Chapter 1 Exam - Principles Of Business, Marketing, And Finance
Chapter 1 - A Look at Wants and Needs
Questions and Answers
- 1.
The amount of money left over after a business has paid for the cost of producing its goods and services.
- A.
Consumer
- B.
Competition
- C.
Profit
Correct Answer
C. Profit -
- 2.
The contest between businesses to win customers.
- A.
Wants
- B.
Competition
- C.
Business
Correct Answer
B. Competition -
- 3.
Any activity that seeks profit by providing goods or services to others
- A.
Goods
- B.
Services
- C.
Business
Correct Answer
C. Business -
- 4.
Anything that people can use to make or obtain what they want or need.
- A.
Consumer
- B.
Resource
- C.
Wants
Correct Answer
B. Resource -
- 5.
Things we wish we could have.
- A.
Wants
- B.
Competition
- C.
Services
Correct Answer
A. Wants -
- 6.
Material things that can be weighed or measured.
- A.
Goods
- B.
Services
- C.
Profit
Correct Answer
A. Goods -
- 7.
A person who selects, purchases, uses, or disposes of goods or services.
- A.
Goods
- B.
Resource
- C.
Consumer
Correct Answer
C. Consumer -
- 8.
Tasks that people or machines perform.
- A.
Business
- B.
Services
- C.
Wants
Correct Answer
B. Services -
- 9.
Things we must have to survive.
- A.
Wants
- B.
Needs
- C.
Competition
Correct Answer
B. Needs -
- 10.
This is a NEED.
- A.
True
- B.
False
Correct Answer
B. False -
- 11.
This is a WANT.
- A.
True
- B.
False
Correct Answer
B. False -
- 12.
A babershop is an example of a GOODS business.
- A.
True
- B.
False
Correct Answer
B. False -
- 13.
This is a SERVICE business.
- A.
True
- B.
False
Correct Answer
A. True -
- 14.
This is a SERVICE business.
- A.
True
- B.
False
Correct Answer
B. False -
- 15.
The problem with unlimited wants and limited resources is that we have more money than we have wants. This means that we have the money to buy EVERYTHING we want, but we just choose not to.
- A.
True
- B.
False
Correct Answer
B. False -
- 16.
Consumer is another word for customer.
- A.
True
- B.
False
Correct Answer
A. True -
- 17.
All of these are steps in the decision-making process EXCEPT.
- A.
Identify the problem.
- B.
Determine the pros and cons.
- C.
Don't list the alternatives.
- D.
Make the best decision.
Correct Answer
C. Don't list the alternatives. -
- 18.
The two motivations of businesses are profit and competition.
- A.
True
- B.
False
Correct Answer
A. True -
- 19.
When a product is no longer produced, it is called
- A.
Discontinuing a product.
- B.
Remaking a product.
- C.
Sending it to another store.
Correct Answer
A. Discontinuing a product. -
- 20.
The more education you have, the better your income in business usually is.
- A.
True
- B.
False
Correct Answer
A. True -
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Feb 13, 2013Quiz Edited by
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