Questions review from chapter 1- chapter 12.

1. What is the amount of money given or asked for when goods and services are bought or sold?

A. Supply
B. Price
C. Demand
D. Inflation

2. The amount of goods and services that producers will provide at various prices is called:

A. Demand
B. Supply
C. Equilibrium Price
D. Procurement

3. What is the amount of goods and services that consumers are willing to buy at various prices?

A. Supply
B. Demand
C. Marketing
D. Production

4. The point at which the quantity demanded and quantity supplied meet is known as:

A. Surplus
B. Shortage
C. Equilibrium Price
D. Inflation

5. In which type of economy does a central authority make key economic decisions?

A. Market economy
B. Mixed economy
C. Traditional economy
D. Command economy
6. What is an economy that contains both private and public enterprises?

A. Command economy
B. Market economy
C. Mixed economy
D. Traditional economy

7. The total value of goods and services produced in a country in a given year is called:

A. Gross Domestic Product (GDP)

B. National Debt
C. Budget Deficit
D. Exchange Rate

8. What measures the level of material comfort based on available goods and services?

A. Inflation
B. Standard of Living
C. Deflation
D. National Debt

9. A general increase in the price of goods and services is known as:

A. Inflation
B. Deflation
C. Recession
D. Depression

10. What can occur when the supply of goods is greater than demand?

A. Inflation
B. Recession
C. Deflation
D. Business Cycle

11. When the government spends more than it collects in taxes, it results in:

A. Budget Surplus
 B. Budget Deficit
C. National Debt
D. Inflation

12. The total amount of money a government owes is called:

A. Budget Deficit
B. GDP
C. National Debt
D. Business Cycle

13. When a government’s revenue exceeds its expenditures in a one-year period, it has a:

A. Budget Surplus
B. Budget Deficit
C. National Debt
D. Trust

14. The rise and fall of economic activity over time is called:

A. Supply and Demand

B. Business Cycle
C. Free Trade
D. Deflation

15. A deep recession that affects the entire economy and lasts for several years is called:

A. Inflation
B. Recession
C. Depression
D. Recovery

16. What is a rise in business activity after a recession or depression?

A. Inflation
B. Deflation
C. Recovery
 D. Budget Surplus

17. Moral principles by which people conduct themselves personally, socially, or professionally are
called:

A. Business ethics
B. Social responsibility
C. Ethics
D. Leadership

18. What refers to rules based on moral principles about how businesses and employees should
behave?

A. Social responsibility
B. Ethics
C. Business ethics
D. Leadership

19. The act of offering gifts, money, or favors to encourage a business deal is called:

A. Bribery
B. Ethics
C. Marketing
D. Free Trade

20. What is a set of guidelines for maintaining ethics in the workplace?

A. Code of Conduct
B. Code of Ethics
C. Business Plan
D. Leadership Manual

21. A factory where workers are employed for long hours at low wages and under unhealthy conditions
is called a:

A. Cooperative
 B. Sweatshop
C. Franchise
D. Partnership

22. A conflict between self-interest and professional obligation is known as:

A. Business Ethics
B. Bribery
C. Conflict of Interest
D. Social Responsibility

23. What is the duty of businesses to do what is best for society?

A. Business Ethics
B. Social Responsibility
C. Leadership
D. Initiative

24. What is one of the biggest social issues facing businesses today?

A. Ethics
B. Environmental Responsibility
C. Business Cycle
D. Supply Chain Management

25. A business that operates on the internet is known as a:

A. Franchise
B. Brick-and-Mortar Business
C. Virtual Business or Dot-Com Company
D. Corporation

26. A business owned and run by two or more people is called a:

A. Corporation
B. Sole Proprietorship
C. Partnership
 D. Franchise

27. A written description of a new business venture that outlines all aspects of the business is called a:

A. Code of Ethics
B. Business Plan
C. Vision Statement
D. Partnership Agreement

28. What is a brief account of the key points contained in a business plan?

A. Vision Statement
B. Mission Statement
C. Executive Summary
D. Business Report

29. A statement that establishes the scope and purpose of a company and reflects its values and beliefs
is called a:

A. Business Plan
B. Vision Statement
C. Executive Summary
D. Financial Report

30. A mission statement expresses:

A. The goals of a company

B. The ethical principles of a business
C. A company’s competition
D. The production plan

