BUSINESS 101 REVIEW EXAM QUESTIONS
WITH VERIFIED SOLUTIONS
The debt ceiling is:
a. the maximum amount Congress lets the government borrow.
b. the shortfall that occurs when expenses are higher than revenue over a given period of
time.
c. the overage that occurs when revenue is higher than expenses over a given period of
time.
d. the total amount of money within the national economy.1
a. the maximum amount Congress lets the government borrow.
Microeconomics focuses on:
a. the employment rate in a country.
b. individual businesses.
c. the gross domestic product of a country.
d. taxation policies.
b. individual businesses.
When tax revenue is higher than government expenditures, the government incurs a ____.
a. private debt
b. trade gap
c. budget surplus
d. fiscal deficit
c. budget surplus
Identify a true statement about e-commerce.
a. Business-to-consumer selling companies have the larger share of profits arising from the
total e-commerce sales.
b. E-commerce has completely eliminated the individualized buying experience
c. Business-to-business selling companies comprise the vast majority of total e-commerce
sales.
d. E-commerce excludes the sales of goods and services through websites or online portals.
? quiz 1
The core goal of successful firms is to:
a. create a diverse workforce in an organization.
b. generate long-term profits by delivering unsurpassed value to their customers.
c. meet the rising expectation of workers.
d. ensure free trade of goods and services within local and international markets.
b. generate long-term profits by delivering unsurpassed value to their customers.
,Legislation that supports enforceable contracts usually forms part of an organization's
____ environment.
a. competitive
b. cultural
c. economic
d. social
c. economic
_____ refers to Federal Reserve decisions that shape the economy by influencing interest
rates and the supply of money.
a. Fiscal policy
b. Monetary policy
c. Revenue policy
d. Deficit policy
b. Monetary policy
Huge factories replaced skilled artisan workshops during the ____.
a. industrial revolution
b. entrepreneurship era
c. production era
d. marketing revolution
a. industrial revolution
Computers, digital tools, and telecommunications are most likely to be part of the ____
dimension of a business environment.
a. economic
b. social
c. cultural
d. technological
d. technological
Identify a true statement about nonprofit organizations.
a. They are usually in the business of financial gain.
b. They employ people and take in revenue.
c. They do not produce goods and services.
d. They are not business-like establishments.
b. They employ people and take in revenue.
Identify a true statement about macroeconomics.
a. It focuses primarily on monitoring the activities of individual businesses.
b. It hardly affects the day-to-day lives of people.
c. It is the study of a country's overall economic dynamics.
d. It has little or no influence on variables such as jobs and taxes.
,c. It is the study of a country's overall economic dynamics.
The two key phases of a business cycle are:
a. stagflation and hyperinflation.
b. depression and contraction.
c. contraction and expansion.
d. recession and deflation.
c. contraction and expansion.
During the _____, businesses began to develop brands to help customers understand the
differences among various products.
a. industrial revolution
b. entrepreneurship era
c. marketing era
d. relationship era
c. marketing era
_____ is the rate which a new product moves from conception to commercialization.
a. Speed-to-market
b. Picketing
c. Hard sell
d. Leveraging
a. Speed-to-market
Which of the following statements is a characteristic of entrepreneurs?
a. They are hardly interested in created wealth for themselves.
b. They create value for themselves at the expense of others.
c. They have little or no impact on other people in the society.
d. They product a ripple effect that enriches everyone around them.
d. The produce a ripple effect that enriches everyone around them.
The economic system of the United States is called ___.
a. capitalism
b. communism
c. socialism
d. mercantilism
a. capitalism
In the context of factors of production, which of the following is an example of a natural
resource?
a. An equipment
b. Land
, c. An investment
d. Information
b. Land
______ refers to the quantity of products that producers are willing to offer for sale at
different market prices .
a. Supply
b. Demand
c. Ration
d. Rebate
a. Supply
Which of the following occurred during the entrepreneurship era?
a. The balance of power shifted away from producers and toward consumers.
b. Web and digital resources were used to gather detailed information about customers
c. Industrial titans created enormous wealth and dominated their markets.
d. The standard of living declined at a high rate.
c. Industrial titans created enormous wealth and dominated their markets.
Which of the following is a true statement about profit in a business?
a. It is calculated by subtracting the cost of goods from the sales revenues of a business.
b. It is the financial reward that comes for starting and running a business.
c. It is the goodwill that an organization gains while running a business.
d. It is earned by every business all the time.
? quiz 1, answer is not A
Who among the following is most likely to benefit in a case where there is a strong dollar
against a euro?
a. Hailinser, an American who exports goods to Europe
b. Fieolia Corp., a European firm that imports goods from America
c. Joinieker Inc., a Europea firm with American operations
d. Ron, an American who is touring Europe
d. Ron, an American who is touring Europe
Which of the following is true of a partnership?
a. It is the most expensive form of direct investment.
b. It is a formal, long-term agreement.
c. It is the most basic level of global trade.
d. It is otherwise known as domestic franchising.
b. It is a formal, long-term agreement.
