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Business Essentials
TRUE/FALSE Final Review
| Term | Definition |
|---|---|
| Your needs and wants never end | true |
| products and money used in the production of goods and services are called natural resources | false |
| the mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem | true |
| the first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice | false |
| the united states could best be characterized as a command economy | false |
| the right of private property means you can own, use or dispose of things of value | true |
| in a market economy buying decisions are made by consumers | true |
| if heavy competition for a product keeps price low businesses will be very motivated to offer the product for sale | false |
| if any consumers want a particular service, its price will probably go up | true |
| the higher the price the higher the producers profits | true |
| domestic business refers to business activities needed for creating, shipping, and selling goods across national borders | false |
| without foreign trade, many things you buy would cost more or not be available | true |
| if a country exports more than it imports, it has a trade surplus | true |
| the value of currency in one country compared with the value in another is called the interest rate | false |
| an economy that is largely involved in agriculture is generally unable to provide its citizens with a large number of high-quality products | true |
| a country's culture, traditions, and religion can sometimes act as informal trade barriers | true |
| with a free-trade zone, member countries agree to remove duties and trade barriers on products traded among them | false |
| multinational companies sometimes control a country's political power | true |
| franchising is the selling the right to use a trademark or brand name for a free royalty | false |
| one goal of the world trade organization is to eliminate import quotas | true |
| only final goods are counted when GDP is measured | true |
| the main cause of employment is reduced demand for the goods and services being provided by various workers | true |
| if wages increase faster than gains in productivity, the cost of producing goods decreases and prices fall | false |
| some nations have such abundant resources that they never experience economic bad times | false |
| the last depression in the United States occurred during the 1980s | false |
| inflation can sometimes occur when the demand for goods and services is greater than the supply | true |
| people with poor credit ratings pay a higher interest to borrow money than people with good credit ratings | true |
| in the United States, the personal savings rate is rather high | false |
| when you buy a corporate bond, you have lent money to the company | true |
| a well-run business should never need to borrow money | false |
| lumber is an example of a nonrenewable resource | false |
| OSHA is a federal agency that regulates workplace safety standards | true |
| principles of morality or rules of conduct are called ethics | true |
| the U.S. government does not play a major role in the American economy | false |
| your computer is an example of intellectual property | false |
| a trademark is a word, letter, or symbol linked with a specific company or product | true |
| most goods and services you use are provided by the U.S. government | false |
| all public utility companies are owned and operated by state governments | false |
| a monopoly exists when a business has control of the market for a product or service | true |
| government income is called revenue | true |
| most successful entrepreneurs have a low tolerance for ambiguity | false |
| many entrepreneurs own their first business while in their teens | true |
| most of the money needed to start a new business comes from the entrepreneur and his or her family and friends | true |
| the Americans private enterprise system discourages risk-taking and innovation | false |
| most Americans are employed by a small business | true |
| a large number of small businesses fail simply because the owners | true |
| many small businesses fail simply because the owners do not keep adequate records | true |
| it is not wise to start a new business when demand for the product or service you plan to sell is high, because already-established companies will have a clear advantage over you | false |
| the most important step in starting a business is developing confidence | false |
| the first step in developing a business plan is to gather and review information | true |
| the percentage of white workers in the us labor force is expected to increase greatly over the next 5 to 10 years | false |
| the most important role of business is to provide employment for people | false |
| all businesses buy goods and services | true |
| service jobs are the lowest paying jobs in the US economy | false |
| most states require proprietorships to register a business name | false |
| a corporations owners have access to profits only if the board of directors approves it | true |
| a cooperative is a special type of corporation that allows all income to be passed through to owners based on their investment and is taxed on their individual returns | true |
| a goal is a precise statement of results the business expects to achieve | true |
| there is no difference between policies and procedures | false |
| unity of command is the number of employees who are assigned to a particular work task and manager | false |
Created by:
Paulsekv