Test Bank For Better Business 6th Edition All
Chapters
Which if the following occurs when company's revenue is greater than it's expenses? -
ANSWER>>The comapany earns a profit
Emma bought a tablet and a smartphone. These products are called goods because ________. -
ANSWER>>they are physical or tangible products
Jose called an electrician to repair some appliances in his home. Which of the following terms
BEST describes the electrician's repairs? - ANSWER>>service
Some companies offer products that are both good & services. Which of the following is an
example of a company that offers products that are good & services? - ANSWER>>A restaurant
What do profits allow a company to do ? - ANSWER>>Increase productivity
Which factor of production refers to the intellectual work people contribute to a business's
production ? - ANSWER>>Labor
Which of the following is an example of real capital ? - ANSWER>>A manufacturing plant
Griffin wants to provide all his employees with laptops and cell phones so they can more
effectively work from home . Which factors of production is Griffin going to use to make this
upgrade ? - ANSWER>>Technology
Melinda is a store owner who buys items online to sell in her shop . Which of the following
factors of production is BEST illustrated in Melinda's use of the Internet ? -
ANSWER>>Technology
Which of the following is an example of a natural resource that would be used in the building of
a house ? - ANSWER>>Lumber
When a business is profitable, it is able to expand - ANSWER>>True
not all businesses provide a product - ANSWER>>False
some companies fell, because they have not kept pace with latest technology - ANSWER>>True
which of the following is an outcome of business competition? - ANSWER>>A wider variety of
goods & services
,Which of the following problems is potentially posed by an aging population? -
ANSWER>>Fewer business opportunities
which of the following would most likely be part of a companies diversity initiative? -
ANSWER>>A monority network
Globalization is a controversial subject for many people because ______ - ANSWER>>It
increases the cost of good & services in the US
Bill is an Information Technology manager for a large firm . His company needs to install a new
software program , which he orders from his company's online supplier . This is an example of
________ e - commerce . - ANSWER>>business - to - business
Baby boomers often provide little incentive for organization in terms of marketing products . -
ANSWER>>False
Kirk owns a chain of convenience stores connected to gas stations . He has more than 500
stores , and they are all located within a 3 state area . Which type of business does Kirk own ? -
ANSWER>>Regional
Local businesses are more likely to be undercapitalized than a multinational business . -
ANSWER>>True
Keeping up with new technology is - ANSWER>>important for individuals as well as businesses
Nina's furniture store has had a successful year and made a significant profit . Which of the
following actions using Nina's store profits would BEST increase productivity ? -
ANSWER>>Develop a website that would enable customers to shop and place orders online .
Which of the following describes how profits are used in a non - profit organization ? -
ANSWER>>To expand services
Which of the following include all the various resources used to create a company's goods and
services ? - ANSWER>>Factors of production
A market economy is one in which - ANSWER>>individuals and private firms make decisions
based on consumer needs and wants
A mixed economy is one in which - ANSWER>>both individuals and government control
resources and determine production methods
A planned economy is one in which - ANSWER>>the government or other centralized group
determines wages , sets prices , and distributes resources and products to the common group .
, Socialism is similar to communism in that - ANSWER>>the government distributes goods and
services .
Macroeconomics is the study of how certain occurrences , such as unemployment rates , affect
the economy as a whole . - ANSWER>>True
Economics is the study of how individuals and businesses make decisions to best satisfy wants
and needs with limited resources . - ANSWER>>True
Communism and socialism are examples of market economies . - ANSWER>>False
Which transaction BEST describes bartering ? - ANSWER>>An exchange of goods without an
exchange of currency , in which the price of something is determined by the needs and
resources of each person involved in the exchange
Pilar's daughter wants a Betty the Builder doll for Christmas . When Pilar gets to the toy store
she is told that they have a limited quantity , which will go on sale at 6 a.m. the next morning -
and that she'd better get in line early . This is an example of which of the following
determinants of demand ? - ANSWER>>Consumer preference
A demand curve illustrates _____ - ANSWER>>the relationship between price and quantity
demanded
Supply refers to how much of a product or service is available for purchase at a given time. -
ANSWER>>True
What is most likely outcome when there is a monopoly on a product or service -
ANSWER>>Supply may be limited
Mae's restaurant is the only establishment in town that sells cinnamon rolls. Make therefore
has a monopoly on the cinnamon roll business in town. - ANSWER>>True
What is an economic indicator - ANSWER>>an aspect of the economy that can be measured in
order to determine a country's overall economic health
A continuous decrease in the level of prices over time is called ________. - ANSWER>>deflation
The value of CPI's "market basket" is determined by - ANSWER>>The combined proceed if a
specific set of goods or services
The product price index (PPI) tracks the average change in prices from the ____ perspective -
