FBLA INTRODUCTION TO BUSINESS PROCEDURES (COMPLETE)
[STATES] EXAM ACTUAL EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
GRADED A+ 2026/2027
Business The organized effort of individuals to
produce and sell, for a profit, the goods
and services that satisfy society's
needs.
What are the four resources Human resources, material resources,
a business needs in order to informational resources, and financial
be successful? resources.
What do manufacturing They process various materials.
businesses do?
What do service businesses They provide services.
do?
, (Used as it is purchased)
(Ex: Haircuts, legal advice, tax preparation,
etc.)
What do marketing Buy products and resell them (retailers).
intermediaries do?
Intermediary Go-between; mediator.
Are businesses that Yes
understand customer needs,
and work to satisfy those
needs successful?
Profit The remains after all business expenses
have been deducted from sales revenue.
What is the formula for Sales revenue - expenses
profit?
Economics The study of how wealth is created and
distributed.
Microeconomics The study of the decisions made by
, individuals and businesses.
Macroeconomics The study on how the aggregate
economy behaves.
(Ex: Inflation, price levels, rate of growth,
national income, GDP, and changes in
unemployment.)
Economy The system through which a society
creates and distributes wealth.
Capitalism A system in which individuals own and
operate the majority of businesses that
provide goods and services.
Socialism A system in which the government owns
and controls the means of production.
Communism A system where factors of production are
owned and directed by the state.
[STATES] EXAM ACTUAL EXAM QUESTIONS AND ANSWERS
WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
GRADED A+ 2026/2027
Business The organized effort of individuals to
produce and sell, for a profit, the goods
and services that satisfy society's
needs.
What are the four resources Human resources, material resources,
a business needs in order to informational resources, and financial
be successful? resources.
What do manufacturing They process various materials.
businesses do?
What do service businesses They provide services.
do?
, (Used as it is purchased)
(Ex: Haircuts, legal advice, tax preparation,
etc.)
What do marketing Buy products and resell them (retailers).
intermediaries do?
Intermediary Go-between; mediator.
Are businesses that Yes
understand customer needs,
and work to satisfy those
needs successful?
Profit The remains after all business expenses
have been deducted from sales revenue.
What is the formula for Sales revenue - expenses
profit?
Economics The study of how wealth is created and
distributed.
Microeconomics The study of the decisions made by
, individuals and businesses.
Macroeconomics The study on how the aggregate
economy behaves.
(Ex: Inflation, price levels, rate of growth,
national income, GDP, and changes in
unemployment.)
Economy The system through which a society
creates and distributes wealth.
Capitalism A system in which individuals own and
operate the majority of businesses that
provide goods and services.
Socialism A system in which the government owns
and controls the means of production.
Communism A system where factors of production are
owned and directed by the state.
