LifePac Grade 12 Economics: Unit 7 Self Test 1

rebate

A deduction from a full purchase amount that is repaid to the consumer is called a ____________.

By hanging on to a car for ten years instead of making a new purchase with a trade-in every three years or so, a car owner can save $400,000 to $450,000 over a period of 40 years, even considering the higher costs for the repair of an older car.

According to the Reader's Digest article, how can you save money when it comes to cars?

inventory

After Christmas is a time when businesses wish to move a lot of ________________ and ready themselves for the next sales season.

rob, Leviticus

An important part of a Christian's obligation as a manger is to be fair to his workers. "Thou shalt not defraud thy neighbor, neither ______ him: the wages of him that is hired shall not abide with thee all night until the morning" (______________ 19:13).

"let the buyer beware"

Caveat Emptor

go-between or broker

In a corporation, the manager is a ______________ between his employees and top management.

debtors

Inflation hurts all creditors, but it helps ________________.

communicate

It is the manager's job to _______________ the wishes of top management in such a way as to motivate employees.

safety, trust, danger

Most regulations have to do with the ____________ of the individual who may be a customer of the business, or a worker within the business. After all, a consumer wants to know that he can _____________ in the quality of the food or the safety of a toy he purchases. A worker wants to be able to work in an environment that does not pose a ___________ to him.

Internet

One way to save at the supermarket is to get information on sales. You can do this by looking in newspaper ads, TV, or radio commercials or even the ___________.

master, Master, fear

Paul wrote to the Ephesians (Ephesians 6:9), "And ye _____________, do the same things unto them, forbearing threatening: knowing that your _______________ also is in heaven; neither is there respect of persons with him." Management by ____________ has no place in Christian management.

electric companies

Some businesses have stricter guidelines and even have their prices regulated. These price regulated businesses are normally monopolies like ___________________________.

stock market

The Securities and Exchange Commission regulates the __________________.

fairness

The chief principle in the Biblical passages Leviticus 19:13 and Deuteronomy 24:14-15 on management is ____________.

The business actually added less to the box and kept the price the same.

The lesson's advertising problem concerning an unethical food producer was that __________________________________________________________________.

True

True or False Concerning Southwest Airlines' success, researchers agree on one point: treat everyone with kindness and respect.

True

True or False In getting a rebate, the original receipt may be required.

True

True or False Inflation = More money + Fewer goods.

False

True or False The end-of-year white sale is a sale on office supplies.

False

True or False Risk-taking management involves making the basic decisions that affect the future of the business and is called operational management.

True

True or False The test of an entrepreneurial decision is whether or not there is a recognizable profit or loss.

wage price spirl

Walt's fellow workers are going on strike since the price of food has increased dramatically within the last 14 months. They are looking to get a higher salary. This continual rise in salary and consumer goods prices is known as a: ____________________.

entrepreneurship, operational management

What are the two aspects of management?

the day-to-day operation of a business

What is operational management?

return policy, warranty

When shopping, be sure to check prices on comparable items. It is also a good idea to check the store's ________________ and ________________.

inflation

When the money supply is increasing faster than the supply of goods and services, it is called ______________.

At the local level, businesses must meet government-set billing rates.

Which answer is NOT true? At the local level, businesses must meet building standards. At the local level, businesses must meet fire codes. AT the local level, businesses must meet zoning laws. At local level, businesses must meet government-set billing rates. At the state level, some businesses must meet licensing requirements.

If the car dealer will not or cannot show you the repair orders or identity of former owner, you should not buy the car. Have a mechanic friend look for hidden damage repairs on "new" (and used) cars.

Which are TRUE? If the car dealer will not or cannot show you the repair orders or identity of former owner, you should not buy the car. A demo car means that the car is show-room new, and a good deal. Have a mechanic friend look for hidden damage repairs on "new" (and used) cars. If a car salesman says, "We don't have one in stock, but maybe we can find one..." buy the available car immediately and take advantage of the sale.

The Federal Communications Commission regulates radio and television to the extent of licensing station and policing programming. The Federal Aviation Administration regulates the airlines. The Securities and Exchange Commission regulates the stock market. The Interstate Commerce Commission polices monopolistic practices. The Food and Drug Administration assesses all foods and drugs consumed.

Which are TRUE? The Federal Communications Commission regulates radio and television to the extent of licensing station and policing programming. The National Labor Relations Board regulates and oversees television practices. The Federal Aviation Administration regulates the airlines. The Federal Trade Commission regulates all newspapers. The Securities and Exchange Commission regulates the stock market. The Interstate Commerce Commission polices monopolistic practices. The Food and Drug Administration assesses all foods and drugs consumed.

top management board of directors

Who makes entrepreneurial decision in a corporation?

Acting ethically

__________________________ is acting within the good principles of society and within the accepted rules of proper behavior.

codes and rules instituted for the safety of a structure and the well-being of its inhabitants

building standards

to make payment to; to financially award a person

compensate

legally binding written agreement between purchaser and seller

contract

specification and safety measures required for buildings

fire codes

a continuing increase in prices and weakening of the purchasing power of money

inflation

granting of official permission to perform a service

licensing

an instrument used to measure the distance traveled by a vehicle

odometer

actual money's worth for buying products

purchasing power

restriction and rules governing business conduct

regulations

guidelines by which a product may be brought back by the purchaser to the seller for an exchange

return policy

wage increases that compete with higher consumer prices

wage-price spiral

a guarantee that is legally binding to the company who issues it

warranty

specific district allowances and restriction, usually governing the flow of business

zoning laws