Which of the following is the most costly form of foreign direct investment?
a. Offshoring
WITH VERIFIED SOLUTIONS
The debt ceiling is:
a. the maximum amount Congress lets the government borrow.
b. the shortfall that occurs when expenses are higher than revenue over a given period of
time.
c. the overage that occurs when revenue is higher than expenses over a given period of
time.
d. the total amount of money within the national economy.1
a. the maximum amount Congress lets the government borrow.
Microeconomics focuses on:
a. the employment rate in a country.
b. individual businesses.
c. the gross domestic product of a country.
d. taxation policies.
b. individual businesses.
When tax revenue is higher than government expenditures, the government incurs a ____.
a. private debt
b. trade gap
c. budget surplus
d. fiscal deficit
c. budget surplus
Identify a true statement about e-commerce.
a. Business-to-consumer selling companies have the larger share of profits arising from the
total e-commerce sales.
b. E-commerce has completely eliminated the individualized buying experience
c. Business-to-business selling companies comprise the vast majority of total e-commerce
sales.
d. E-commerce excludes the sales of goods and services through websites or online portals.
? quiz 1
The core goal of successful firms is to:
a. create a diverse workforce in an organization.
b. generate long-term profits by delivering unsurpassed value to their customers.
c. meet the rising expectation of workers.
d. ensure free trade of goods and services within local and international markets.
b. generate long-term profits by delivering unsurpassed value to their customers.
,Legislation that supports enforceable contracts usually forms part of an organization's
____ environment.
a. competitive
b. cultural
c. economic
d. social
c. economic
_____ refers to Federal Reserve decisions that shape the economy by influencing interest
rates and the supply of money.
a. Fiscal policy
b. Monetary policy
c. Revenue policy
d. Deficit policy
b. Monetary policy
Huge factories replaced skilled artisan workshops during the ____.
a. industrial revolution
b. entrepreneurship era
c. production era
d. marketing revolution
a. industrial revolution
Computers, digital tools, and telecommunications are most likely to be part of the ____
dimension of a business environment.
a. economic
b. social
c. cultural
d. technological
d. technological
Identify a true statement about nonprofit organizations.
a. They are usually in the business of financial gain.
b. They employ people and take in revenue.
c. They do not produce goods and services.
d. They are not business-like establishments.
b. They employ people and take in revenue.
Identify a true statement about macroeconomics.
a. It focuses primarily on monitoring the activities of individual businesses.
b. It hardly affects the day-to-day lives of people.
c. It is the study of a country's overall economic dynamics.
d. It has little or no influence on variables such as jobs and taxes.
,c. It is the study of a country's overall economic dynamics.
The two key phases of a business cycle are:
a. stagflation and hyperinflation.
b. depression and contraction.
c. contraction and expansion.
d. recession and deflation.
c. contraction and expansion.
During the _____, businesses began to develop brands to help customers understand the
differences among various products.
a. industrial revolution
b. entrepreneurship era
c. marketing era
d. relationship era
c. marketing era
_____ is the rate which a new product moves from conception to commercialization.
a. Speed-to-market
b. Picketing
c. Hard sell
d. Leveraging
a. Speed-to-market
Which of the following statements is a characteristic of entrepreneurs?
a. They are hardly interested in created wealth for themselves.
b. They create value for themselves at the expense of others.
c. They have little or no impact on other people in the society.
d. They product a ripple effect that enriches everyone around them.
d. The produce a ripple effect that enriches everyone around them.
The economic system of the United States is called ___.
a. capitalism
b. communism
c. socialism
d. mercantilism
a. capitalism
In the context of factors of production, which of the following is an example of a natural
resource?
a. An equipment
b. Land
, c. An investment
d. Information
b. Land
______ refers to the quantity of products that producers are willing to offer for sale at
different market prices .
a. Supply
b. Demand
c. Ration
d. Rebate
a. Supply
Which of the following occurred during the entrepreneurship era?
a. The balance of power shifted away from producers and toward consumers.
b. Web and digital resources were used to gather detailed information about customers
c. Industrial titans created enormous wealth and dominated their markets.
d. The standard of living declined at a high rate.
c. Industrial titans created enormous wealth and dominated their markets.
Which of the following is a true statement about profit in a business?
a. It is calculated by subtracting the cost of goods from the sales revenues of a business.
b. It is the financial reward that comes for starting and running a business.
c. It is the goodwill that an organization gains while running a business.
d. It is earned by every business all the time.
? quiz 1, answer is not A
Who among the following is most likely to benefit in a case where there is a strong dollar
against a euro?
a. Hailinser, an American who exports goods to Europe
b. Fieolia Corp., a European firm that imports goods from America
c. Joinieker Inc., a Europea firm with American operations
d. Ron, an American who is touring Europe
d. Ron, an American who is touring Europe
Which of the following is true of a partnership?
a. It is the most expensive form of direct investment.
b. It is a formal, long-term agreement.
c. It is the most basic level of global trade.
d. It is otherwise known as domestic franchising.
b. It is a formal, long-term agreement.
Which of the following is the most costly form of foreign direct investment?
a. Offshoring
