pob test 1 - · pdf filequiz answer key | go back pob test 1 quiz directions you will have...

Quiz Answer Key | Go back

PoB Test 1 Quiz Directions

You will have one opportunity to take this test. Read all of the questions carefully and choose the best answers.

Questions

1.3 pt(s).

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good.

A. ultimate B. consumer

C. capital D. industrial

2.3 pt(s).

If a good or service is scarce, consumers will usually be

A. able to get as much of it as they want. B. uninterested in owning it. C. unwilling to buy it. D. willing to pay money to get it.

3.3 pt(s).

Producers respond to consumers' increased demand for a product by

A. increasing production

B. decreasing production C. producing more industrial goods D. classifying their goods and services

4.3 pt(s).

A characteristic of human wants is that they are

A. limited B. unchanging C. unlimited

D. consistent

What determines whether an economic product is an industrial product or a consumer

of 7QuizStar | Answer Key

5/18/2016http://quizstar.4teachers.org/servlet/quizrepositoryservlet

5.3 pt(s).

A. Who buys and uses the product

B. Who produces the product C. The origin of the product D. The price of the product

6.3 pt(s).

John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert's expertise is selling, and Charles' expertise is management. However, each has limited capital. The ideal business ownership for these young men is a A. partnership

B. merger C. corporation D. sole proprietorship

7.3 pt(s).

One reason a physicians' practice might form a partnership as an LLP is to

A. ensure that the business experiences unlimited liability. B. permit the general public to purchase licensing rights in the practice. C. protect innocent partners from the malpractice of another partner.

D. take advantage of higher dividend returns on shares of its stock.

8.3 pt(s).

Which change provides the most time utility for a consumer?

A. Asking for early delivery of a product B. Staying open for business on the weekend

C. Shopping for a product in the morning D. Arriving at a product trade show early

9.3 pt(s).

Which of the following situations involves finding an alternative resource to use in place of a nonrenewable natural resource:

A. Powering a motor vehicle with biodiesel instead of gasoline.

B. Searching for oil in new locations such as the ocean floor C. Generating energy from wind turbines instead of solar panels D. Passing legislation to prevent the killing of endangered animals



10.3 pt(s).

Consumers are typically most willing to pay more for goods and services that bring them greater

A. satisfaction

B. opportunity costs C. trade-offs D. popularity

11.3 pt(s).

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

A. Human resources become unlimited B. Human resources become limited.

C. Capital goods become unlimited. D. Capital goods become limited.

12.3 pt(s).

Using a stream to supply water to a field in order to grow crops is an example of using

A. nonrenewable resources. B. human resources. C. capital goods. D. natural resources.

13.3 pt(s).

What are the three basic economic questions?

A. When will products be produced; how will products be produced; and how will products be allocated? B. When will products be produced; where will products be produced; and how will products be

allocated C. What products will be produced; how will products be produced; and how will products be allocated?

D. What products be produced; why will products be produced; and how will products be produced

14.3 pt(s).

In economics, the term capital goods includes

A. trees and water. B. mental and physical work C. labor and management. D. buildings and equipment.



15.3 pt(s).

Which of the following economic resources is responsible for combining the other resources

A. Capital resources B. Human resources

C. Nonrenewable resources D. Natural resources

16.3 pt(s).

Changing a good's form involves which of the following:

A. Making sure the good is available early B. Getting the good to the retailer C. Providing an easy way to buy the good D. Adding a new feature to the good

17.3 pt(s).

Most businesses put their greatest competitive efforts into competing

A. locally B. nationally. C. with direct competitors.

D. with indirect competitors.

18.3 pt(s).

One way that competition helps to build a prosperous society is by

A. creating government legislation. B. creating new jobs.

C. increasing the money supply. D. replacing small businesses with large ones.

19.3 pt(s).

Which activities are likely to increase a firm's profit?

A. Increasing supplies and decreasing production B. Increasing sales and decreasing expenses

C. Decreasing sales and increasing expenses D. Decreasing supplies and increasing production

Which of the following are qualities of monopolies:



20.3 pt(s).

A. High prices and much competition B. Low production and much competition C. High prices and low production

D. Low prices and little competition

21.3 pt(s).

