are made in China.
Tradition dictates how decisions are made in China
Individuals and government make decisions in China
Individuals and government make decisions in U.S.
Government makes all the decisions in the U.S.
25
What is an asset?
Anything of value
Money Owed
26
What is an advantage of a market economy compared with a command economy?
market ecoomies do not offer much competition
market economies provide an equal standard of living
the government sets prices in a market economy
market economies create a gap between the wealthy and poor
27
To protect your LOGO you need a
nothing
trademark
copyright
franchise
28
Loans made by the investor to the issuer
Futures
Bonds
Stocks
E-Commerce
29
DISADVANTAGE of a market economy compared with command economy
Market econ. create a huge gap between wealthy and poor
government sets prices in a market econ.
market econ. do not offer much competition for consumers
market econ. provide equal standard of living for everyone
30
How are grandparents, Wachovia bank, and credit unions classified?
potential investors for an entrepreneur
fiends and relatives of the entrepreneur
marketing strategies for the new business
legal protection for the new business
31
Identify new investors, apply for a loan, seeking employees
resourcsing
actualization
concept development
harvesting
32
ADVANTAGE of a command economy compared with other types of economic systems?
business owneers are free to make their own decisions
government makes the decisions about what is produced
government provides an equal standard of living for evryone
decisions are based on customs and tradition
33
What is one difference between a bookkeeper and an accountant?
bookkeepers work in banks and accountants work for companies
accountants need less education than bookkeepers
Bookkeepers earn more money
accountants need more education than bookkeepers
34
assigning managers different task, coordinating activties
leadring
organizing
controlling
planning
35
To protect an invention, you need a
nothing
patent
trademark
copyright
36
How does a bull market impact the U.S economy?
consumers will save more money in the bank and spend less
consumers will purchase more larger appliances and cars
consumers will purchase fewer single-family homes
americans will invest less money in the stock market
37
In order to start a corporation, a business owner must have a
stocks
a charter
a partner
IPO
38
E-Commerce stands for
Everybody Commerce
Ebates Commerce
Electronic Commerce
Elite Commerce
39
A agreement made to buy or sell commodity (oil or gold) in the future
Stock
Future
Bonds
E-Commerce
40
A device that connects you to the internet
speakers
wifi
modem
phone jack
41
Money owed by a business
Income statement
Assest
Liability
Balance sheet
42
Individual's need or desire
Supply
Demand
43
Which economic system does not use technology
Traditional
Mixed
Market
Command
44
Central Bank of the USA
Federal Reserve
Wells Fargo
45
what is a disadvantage of a traditional economy compared with other types of economic systems?
starte-of-the-art technology is not used
decisions are centered toward the family
competition guides production desicions
government takes care of peoples need
46
What do wants and needs have in common?
Both needs and wants are goods
Both needs and wants are things people must have
Both needs and wants are things people use
Both needs and wants are services
47
What would cause a new business to have very few sales during its first year?
failure to pay taxes for the new business
lack of a trademark for the company logo
lack of good advertising campaign
failure to apply for a a loan or grant
48
Maintain email accounts, installing software applications, maintaining hardware
information technology
accounting
operations
human resources
49
opening new checking accounts for customers, and preparing certified checks are classified as?
finance
budgeting
accounting
banking
50
Part of business plan that list the qualifications of management team
organizational plan
operational plan
management team plan
marketing plan
51
How is a cooperation different from a sole proprietorship and partnership?
corporations provide lower owner taxes
corporations do not require a charter
corporations provide limited owner liability
corporations are easier to start
52
What is an advantage of market economy compared to traditonal
equal standard of living for everyone
Economic decisions are made the way they are always made
innovation and competition in the market place
the government decided what is produced
53
Report revenue, expenses,net income (loss)
income statment
balance sheet
net worth
owner's equity
54
What is one difference between a computer programmer and a software designer?
A computer programmer writes the codes for computer program
A computer programmer plans the computer program
A computer programmer coordinates the coding work
A software designer writes code for systems program
55
creating a vision for the company, setting standards, communicating goals to employees
organizing
leadring
planning
controlling
56
A specific period of time covered by an accounting statement
Last Year
Next Year
Fiscal period
Time period
57
Chief financial officers and personal financial advisers are examples of which type of career?
accounting
budgeting
finance
banking
58
Reports assets, liabilities, and owner's equity
owner's equity
statement of change
balance sheet
income statement
59
Which is an example of a traditional economy
Amish
Cuba
USA
China
60
What do mixed economy and market economy have in common?
competition in marketplace
government controls the market place
big gap between weathly and poor
equal standard of living
61
Lacey designs computer systems for Dell computers.What is her profession?
Help desk technician
computer programmer
Computer engineer
Computer administrator
