Unit five test review for POB

Question 1

business that begins selling winter holiday decorations in late fall is creating what utility

Accepted Answer

time

Question 2

A local dry cleaner that also launders and presses shirts is selling:

Accepted Answer

consumer services.

Question 3

Which is an example of a speculative business risk?

Accepted Answer

A special promotion fails to increase sales.

Question 4

Businesses that successfully adapt to current market situations often realize that:

Accepted Answer

change is an opportunity.

Question 5

Which is a factor that affects the business environment?

Accepted Answer

industry competition

Question 6

Business ethics involve considering issues about what is:

Accepted Answer

right and wrong

Question 7

Who decides how goods and services will be marketed in a private enterprise economic system?

Accepted Answer

legislators

Question 8

A business selects goods or services to sell. Which type of risk is this business using?

Accepted Answer

controlling risk

Question 9

Which occurs when the supply of individuals who are able and willing to work diminishes?

Accepted Answer

Human resources become limited

Question 10

Which group of words best describes wants?

Accepted Answer

unlimited, changing, and competing

Question 11

Which change provides the most time utility for a consumer?

Accepted Answer

staying open for business on the weekend

Question 12

The two main divisions of the trade industry are:

Accepted Answer

wholesalers and retailers.

Question 13

Which is an example of an economic service?

Accepted Answer

concert ticket

Question 14

The desire for which item(s) would be considered a noneconomic want?

Accepted Answer

a walk

Question 15

Which is an external factor that affects market price?

Accepted Answer

consumer buying power

Question 16

The usefulness of a product to consumers is referred to as product:

Accepted Answer

utility

Question 17

A major characteristic of a market economy is which type of ownership ofproperty?

Accepted Answer

private

Question 18

One factor that might limit the human resources available for certain jobs is a/an:

Accepted Answer

inadequate pay level

Question 19

Which factor has aided the most in creating a global business environment?

Accepted Answer

technology

Question 20

Which situations would cause prices to rise?

Accepted Answer

Insects destroy a large cotton crop.

Question 21

. A U.S. company would decide to offer its products in other countries as a reason to:

Accepted Answer

expand to new, untapped markets.

Question 22

For a business, income remaining after payment of expenses is:

Accepted Answer

profit

Question 23

Which is a reason that natural resources are considered limited?

Accepted Answer

The earth has certain boundaries

Question 24

Which represents a natural risk for the owner of a delivery service?

Accepted Answer

snowstorm

Question 25

Which provides government protection of business property?

Accepted Answer

patents

Question 26

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

Accepted Answer

a sellers market

Question 27

. If a business is not concerned about social responsibility, it is likely to:

Accepted Answer

be a failure

Question 28

The basic role of the United States government is to:

Accepted Answer

protect U.S. citizens.

Question 29

Equilibrium price of a good or service is determined by trial and error and exists when:

Accepted Answer

the amount supplied is equal to the amount demanded.

Question 30

Which is an example of ethical business behavior?

Accepted Answer

testing products to ensure they are safe to use

Question 31

Which affects the business environment because it provides the most options for consumers?

Accepted Answer

global competition

Question 32

Which is a problem associated with communist command economies?

Accepted Answer

There is no competition.

Question 33

In business terms, what is profit?

Accepted Answer

a monetary reward

Question 34

When prices increase, producers usually:

Accepted Answer

increase supply

Question 35

Which is a natural resource that can be renewed through people's efforts?

Accepted Answer

tree

Unit five test review for POB

Questions 35

Unit five test review for POB

Questions 35