Offering high quality, large assortments, and free shipping are examples of

A. rebates. B. price fixing. C. nonprice competition.

D. price competition.

22.3 pt(s).

If expenses are greater than income, there's no

A. guarantee B. sales C. profit

D. risk

23.3 pt(s).

A popular product is said to be

A. out of style B. available C. late D. in demand

24.3 pt(s).

A manufacturer is a type of business that

A. does not make use of raw goods. B. keeps raw goods in their original forms. C. turns raw goods into useful products.

D. sells raw goods for their producers.

Which of the following is a potential problem in market economies?



25.3 pt(s).

A. Production quotas for businesses B. No competition C. Total government control D. Financial loss

26.3 pt(s).

Why are entrepreneurs important in a private enterprise system?

A. They are responsible for deceptive advertising B. They get rid of competition. C. They use resources inefficiently. D. They encourage the development of new products.

27.3 pt(s).

Private enterprise is based on the idea that everyone is better served when

A. economic resources are controlled by the government. B. individuals are free to set their own goals

C. individuals do what their ancesters hav always done D. government determines where individuals will work.

28.3 pt(s).

Lack of economic growth is a major problem for __________ economic systems.

A. communist command B. market C. traditional

D. socialist command

29.3 pt(s).

Which of the following is a disadvantage of private enterprise:

A. Elimination of poverty B. Equal distribution of income C. Careful use of resources D. Periods of unemployment

In a communist command economy who decides how the economic questions will be answered?



30.3 pt(s).

A. Businesses B. Individuals C. Venture team D. Government

31.3 pt(s).

A socially responsible business will attempt to give customers

A. lower quality products at reduced prices. B. the best products no matter what the cost. C. the best products at the best prices.

D. high-quality products at high prices.

32.3 pt(s).

Government owns the basic means of production but there is some private ownership of businesses under

A. capitalism B. socialism

C. entrepreneurship D. communism

33.4 pt(s).

One of the freedoms provided to individuals by the private enterprise system is the freedom to choose

A. which laws they will obey. B. how their employers pay them. C. which taxes they will pay. D. where they will work.

The QuizStar Team provides technical assistance and support to users M-F from8:00 a.m.- 5:00 p.m. Central Standard Time, excluding U.S. federal holidays.

Copyright © 2000-2005 ALTEC - Advanced Learning Technologies in Education Consortia - Terms of Use - Privacy PolicyCenter for Research on Learning at The University of Kansas




PoB Test 2 Quiz Directions

You will have one attempt to take this quiz. Choose the best answer for each question.

Questions

1.3 pt(s).

What is one way that the trend towards protecting the environment has a negative effect on many businesses?

A. Promotes growth B. Reduces pollution C. Decreases prices D. Increases costs

2.3 pt(s).

Which of the following is an example of increased financial risk for a company with poor business ethics:

A. Increased sales B. Decreased labor costs C. Decreased company value

D. Increased productivity

3.3 pt(s).

As the use of internet computer systems continues to grow, it is important for businesses to be concerned with their customers'

A. access to credit. B. rights to privacy.

C. need for information. D. level of service.

4.3 pt(s).

Why should a business practice good ethics?

A. An ethical business makes more money than all its competitors. B. An ethical business contributes toward its own success by doing what is legal and considered right by

society.. C. The government will fine an unethical business. D. An unethical business will go bankrupt.

Which of the following is a true statement about business ethics and the law:

Page 1 of 7QuizStar | Answer Key


5.3 pt(s).

A. Everything that is illegal is also unethical. B. Everything that is unethical is also illegal. C. The two are not the same thing, but they do overlap.

D. The two have nothing to do with each other.

6.3 pt(s).

A business suddenly moves its operations to a new town, leaving its current employees jobless. Its reason for taking this action, which some consider unethical, might be that the action

A. doesn't hurt anyone. B. is committed by unethical employees. C. benefits the company and the new town

D. is not illegal.

7.3 pt(s).

Review the graph Gross Domestic Product for the past several decades. The gray shaded areas represent periods of recession. What happens to the growth trend lines at each of these recession periods?

