stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Unit 3 Review Flashcards | StudBud
Explore
/
Unit 3 Review
Unit 3 Review
30 terms
·
StudBud Administration
·
266 plays
Review of Unit 3: Business Environment - Part II of Business and Marketing Essentials
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
One way for a business to avoid a risk might be
Branding
Buy Insurance
Customer Loyalty
Specialization Labor
2
Which of the following is a disadvantage of private enterprise?
periods of unemployment
elimination of poverty
equal distribution of income
careful use of resources
3
A person who risks their time, money, and energy to make a profit by starting a new business
Producer
Consumer
Entrepreneur
Profit
4
An examle of a strategic risk is
Changing Customer Needs
Production Problems
Loan Application
External
5
A business owned by stockholders
Sole Proprietorship
Partnership
Bonded
Corporation
6
The 3 questions that must be answered by the economic system are
What to produce, when to produce and how to produce.
how to produce, how much to produce and when to produce.
what to produce, how to produce and how much government gets
What to produce, how to produce and for whom to produce.
7
The private enterprise economic system is often described as a(n)
pure system.
controlled system.
entrepreneur system.
price-directed system.
8
Which system is a combination of the 3 primary economic systems and is the most-used today?
Mixed
Traditional
Command
Market
9
The amount of money a business earns after it pays workers' salaries & other business expenses
Profit
Economic growth
Productive resources
Scarcity
10
Why are entrepreneurs important in a private enterprise system?
They encourage the development of new products.
They are responsible for deceptive advertising.
They get rid of competition.
They use resources inefficiently.
11
A business owned by 1 person
Partnership
Socialism
Corporation
Sole Proprietorship
12
An examples of a financial risk might be
Branding.
Weather.
Promotion.
Inflation.
13
Who answers the basic economic questions in a private enterprise economic system?
influential citizens
business and individuals
entrepreneurs and producers
government agencies
14
Which economic system is based on customs of the past?
Mixed
Market
Command
Traditional
15
One of the benefits of economic freedom is that it provides individuals with
the right to buy anything
the opportunity for success
equality in the workplace
a good standard of living
16
Producers and consumers make all the economic decisions in which economic system?
Command
Traditional
Market
Mixed
17
An example of a hazard risk.
Human Error
Competition
Property Damage
Leadership Problem
18
Private enterprise is based on the idea that everyone is better served when
economic resources are controlled by the government.
government determines where individuals will work.
individuals are free to set their own goals.
individuals do what their ancesters hav always done.
19
Which of the following is a benefit of the freedom to own private property?
It helps to limit our economic choices.
It encourages businesses to cooperate.
It encourages people to save and to invest.
It allows people to do anything they want to do.
20
Why are entrepreneurs important in a private enterprise system?
They are responsible for deceptive advertising.
They get rid of competition.
They encourage the development of new products.
They use resources inefficiently.
21
Alex owns a guitar, several books, and a telescope. Alex's possessions are examples of
private property
equal distribution
economic resources
capital goods
22
One freedom provided to individuals by the private enterprise system is the freedom to choose
which taxes they will pay
how their employers pay them
which laws they will obey
where they will work
23
One factor that directly limits the economic freedom in private enterprise system is government
production.
taxation.
services.
indecision.
24
The government controls all aspects of the economy in which system?
Traditional
Command
Market
Mixed
25
The economic basis for the private enterprise system is
the marketplace.
the profit motive.
competition.
supply and demand.
26
Why a business chooses to retain risk?
Risk not obvious
Potential return
Marketing
Risk is too minimal
27
The basic role of the United States government is to:
limit business startups.
protect U.S. citizens.
increase production.
maintain control of prices.
28
What are the 3 basic economic systems?
Traditional, Mixed, Monarchy
Traditional, Command, Market
Institutional, Free-Market, Demand
Supply, Demand, Barter
29
One result of freedom in the marketplace is that
government decides how to use individual's private property.
people and businesses can own things of value.
businesses use resources efficiently.
people can buy anything they can afford and is legally sold.
30
An example of operation risk might be
Obsolescence.
Human Error.
Employee Issues.
Tornado.
