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Intro to Business Unit 1 Review

Quiz by Michael Finley

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40 questions
Show answers
  • Q1
    What drives the economy?
    wants and needs
    goods and services
    resources
    consumers
    120s
  • Q2
    Which is NOT true of public wants?
    They are often considered private.
    Government satisfies public wants.
    Examples include highways and parks.
    They are widely shared by many.
    120s
  • Q3
    Which is a name for items people can use to make or obtain what they need or want?
    services
    products
    goods
    resources
    120s
  • Q4
    Which question would best help you evaluate a decision after you put it into effect?
    What are my needs and wants?
    What resources are available to me?
    What is the problem and what are my options?
    Would I make the same choice again?
    120s
  • Q5
    Which is true of both personal and business decisions?
    They should consume the most resources available.
    They should be made without regard for consequences.
    They should be made independently.
    120s
  • Q6
    Which is NOT true of businesses?
    The wealth they create benefits the entire community.
    They are rewarded with profits by satisfying consumers.
    They pay taxes and provide jobs.
    They can survive without profits.
    120s
  • Q7
    Which is NOT something a competitive business needs to offer?
    outstanding service
    discontinued goods
    good prices
    quality products
    120s
  • Q8
    What must a business do when developing new products or services?
    evaluate demand
    lend money
    pay taxes
    focus on customer service
    120s
  • Q9
    What is one result of effective market research?
    improved production management
    immediate access to global markets
    immediate access to start-up capital
    information that helps a business identify opportunities
    120s
  • Q10
    What might a business do if its products don't meet consumer's needs?
    modify its products to satisfy consumers
    start a new business
    try new selling techniques
    consider bankruptcy
    120s
  • Q11
    "What is scarcity?
    unlimited wants and needs
    a shortage of resources
    a lack of goods and services
    limited expenses
    120s
  • Q12
    Which is NOT a factor of production?
    capital
    natural resources
    labor
    the marketplace
    120s
  • Q13
    Which statement about natural resources is true?
    Water is renewable because it can be reproduced.
    Agricultural products are renewable because new crops can be grown each season.
    Lumber is not renewable because it takes a long time to grow new trees.
    Coal is renewable because there is so much of it still in the ground.
    120s
  • Q14
    Which is an example of a capital resource?
    a customer service representative
    money borrowed from a bank
    the president of a company
    a machine used to make molded plastic toys
    120s
  • Q15
    Which is most likely to profit from society's changing wants and needs?
    an entrepreneur
    a business with substantial labor resources
    a business with existing capital resources
    a producer of goods
    120s

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