A. The growth trend lines are not impaced by recession. B. The growth trend line reverses direction during the recession. C. The growth trend line does not measure the impact of a recession. D. The growth trend lines drop during the recession period and then resume growing when the

redcession ends.

8.3 pt(s).

Review the GDP graph and identify when the USA GDP recovered back to the 2007-Q4 level.

A. 2009-Q1 B. 2011-Q3

C. 2012-Q1 D. It never did reach the 2007-Q4 level

9.3 pt(s).

A main reason that environmental scanning is important is so that businesses can be aware of

A. competitors' internal environments. B. potential threats.

C. new products.



D. foreign markets.

10.3 pt(s).

What type of property is a business protecting when it registers its trademark?

A. Administrative B. Tangible C. Statutory D. Intellectual

11.3 pt(s).

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for

A. libel. B. misrepresentation C. negligence.

D. incompetence.

12.3 pt(s).

Which of the following government actions is most likely to stimulate the economy:

A. Raising the prime interest rate B. Lowering tax rates

C. Printing less money D. Borrowing more money

13.3 pt(s).

A nation that imports more than it exports maintains a

A. balance of trade. B. trade surplus. C. lower standard of living. D. trade deficit.

14.3 pt(s).

Which of the following is a benefit of international trade

A. An improved standard of living

B. Higher prices for goods and services C. Stronger trade restrictions D. An increased trade deficit



15.3 pt(s).

Which of the following is an example of nonverbal communication that might have a different meaning to business people in other parts of the world:

A. Inviting customers to a social function B. Shaking hands when greeting a customer

C. Writing letters in a foreign language D. Preparing an audiovisual presentation

16.3 pt(s).

Which of the following is a situation that might make businesspeople from other countries feel uncomfortable and impact their ability to conduct business:

A. Offering to take others to lunch or dinner B. Calling in advance to schedule appointments C. Standing very close to others during conversations

D. Wearing business-type clothing that is conservative

17.3 pt(s).

Which of the following factors has aided the most in creating a global business environment:

A. Government B. Technology

C. Cultural changes D. Exchange rates

18.3 pt(s).

One reason that some U.S. businesses have moved some of their operations to foreign countries is to

A. reduce currency fluctuations B. lower their labor costs.

C. improve domestic relations. D. meet communication standards.

19.3 pt(s).

One reason why it is important for businesses to identify and respond to current business trends is to

A. remain competitive

B. control performance. C. encourage feedback. D. improve motivation.



20.3 pt(s).

An American businessperson in London was offered a "cuppa" by the company's receptionist. The businessperson did not know that the receptionist was offering a cup of tea. This is an example of

A. economic differences. B. a business subculture. C. being uneducated. D. a language barrier.

21.3 pt(s).

The growth of e-commerce over the internet is changing the way companies do business by allowing them

A. be accessible to customers at all times.

B. communicate with similar organizations. C. place high prices on their products. D. reduce the services they provide customers.

22.3 pt(s).

Which of the following situations would most likely indicate the need to adapt to changes in the business environment:

A. The business has experienced little employee turnover during the past year. B. The demand for your product is stable. C. The supply of materials used in manufacturing a product has decreased.

D. The number of your business's competitors has decreased.

23.3 pt(s).

What type of trend are businesses considering when they analyze where customers live and their ethnic backgrounds?

A. Environmental B. Demographic

C. Cultural D. Technical

24.3 pt(s).


A. An unethical business will go bankrupt. B. An ethical business contributes toward its own success.

C. The government will fine an unethical business. D. An ethical business makes more money than all its competitors.



25.3 pt(s).

To maintain its current customer base and attract new markets, the KMV Company lowered the prices of some of its products. What external factor most likely influenced this action?

A. Comprehensive employee training programs B. Operating cost increases C. Changes in consumer spending

D. Production line improvements

26.3 pt(s).

When meeting with businesspeople from other countries, it is important to understand social differences, such as bowing, handshaking, and spatial comfort, which are often called

A. human behaviors. B. non-verbal cues.

C. language barriers. D. mixed messages.

27.3 pt(s).

