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Business 101 Unit 1 Review Flashcards | StudBud
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Business 101 Unit 1 Review
Business 101 Unit 1 Review
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Questions
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Answers
1
In terms of business, Natural Resources, Labor, Entrepreneurship, and Capital are known as?
Accounting categories
Factors of Production
Types of jobs at the factory.
Inputs to the manufacturing process.
2
Businesses contribute to Quality of Life.
TRUE
FALSE
3
What is one thing businesses DO NOT provide to their communities?
Services
Organizations
Jobs
Products
4
Which of the following DO NOT contribute to Quality of Life?
Not-for-profit organizations
Businesses
Government
Schools
5
What is an example of a GOOD?
Software
A haircut
Babysitting
Repairs for a Chromebook
6
Waukesha Metal Products Is an example of what type of business?
Manufacturing
Hybrid
Service
Merchandising
7
In terms of the Factors of Production, how would you categorize Jeff Bezos?
Capital
Natural Resource
Entrepreneurship
Labor
8
What happens to a goods price when the supply for that good decreases?
It goes down.
It stays the same.
It goes up.
9
What is an example of a SERVICE?
Paint for your house
Housekeeping
A meal
New brakes for your car
10
What does a business provide to it's customers?
Goods and services
Jobs
Quality of Life
Profit
11
Which one of the following is a CAPITAL resource?
Tools
An assembly line worker
Oil
The manager
12
Apple Is an example of what type of business?
Manufacturing
Service
Merchandising
Hybrid
13
Target Is an example of what type of business?
Merchandising
Service
Manufacturing
Hybrid
14
The amount of goods and services that consumers will buy at various prices?
Equalibrium Point
Demand line
Supply line
15
This type of business sells finished products to end consumers.
Producer
Manufacturer
Retailer
Processor
16
An auto repair shop Is an example of what type of business?
Service
Hybrid
Merchandising
Manufacturing
17
What is the term that means a product is in short supply?
Unavailable
Low stock
Surplus
Scarce
18
What is a PROFIT?
The amount sold minus taxes
The amount the business spends on raw materials
The total amount sold
The amount sold minus all expenses
19
What is the primary goal of a business?
Provide goods and services to consumers
Improve the Quality of Life in the Community
Provide jobs
Make a profit
20
What happens to a goods price when the demand for that good increases?
It goes up.
It stays the same.
It goes down.
21
Which of the following is NOT a business category?
Service
High visibility
Merchandising
Manufacturing
22
What is the amount of goods and services producers will provide at various prices?
Demand line
Supply line
Equalibrium Point
