Unit 1 Assessment PDF

Name: ______________________________ Date: _____________ Class Period: ________ Introduction to Business Unit I-Assessment I. Chapter 1: Vocabulary and Short Answer Complete all the questions on the test. Word Ban...

Name: ______________________________ Date: _____________ Class Period: ________ Introduction to Business Unit I-Assessment I. Chapter 1: Vocabulary and Short Answer Complete all the questions on the test. Word Bank business competition Consumers goods market research needs profit resources Services want 1) The gathering and analysis of information on the size, location, and makeup of a product market defines _______________. 2) CVS and Walgreens are the perfect example of _______________ because the businesses want to win customers. 3) The money left over after a business has paid the cost of providing its goods and services is called _______________. 4) A _______________ is any commercial activity that seeks profit by providing goods and services to others in exchange for money. 5) Items that people can use to make or obtain what they need or want are called _______________. 6) _______________ are people who uses goods and services. 7) _______________ are tasks that businesses perform for consumers. 8) Physical products are known as _______________. 9) Things that you must have in order to survive are called _______________. 10) When you _______________ to buy something you really don't need, but it is a desire. 11) Explain how profit and competition motivate businesses. II. Chapter 2: Vocabulary and Short Answer Complete all the questions on the test. Match the term with the definition. 12) ______ entrepreneur a) Raw materials from nature used to produce goods. 13) ______ mixed economy b) All the economic resources necessary to produce a 14) ______ command economy society’s goods and services. 15) ______ equilibrium price c) The amount of goods and services that producers will 16) ______ demand provide at various prices. 17) ______ supply d) A shortage of resources. 18) ______ price e) The point at which the quantity demanded and the quantity supplied meet. 19) ______ market economy f) The amount or quantity of goods and services that 20) ______ economic systems consumers are willing to buy at various prices. 21) ______ economics g) The study of how individuals and groups of individuals 22) ______ entrepreneurship strive to satisfy their wants and needs through making 23) ______ entrepreneurial resources choices. 24) ______ capital resources h) The people who recognize opportunities and start 25) ______ labor resources businesses. 26) ______ natural resources i) The method that a society chooses to use and distribute 27) ______ factors of production resources. 28) ______ scarcity j) A person who recognizes a business opportunity and. organizes, manages, and assumes the risks of starting and operating a business. k) An economic system in which economic decisions are made in the marketplace, where buyers and sellers meet to exchange goods and services, usually for money. l) An economic system in which a central authority makes the key economic decisions. m) The process of recognizing a business opportunity, testing it in the market, and gathering the resources necessary to start and run a business. n) The amount of money given or asked for when goods and services are bought or sold. o) A combination of a market economy and a command economy. p) Individuals who make the goods and services for which they are paid. q) The things used to produce goods and services.. 29) Describe the three basic economic questions that each country must answer to make decisions about using their resources. III. Chapter 3: Vocabulary and Short Answer Complete all the questions on the test. Word Box budget surplus depression business cycle deflation budget deficit 30) When the government spends more on programs than it collects in taxes is called a _______________. 31) A situation in which a government’s revenue exceeds its expenditures during a one-year period is called a _______________. 32) A _______________ is the rise and fall of economic activity over time. 33) A general decrease in the cost of goods and services is known as _______________. 34) A deep recession that affects the entire economy and lasts for several years is called a _______________. Match the term with the definition. 35) ______ gross domestic product (GDP) a) The level of material comfort as measured by the goods 36) ______ standard of living and services that are available. 37) ______ inflation b) A general increase in the cost of goods and services. 38) ______ national debt c) A rise in business activity after a recession or 39) ______ prosperity depression. 40) ______ recession d) A slowdown of economic activity. 41) ______ recovery e) A peak of economic activity.. f) The total amount of money a government owes. g) The total value of the goods and services produced in a country in a given year.. 42) Describe the four stages of the business cycle IV. Chapter 4: Vocabulary and Short Answer Complete all the questions on the test. 43) What is a primary goal of business ethics? a) To maximize profits at any cost b) To ensure compliance with legal standards only c) To guide businesses in making decisions that are morally right d) To prioritize shareholder interests above all. 44) Which of the following best describes a sweatshop? a) A luxury retail store with high prices b) A workplace with poor conditions and low pay c) An office with flexible working hours d) A factory with advanced technology. 45) What is a code of ethics? a) A set of rules designed to increase company profits b) A document outlining job descriptions c) A manual for product assembly d) A framework that guides employees' behavior and decision-making. 46) How can a conflict of interest affect business decisions? a) It can lead to decisions that benefit personal interests over company interests b) It ensures all employees agree with management c) It always leads to better business outcomes d) It has no impact on decision-making processes. 47) Which of the following is an example of social responsibility? a) Reducing production costs by cutting employee benefits b) Implementing environmentally friendly practices c) Avoiding taxes to increase profits d) Outsourcing jobs to cheaper markets. 48) What is the primary focus of ethics? a) Predicting future events b) Analyzing economic trends c) Defining what is right and wrong d) Understanding historical events. 49) Describe why ethical behavior is good behavior for business.