Which of the following is the best action for businesses to take in order to adapt to changing markets:

A. Focus efforts on the business's product with the highest profit B. Reduce investments in research and development C. Implement innovative strategies and ideas

D. Protect the business's core products

28.3 pt(s).

Which of the following is a reason that a U.S. company would decide to offer its products in other countries:

A. To sell obsolete, outdated products B. To provide jobs to people in other countries C. To expand to new, untapped markets

D. To subsidize developing countries

29.3 pt(s).

Companies that operate at the international level should be aware of political factors that affect trade, such as civil unrest or

A. competitors. B. currency rates. C. embargoes.

D. business cycles.



30.4 pt(s).

Two ways that governments impact business are

A. Product quality and Innovation B. Cost of materials and Productivity C. Ethical behavior and Consumer buying patterns D. Taxes and Regulations






PoB Test 1 Environmental Scan Quiz Directions

You will have one opportunity to take this test. Read all of the questions carefully and choose the best answers.

Questions

1.1 pt(s).

A socially responsible business will attempt to give customers

A. lower quality products at reduced prices. B. the best products no matter what the cost. C. the best products at the best prices.

D. high-quality products at high prices.

2.1 pt(s).

Which of the following is an example of increased financial risk for a company with poor business ethics:

A. Increased sales B. Decreased labor costs C. Decreased company value

D. Increased productivity

3.1 pt(s).


A. An ethical business makes more money than all its competitors. B. An ethical business contributes toward its own success by doing what is legal and considered right by

society. C. The government will fine an unethical business. D. An unethical business will go bankrupt.

4.1 pt(s).

A business suddenly moves its operations to a new town, leaving its current employees jobless. Its reason for taking this action, which some consider unethical, might be that the action

A. doesn't hurt anyone. B. is committed by unethical employees. C. benefits the company and the new town

D. is not illegal.

A main reason that environmental scanning is important is so that businesses can be aware of



5.1 pt(s).

A. competitors' internal environments. B. potential threats.

C. new products. D. foreign markets.

6.1 pt(s).

Which of the following is a benefit of international trade

A. An improved standard of living

B. Higher prices for goods and services C. Stronger trade restrictions D. An increased trade deficit

7.1 pt(s).

Which of the following is an example of nonverbal communication that might have a different meaning to business people in other parts of the world:

A. Inviting customers to a social function B. Shaking hands when greeting a customer

C. Writing letters in a foreign language D. Preparing an audiovisual presentation

8.1 pt(s).

Which of the following is a situation that might make businesspeople from other countries feel uncomfortable and impact their ability to conduct business:

A. Offering to take others to lunch or dinner B. Calling in advance to schedule appointments C. Standing very close to others during conversations

D. Wearing business-type clothing that is conservative

9.1 pt(s).

Which of the following factors has aided the most in creating a global business environment:

A. Government B. Technology

C. Cultural changes D. Exchange



10.1 pt(s).

Which of the following is a reason that a U.S. company would decide to offer its products in other countries:

A. To sell obsolete, outdated products B. To provide jobs to people in other countries C. To expand to new, untapped markets

D. To subsidize developing countries

11.1 pt(s).

Two ways that governments impact business are

A. Product quality and Innovation B. Cost of materials and Productivity C. Ethical behavior and Consumer buying patterns D. Taxes and Regulations

12.1 pt(s).

Companies that operate at the international level should be aware of political factors that affect trade, such as civil unrest or

A. competitors. B. currency rates. C. embargoes.

D. business cycles.

13.1 pt(s).

At each organization’s core should be a commitment to

A. beating the competition. B. expanding globally. C. meeting customer needs.

D. making a profit.

14.1 pt(s).

Which of the following is an example of a governmental regulatory agency:

A. Sporting Goods Manufacturers Association B. Better Business Bureau (BBB) C. Federal Aviation Administration (FAA)

D. Air Conditioning Contractors of America

Which of the following is a true statement about the social factor of lifestyle and fashion trends:



15.1 pt(s).

A. They influence retail businesses only. B. They are more important than economic trends. C. They do not affect customer needs. D. They change quite frequently.

16.1 pt(s).

