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Business PreTest

Quiz by Al Johnson

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60 questions
Show answers
  • Q1
    What is a need?
    Things that are required in order to live
    30s
  • Q2
    What does scarcity mean?
    Not having enough resources to satisfy every need.
    30s
  • Q3
    What is a market economy?
    Economic systems in which resources are owned and controlled by the citizens of the country.
    30s
  • Q4
    What two main factors determine the price of a product or service?
    supply and demand
    30s
  • Q5
    What does the abbreviation GDP stand for?
    Gross Domestic Product
    30s
  • Q6
    What is an economic depression?
    A phase marked by a prolonged period of high unemployment, weak consumer sales and business failures.
    30s
  • Q7
    A phrase that describes borrowing
    Buy now, pay later
    30s
  • Q8
    Describe the balance of trade.
    The difference between the amount of money that comes into a country and the amount that goes out of it.
    30s
  • Q9
    What is a quota?
    a limit set on the products that can be imported or exported
    30s
  • Q10
    What is one of the greatest benefits associated with international business.
    A large amount of products are available to consumers
    30s
  • Q11
    The agreement between two or more companies to share a business project.
    Joint Venture
    conglomerate
    partnership
    corporation
    30s
  • Q12
    The duty of a business to contribute to the well-being of a community.
    safety protocol
    social responsibility
    justice
    the law
    30s
  • Q13
    The set of rules that govern the actions of employees or members of an organization.
    morals
    code of ethics
    obligations
    expectations
    30s
  • Q14
    A contract is
    documentation of employment
    a handshake
    a government mandate
    an agreement to exchange goods or services for something of value
    30s
  • Q15
    An example of a public utility is
    local or national bank
    power company
    political party
    a government committee
    30s

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