6.00-7.00

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

5.01 Human resources become limited.

Which situations would cause prices to rise?

5.01 Insects destroy a large cotton crop.

Which is a reason that natural resources are considered limited?

5.01 The earth has certain boundaries.

Which is a natural resource that can be renewed through people's efforts?

5.01 Trees

A killing frost destroys 80% of Florida's citrus crop. This will most likely create:

5.01 a seller's market.

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

5.01 a walk

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?

5.01 buyer's

Which is an example of an economic service?

5.01 concert ticket

Which is an external factor that affects market price?

5.01 consumer buying power

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

5.01 consumer services.

Adrian and Bailey own a salon. Adrian is a nail technician and Bailey is a cosmetologist. Adrian gives Bailey a pedicure. Bailey gives Adrian a haircut. They do not pay money for the services provided. What does this demonstrate?

5.01 exchange

One factor that might limit the human resources available for certain jobs is a/an:

5.01 inadequate pay level.

When prices increase, producers usually:

5.01 increase supply.

A farmer has 1,000 acres. He decides to plant apple trees on 800 acres and raise cows on the remaining 200 acres. If he wanted to raise more cows, he would have to reduce the amount of land allotted to growing apples. This is an example of:

5.01 opportunity cost.

Which change provides the most time utility for a consumer?

5.01 staying open for business on the weekend

Equilibrium price of a good or service is determined by trial and error and exists when:

5.01 the amount supplied is equal to the amount demanded.

A business that begins selling winter holiday decorations in late autumn is creating what type of utility?

5.01 time

Which group of words best describes wants?

5.01 unlimited, changing, and competing

The usefulness of a product to consumers is referred to as product:

5.01 utility

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?

5.02 $232,420

Which is an example of a speculative business risk?

5.02 A special promotion fails to increase sales.

A vendor is extending credit to the Jones Company in return for the Jones Company's agreement to use the vendor as the sole source of its supplies. What federal act is the vendor and the Jones Company violating?

5.02 Clayton Act

Which is a problem associated with communist command economies?

5.02 There is no competition.

In business terms, what is profit?

5.02 a monetary reward

Who decides how goods and services will be marketed in a private enterprise economic system?

5.02 business people

A business selects goods or services to sell. Which type of risk is this business using?

5.02 controlling risk

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

5.02 discount coupons

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

5.02 offering rebates.

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

5.02 private

In a private enterprise economic system, the interaction of supply and demand primarily determines:

5.02 product prices.

For a business, income remaining after payment of expenses is:

5.02 profit

The basic role of the United States government is to:

5.02 protect U.S. citizens.

Which represents a natural risk for the owner of a delivery service?

5.02 snowstorm

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

5.02 welfare

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?

5.03 Start by hiring an export management company.

Which situation would most likely indicate the need to adapt to changes in the business environment?

5.03 The supply of materials used in manufacturing a product has decreased.

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?

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

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and:

5.03 authority

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

5.03 be a failure.

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

5.03 business cycle

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

5.03 change is an opportunity.

A U.S. company would decide to offer its products in other countries as a reason to:

5.03 expand to new, untapped markets.

Which affects the business environment because it provides the most options for consumers?

5.03 global competition

Which is a factor that affects the business environment?

5.03 industry competition

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?

5.03 marketing

Kim invests heavily in a marketing campaign to stimulate sales for her company. What type of management process is this an example of?

5.03 proactive management

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

5.03 provides experience that increases the business's credibility.

Business ethics involve considering issues about what is:

5.03 right and wrong.

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

5.03 technology

Which is an example of ethical business behavior?

5.03 testing products to ensure they are safe to use

The two main divisions of the trade industry are:

5.03 wholesalers and retailers.

At PME Company, four employees worked 25 hours a week and produced 4,200 products. What is the total hourly production output?

5.04 42

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

5.04 93

The productivity of an individual worker can be measured by:

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

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

5.04 issuing bonds.

The formula that is generally used to measure productivity is:

5.04 outputs divided by inputs.

Which provides government protection of business property?

5.04 patents

One reason that has caused the government's role in business to expand is that:

5.04 people's attitudes have changed.

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

6.01 balance sheets.

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

6.02 equity

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

6.02 finance

The role of finance in business often involves:

6.02 obtaining funds.

What marketing activity is taking place when a car dealership promotes their newest vehicle on the radio?

7.01 communicating with customers

Which would probably result if a business reduced its marketing costs?

7.01 decreased variety of consumer goods

According to the marketing concept, which option demonstrates customer orientation?

7.01 finding out what a buyer wants

Each year, more than 500,000 people watch the Soccer World Cup sponsored by Adidas. What is being marketed by Adidas?

7.01 goods

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

7.02 corporation

Which type of ownership gives a business an exclusive territory, training and support during start up, and a competitive edge in the market?

7.02 franchise

A type of business ownership in which one or more of the owners does not have full liability is called a:

7.02 limited partnership.

A characteristic of a sole proprietorship is that the owner:

7.02 receives all the profit.

José is opening a fish tank cleaning service. He has potential investors, but decides he would prefer to structure the business ownership so that he is ultimately responsible for the success or failure of the business. Which type of business ownership should José select?

7.02 sole proprietorship

A foreman spends time connecting with his workers on an interpersonal level. This involves communicating in ways that motivate and inspire employees toward a higher level of productivity. This task would fall under which function of management?

7.03 directing

Which do managers often set in order to control the work effort?

7.03 job standards

John says that his job duties include planning what will be done, organizing and directing workers, and solving problems related to worker productivity. His job can best be described as a:

7.03 manager.

Melissa, a marketing manager for an amusement park, has a goal of increasing sales for the month of October. Melissa needs to first spend time mapping out the necessary steps she and her team of sales representatives must take so that they can increase their sales numbers. Which managerial function is she performing?

7.03 planning

A manager who helps an employee count the money in a cash drawer and prepare a bank deposit is demonstrating:

7.03 technical skills.