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BBI1O/2O Chapter 1 Test Review Flashcards | StudBud
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BBI1O/2O Chapter 1 Test Review
BBI1O/2O Chapter 1 Test Review
22 terms
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Reviewing key terms learned from Chapter 1 in Intro to Business at Bennies.
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
An example of a
want
is…..
iPod
Computer
Both iPod and Computer
Water
2
Businesses can be
categorized
into the following categories:
Risky or Safe
Product or Service
Useful or Useless
Natural or Capital
3
The term for a
product which no one wants to buy any more
, such as a VCR, is:
none of the above
absolute
obsolete
discontinued
4
Which of the following is NOT an
entrepreneurial characteristics
?
Flair for Innovation
Ability to work alone
Self Confidence
Paranoid of losing money
5
The following are all ways to increase
demand
except:
Do nothing and hope you get more customers
Create a new product
Offer sales or coupons
Offer free samples
6
Which of the following would be considered a consumer ‘
need
’?
Clothes
Latest video game
Cell phone
New car
7
Profit
can be calculated by using the profit equation:
Profit = Expenses + Revenue
Profit = Revenue - Expenses
Profit = Expenses – Revenue
Profit = Selling Price - Expenses
8
What best describes the
law of supply
?
As the price increases, the quantity produced will increase
As the supply increases, the quantity produced will raise
As the price increases, the quantity will stay the same
As the price increases, the quantity produced will decrease.
9
When a business is in
complete control
and
consumers have no other place to buy
a certain item:
Businesses have pricing power
Consumers have pricing power
Businesses have selling power
Consumers have purchasing power
10
Surplus
occurs when......
Supply is greater than supply
Demand is greater than supply
Supply is greater than demand
Demand is greater than demand
11
Competition
is good for businesses and consumers because:
All of the above
Allows consumers to have purchasing power
Businesses learn from one another
It leads to innovation
12
How would you categorize a
small to medium sized
business?
500-1000 employees
0-100 employees
0-500 employees
100-500 employees
13
Demand
refers to:
the amount of goods/services desired by consumers
the amount of goods/services supplied by businesses
the amount of goods/services available to consumers
the amount of goods/services imported by businesses
14
Importing high quality products from China will cause
demand
for Canadian products to
decrease.
False
True
15
Increased fertilizer prices will cause the
supply
of vegetables to
increase
.
False
True
16
An example of a
Capital Economic Resource
is…
Water
Machines
Workers/labour
Fish
17
An example of
human resource
is:
Jellybeans
Machine/ factories
Mr. Szpiech marking tests
Pencil
18
What is the definition of a
non-profit business
?
Makes profit to expand, improve products or give to owners
Continuously losing money and will soon be bankrupt
Doesn't seek to make profit - uses money to improve services
Doesn't make profit but raises funds for specific goals
19
When making
decisions
, you should list 3 ___ and analyse them before making your recommendation
Implementation plans
Alternate solutions
Joint ventures
Main problems
20
How businesses
rely on each other
refers to:
marketplace
interdependence
equilibrium
pricing power
21
The following are
Factors of Production
EXCEPT:
Human Resources
Capital Resources
Unnatural Resources
Natural Resources
22
What best describes the
law of demand
?
As the price increases, the quantity purchased will decrease
As the price decreases, the quantity sold will increase
As the price increases, the quantity purchased will increase
As the price decreases, the quantity purchased will decrease