31. The business processes that result in the production and delivery of goods or services are part of
the:

A. Executive Summary
B. Operational Plan
C. Business Ethics Code
 D. Financial Statement

32. When an owner is personally responsible for all the company's debts, it is called:

A. Limited Liability
B. Unlimited Liability
C. Business Ownership
D. Franchise Agreement

33. A firm’s owners are responsible for no more than the capital they have invested under:

A. Unlimited Liability
B. Limited Liability
C. Sole Proprietorship
D. Operational Plan

34. A business that is owned and operated by its members is known as a:

A. Corporation
B. Cooperative
C. Partnership
D. Sole Proprietorship

35. A contractual agreement to use the name and sell the products or services of an existing company
is called a:

A. Corporation
B. Franchise
C. Cooperative
D. Nonprofit Organization

36. A business that changes raw materials into finished products is known as a:

A. Processor
B. Retailer
C. Intermediary
D. Wholesaler
37. A business that moves goods from one business to another is called a:

A. Processor
B. Retailer
C. Intermediary
D. Wholesaler

38. A business that buys goods from a wholesaler and sells them to consumers is called a:

A. Producer
B. Retailer
C. Processor
D. Supplier

39. The process of creating, expanding, manufacturing, or improving goods and services is called:

A. Marketing
B. Production
C. Procurement
D. Supply Chain Management

40. The buying and reselling of goods that have already been produced is called:

A. Marketing
B. Procurement
C. Retailing
D. Distribution

41. The process of planning, pricing, promoting, selling, and distributing goods and services is known
as:

A. Finance
B. Production
C. Marketing
D. Logistics
42. The process of achieving company goals by planning, organizing, leading, and controlling is
called:

A. Marketing
B. Leadership
C. Management
D. Business Ethics

43. The business or art of money management is known as:

A. Accounting
B. Budgeting
C. Finance
D. Investing

44. A top-level manager is responsible for:

A. Daily operations of the company

B. Making major decisions and planning for the future
C. Carrying out orders from middle managers
D. Supervising low-level employees

45. The ability to act and make decisions without the help of others is called:

A. Leadership
B. Initiative
C. Delegation
D. Business Ethics

46. Tools and machines that people invent to make life easier are known as:

A. Marketing Strategies
B. Technology
C. Production Equipment
D. Business Management
47. People who work with computers while doing business are part of the:

A. Technology Team
B. Finance Department
C. e-Workforce
D. Marketing Division

48. The price at which one currency can buy another currency is called the:

A. Exchange Rate
B. Import Tariff
C. Economic Cycle
D. Supply Chain

49. The practice of the government limiting foreign trade to protect domestic businesses is known as:

A. Free Trade
B. Protectionism
C. Business Ethics
D. Economic Expansion

50. A tax placed on imports to increase their price in the domestic market is called a:

A. Quota
B. Tariff
C. Embargo
D. Budget Deficit

51. A limit placed on the quantity of a product that can be imported is known as a:

A. Tariff
B. Quota
C. Embargo
D. Economic Barrier
52. A ban on the import or export of a product is called a(n):

A. Tariff
B. Quota
C. Embargo
D. Exchange Rate

53. Trade between countries with few or no restrictions is called:

A. Protectionism
B. Free Trade
C. Economic Regulation
D. Business Cycle

54. When a single company controls an industry or is the only one offering a product or service, it is
called a:

A. Monopoly
B. Oligopoly
C. Trust
D. Free Market

55. When a small number of companies control an industry, it is known as:

A. Monopoly
B. Oligopoly
C. Economic Expansion
D. Business Cycle

56. A group of companies that form a monopoly and cut out competition is called a:

A. Trust
B. Corporation
C. Partnership
D. Cooperative

57. A legally enforceable agreement between two or more parties is called a:

 A. Trust
B. Contract
C. Merger
D. Business Plan

58. When one party fails to fulfill the terms of a contract, it is called:

A. Violation of Ethics
B. Business Dispute
C. Breach of Contract
D. Market Failure

59. A legal grant for the sole right to own an invention is known as a:

A. Trademark
B. Patent
C. Copyright
D. Business License

60. A name, symbol, or characteristic that identifies a product and is registered with the government is
called a:

A. Patent
B. Business Name
C. Trademark
D. Franchisee production plan