The main way that economic factors influence the external business environment is by

A. making products more expensive. B. decreasing interest rates. C. affecting customers’ ability to spend.

D. downgrading national credit ratings.

17.1 pt(s).

Jonathan has some extra money to spend this month, so he purchases an e-reader. He doesn’t need this product, but he wants it, making it a

A. a. discretionary item.

B. technological product. C. capital good D. consumer staple.

18.1 pt(s).

What is the purpose of government regulation of business activities that might cause air or water pollution?

A. To protect competition B. To provide public goods C. To stabilize the economy D. To conserve the environment and protect public health

19.1 pt(s).

Which of the following government actions is most likely to stimulate the economy:

A. Lowering tax rates

B. Raising the prime interest rate C. Printing less money D. Printing less money

Inflation is a factor involved in which category of an environmental scan?



20.1 pt(s).

A. Technology B. Economy

C. Demographics D. Competition

21.1 pt(s).

Businesses must gather information about the competition during an environmental scan. Which of the following is an example of brand competition:

A. Beauty salons vs. veterinarians B. Grocery stores vs. fitness centers C. Coke vs. Pepsi

D. Microsoft vs. Wal-Mart

22.1 pt(s).

Which of the following is the most rapidly changing category of information included in an environmental scan:

A. Demographics B. Technology

C. Government D. Competition

23.1 pt(s).

Which of the following examples illustrates how environmental factors are dynamic:

A. High interest rates will eventually get lower.

B. Demographics influence social and cultural attitudes. C. The economy impacts government policies. D. The government provides subsidies to agricultural businesses.

24.1 pt(s).

Which of the following examples illustrates how environmental factors are interrelated:

A. New legislation will be written in the future. B. Low investor confidence heavily impacts financial planners. C. The economy affects what competitors are doing.

D. The economy affects banking institutions.

Which of the following is a true statement about carrying out scanning activities:



25.1 pt(s).

A. All information should be obtained in a formal manner. B. Information obtained from television is unreliable. C. You must focus only on relevant information.

D. You should avoid using surveys.

26.1 pt(s).

A business should conduct environmental scans on a continuous basis so that it can

A. change customers’ attitudes. B. respond to opportunities and threats quickly.

C. save money. D. control the external environment.

27.1 pt(s).

Which of the following is an example of a business’s ethical obligation to its stakeholders:

A. Sharing trade secrets within its industry B. Doubling investors’ money within two years C. Providing safe working environments for employees

D. Allowing the competition to succeed

28.1 pt(s).

Which of the following is not considered a technological innovation:

A. The weather

B. The wheel C. The Internet D. The cell phone

29.1 pt(s).

How has technology changed the nature of marketing?

A. Businesses have fewer potential customers to reach. B. It’s easier for businesses to communicate with customers.

C. Marketing jobs are scarcer than they used to be. D. Marketing is now completely electronic.



30.1 pt(s).

Which of the following is a reason a company might organize itself under the laws of a different country than those of its “home” country:

A. To save on taxes

B. To remain competitive C. To build brand value D. To take advantage of technology

31.1 pt(s).

Forming a joint venture reduces risk by

A. increasing technology. c. B. allowing costs to be shared.

C. ensuring business success. D. cutting down on taxes.

32.1 pt(s).

You pay Burger King for the right to set up a location in Barcelona under the corporate headquarters’ guidance and regulation. This is an example of

A. franchising.

B. a joint venture. C. a wholly owned subsidiary. D. exporting.

33.1 pt(s).

How do nations track the flow of money coming in and going out of their countries?

A. Level of exports c. B. Growth in economy C. Balance of payments

D. Value of currency

34.1 pt(s).

Which of the following allows the free movement of goods and services among Canada, the United States, and Mexico:

A. European Union B. World Trade Organization C. North American Free Trade Agreement

D. Consumer Product Safety Commission

Which of the following are methods that countries use to control their trade with other nations:



35.1 pt(s).

A. Quotas, tariffs, and subsidies

B. Product standards, admission fees, and licenses C. Tariffs, economic sanctions, and royalties D. Embargoes, surplus charges, and product standards





pob test 1 - · pdf filequiz answer key | go back pob test 1 quiz directions you will have...

Documents