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POB Midterm Review Flashcards | StudBud
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POB Midterm Review
POB Midterm Review
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Chapters 1-7
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Laws that promote fair trade and competition are known as ______________ laws.
monopoly prevention
anti discrimination
consumer trade
antitrust
2
The government makes all of the decisions for its citizens in a ______ economy
Traditional
Command
Mixed
Market
3
A new business owner has decided to fund the new business by taking out a loan from the bank. This is an example of
poor management
collateral
equity financing
debt financing
4
The person or company that buys the rights to use a brand.
Franchisor
Franchisee
Lincensee
Lincensor
5
Period of economic contraction that is severe and lasts a long time
inflation
recession
depression
expansion
6
When a lower price is the main factor for customers to buy from one business over another.
Competitive Advantage
Dynamic competition
Non-price competition
Price competition
7
Which of the following is not a major advantage to a market economic system like Capitalism?
individuals are free to make their own economic decisions
better variety of products for consumers
lower prices for consumers
redistribution of wealth so that everyone has their basic needs met
8
If a country wanted to stop all trade with another they would put this trade barrier in place.
trade sanction
tariff
embargo
quota
9
Financial statement that reports the assets, liabilities, and net worth of the business.
revenue report
balance sheet
statement of cash flows
income statement
10
Contracts must be signed in order to be legally binding?
False
True
11
HEB starts a new giving program to provide free books to children at Austin's Trail of Lights. This is an example of:
Business Integrity
Business Ethics
Consumer Protection Law
Corporate Social Responsibility
12
The U.S. decides to ban all cigars from Cuba but still trade with them for other products. This is an example of a/an:
embargo
quota
trade sanction
tariff
13
Business that uses supplies from other producers to make products.
Wholesaler
Producer
Manufacturer
Retailer
14
A major advantage of forming a corporation is ______.
limited life
better management
limited liability
profit
15
Market structure: a large number of businesses selling the same product at the same prices
Oligopoly
Monopoly
Perfect Competition
Monopsony
16
If Mr. Norwood owns a Limited Liability Co & is sued a court can force the debts to be repaid from his personal assets?
False
True
17
Sai wants to use a product that is patented by another company but market/sell it as his own.
He should form a joint venture
He should set up a franchise agreement
He should set up a license agreement
18
Which of the following is a good explanation for "consideration" as it relates to business.
It has to do with taking the time to reflect on a contract
It means both parties are entering the contract knowingly
It is not required for a valid contract
It is something of value that is exchanged
19
Which of the following is the best example of a service?
Cole gets a burrito from Chipotle
Diego buys a PS5
Kanthi gets new jeans from Forever 21
Maya gets her hair cut at a local salon
20
Connections made among nations when economies freely move goods, labor, & money across borders
globalization
comparative advantage
culture
foreign trade
21
A country imposes tariffs on another country. What is the most likely result
relations with the other country improve
the other country will reduce their own tariffs
imports increase
prices rise for consumers
22
Which of the following is not a benefit for companies giving back to the community?
creates goodwill for the business
costs the business nothing
helps improve and stabilize the local economy
improves our society
23
The peak of a business cycle marks the ____
end of a contraction
beginning of government regulation
end of an expansion
beginning of low unemployment
24
The simplest and most common form of business ownership is a(n) _______
Partnership
Limited Liability Company (LLC)
Corporation
Sole Proprietorship
25
Goods, services, and capital that are brought into a country from outside its borders
trade sanctions
exports
trade surplus
imports
26
Ryan's Lemonade Inc sells $400 in lemonade and incurs costs of $50 for ingredients. What is his revenue?
$400
$450
$50
$350
27
Financial statement that projects revenues and expenses to show whether or not a business is profitable.
income statement
revenue report
balance sheet
statement of cash flows
28
An accounting firm that prepares taxes for an advertising agency operates in the _____ market.
consumer-to-business (C2B)
business-to-consumer (B2C)
consumer-to-consumer (C2C)
business-to-business (B2B)
29
A term that has to do with negotiating terms between employers and union employees.
contractual equity
free enterprise
partnership
collective bargaining
30
Two sources of equity financing are ________.
stocks and bonds
venture capital and angel investors
bank loans and crowd funding
friends and family
