pobf

Which group of words best describes wants?

unlimited, changing, and competing

What is a business's net profit if it has $762,750 in income, $291,400 in operating expenses, and $238,930 in cost of goods?

$232,420

Mark, who owns a small home-appliance store, is in the process of placing an order for 12 refrigerators, 8 stoves, and 4 portable dishwashers. Mark is purchasing the refrigerators for $674.98 each, the stoves for $493.22 each, and the portable dishwashers for $284.83 each. What is the total cost of the stoves that Mark is purchasing?

$3,945.76

If three employees each work 35 hours a week and produce a total of 9,765 items, what is their total hourly productivity level?

93

Which is an example of a speculative business risk?

A special promotion fails to increase sales.

Which occurs when the supply of individuals who are able and willing to work diminishes?

Human resources become limited.

Which situations would cause prices to rise?

Insects destroy a large cotton crop.

A small-business owner whose business is a sole proprietorship is planning to "go global." What method for going global would be best to recommend to the small-business owner?

Start by hiring an export management company.

Which is a reason that natural resources are considered limited?

The earth has certain boundaries.

Which is a problem associated with communist command economies?

There is no competition.

A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the expenses of operating the museum. Will the museum be a business?

Yes, the museum will be a not-for-profit business

The desire for which item(s) would be considered a noneconomic want?

a walk

Businesses would not be able to determine if they are meeting their financial goals without accurate:

accounting systems.

Businesses use the information collected through the accounting process to prepare accurate:

balance sheets.

If a business is not concerned about social responsibility, it is likely to:

be a failure.

Which is an example of an economic factor that affects the business environment?

business cycle

A local dealership purchased 100 blue pickup trucks, but has only been able to sell three in the past five months. Because of the low demand for these trucks, the dealer has been forced to lower the sticker prices, creating which type of market for blue pickup trucks?

buyer's

Businesses that successfully adapt to current market situations often realize that:

change is an opportunity.

Which is an example of an economic service?

concert ticket

A local dry cleaner that also launders and presses shirts is selling:

consumer services.

Which would customers need to present at the time of purchase to get money taken off the purchase price of the item?

discount coupons

The productivity of an individual worker can be measured by:

dividing the number of customers served by the number of hours an employee worked.

Assets a company already owns and can use to finance a new venture are called:

equity.

When businesses invest funds to expand, they are involved in the process of:

finance.

Which is a example of a short-term objective?

finishing a six-week computer software course

When prices increase, producers usually:

increase supply.

Which is a factor that affects the business environment?

industry competition

The government can borrow money from the private sector in order to pay the costs of regulation by:

issuing bonds.

The owner of a small company decides to stock a new product. Which business activity should the owner use to inform potential customers about the new product?

marketing

The role of finance in business often involves:

obtaining funds.

When manufacturers give back part of the purchase price of an item to the customer, the manufacturers are engaged in:

offering rebates.

The formula that is generally used to measure productivity is:

outputs divided by inputs.

Which provides government protection of business property?

patents

A major characteristic of a market economy is which type of ownership of property?

private

The basic role of the United States government is to:

protect U.S. citizens.

One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually:

provides experience that increases the business's credibility.

One way a business can reduce the risk of accidents in the workplace is by providing its employees with:

safety training.

Which change provides the most time utility for a consumer?

staying open for business on the weekend

Which factor has aided the most in creating a global business environment?

technology

What is one of the main reasons why businesses need to keep accurate accounting records?

to control expenses

Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as which type of state?

welfare

The two main divisions of the trade industry are:

wholesalers and retailers.