ANSWER>>Marketer's
Chapters
Which if the following occurs when company's revenue is greater than it's expenses? -
ANSWER>>The comapany earns a profit
Emma bought a tablet and a smartphone. These products are called goods because ________. -
ANSWER>>they are physical or tangible products
Jose called an electrician to repair some appliances in his home. Which of the following terms
BEST describes the electrician's repairs? - ANSWER>>service
Some companies offer products that are both good & services. Which of the following is an
example of a company that offers products that are good & services? - ANSWER>>A restaurant
What do profits allow a company to do ? - ANSWER>>Increase productivity
Which factor of production refers to the intellectual work people contribute to a business's
production ? - ANSWER>>Labor
Which of the following is an example of real capital ? - ANSWER>>A manufacturing plant
Griffin wants to provide all his employees with laptops and cell phones so they can more
effectively work from home . Which factors of production is Griffin going to use to make this
upgrade ? - ANSWER>>Technology
Melinda is a store owner who buys items online to sell in her shop . Which of the following
factors of production is BEST illustrated in Melinda's use of the Internet ? -
ANSWER>>Technology
Which of the following is an example of a natural resource that would be used in the building of
a house ? - ANSWER>>Lumber
When a business is profitable, it is able to expand - ANSWER>>True
not all businesses provide a product - ANSWER>>False
some companies fell, because they have not kept pace with latest technology - ANSWER>>True
which of the following is an outcome of business competition? - ANSWER>>A wider variety of
goods & services
,Which of the following problems is potentially posed by an aging population? -
ANSWER>>Fewer business opportunities
which of the following would most likely be part of a companies diversity initiative? -
ANSWER>>A monority network
Globalization is a controversial subject for many people because ______ - ANSWER>>It
increases the cost of good & services in the US
Bill is an Information Technology manager for a large firm . His company needs to install a new
software program , which he orders from his company's online supplier . This is an example of
________ e - commerce . - ANSWER>>business - to - business
Baby boomers often provide little incentive for organization in terms of marketing products . -
ANSWER>>False
Kirk owns a chain of convenience stores connected to gas stations . He has more than 500
stores , and they are all located within a 3 state area . Which type of business does Kirk own ? -
ANSWER>>Regional
Local businesses are more likely to be undercapitalized than a multinational business . -
ANSWER>>True
Keeping up with new technology is - ANSWER>>important for individuals as well as businesses
Nina's furniture store has had a successful year and made a significant profit . Which of the
following actions using Nina's store profits would BEST increase productivity ? -
ANSWER>>Develop a website that would enable customers to shop and place orders online .
Which of the following describes how profits are used in a non - profit organization ? -
ANSWER>>To expand services
Which of the following include all the various resources used to create a company's goods and
services ? - ANSWER>>Factors of production
A market economy is one in which - ANSWER>>individuals and private firms make decisions
based on consumer needs and wants
A mixed economy is one in which - ANSWER>>both individuals and government control
resources and determine production methods
A planned economy is one in which - ANSWER>>the government or other centralized group
determines wages , sets prices , and distributes resources and products to the common group .
, Socialism is similar to communism in that - ANSWER>>the government distributes goods and
services .
Macroeconomics is the study of how certain occurrences , such as unemployment rates , affect
the economy as a whole . - ANSWER>>True
Economics is the study of how individuals and businesses make decisions to best satisfy wants
and needs with limited resources . - ANSWER>>True
Communism and socialism are examples of market economies . - ANSWER>>False
Which transaction BEST describes bartering ? - ANSWER>>An exchange of goods without an
exchange of currency , in which the price of something is determined by the needs and
resources of each person involved in the exchange
Pilar's daughter wants a Betty the Builder doll for Christmas . When Pilar gets to the toy store
she is told that they have a limited quantity , which will go on sale at 6 a.m. the next morning -
and that she'd better get in line early . This is an example of which of the following
determinants of demand ? - ANSWER>>Consumer preference
A demand curve illustrates _____ - ANSWER>>the relationship between price and quantity
demanded
Supply refers to how much of a product or service is available for purchase at a given time. -
ANSWER>>True
What is most likely outcome when there is a monopoly on a product or service -
ANSWER>>Supply may be limited
Mae's restaurant is the only establishment in town that sells cinnamon rolls. Make therefore
has a monopoly on the cinnamon roll business in town. - ANSWER>>True
What is an economic indicator - ANSWER>>an aspect of the economy that can be measured in
order to determine a country's overall economic health
A continuous decrease in the level of prices over time is called ________. - ANSWER>>deflation
The value of CPI's "market basket" is determined by - ANSWER>>The combined proceed if a
specific set of goods or services
The product price index (PPI) tracks the average change in prices from the ____ perspective -
ANSWER>>Marketer's
