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BUSM 20 TEST 1 – Questions With Detailed Solutions
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BUSM 20 TEST 1 – Questions With Detailed Solutions
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BUSM 20 TEST 1 – Questions With Detailed Solutions__________ is the amount a business earns after deducting what it spends for
salaries and other expenses Right Ans - Profit
Which of the following is the best example of a business whose goal is to earn
a profit? Right Ans - Best Buy
World-class businesses attempt to meet the needs of: Right Ans - All of
their stakeholder
Which of the following is the most accurate statement about the impact of
business on society? Right Ans - Business can have a positive impact on
both the standard of living and quality of life within a society
The growth of Hispanic owned businesses: Right Ans - Increased
dramatically in recent years
The resources that contribute to the creation of wealth are known as ________.
Right Ans - Factors of production
As a factor of production, the term capital includes Right Ans - Tools,
machinery, and buildings
_______________ is/are the external and internal circumstances that surround the
business. Right Ans - Business Environment
Economics is the study of how a society _________________. Right Ans - -Uses
scares resources to satisfy its needs
-Employs resources to produce goods and services and distributes them
among competing groups and individuals
___________ studies the operation of a nation's economy as a whole. Right Ans
- Macroeconomics
A major trend in the world today is that: Right Ans - Free-market
economies are moving towards socialism and socialist economies are moving
more toawards capitalism
, Today, the economic systems of most nations could most accurately be
classified as: Right Ans - Capitalism/Free Market
Jorge Martinez is a well-educated entrepreneur who operated a small
business in his home country of Florentina. At the encouragement of his
American relatives, Jorge recently immigrated to the United States and
applied for U.S. citizenship. "In Florentina, tax rates were very high," Jorge
complained. "The government used the taxes I paid to finance all sorts of
social programs to help the less fortunate. While this is a noble goal, it has
really undermined the profit incentive of individuals such as me. I really feel
that these high taxes have stifled economic growth." Jorge's comments
illustrate the reason many socialist countries are experiencing a(n): Right
Ans - Brain Drain
One of the most significant problems faced by communist nations is: Right
Ans - Not having a way of knowing what to produce thus creating food and
supply shortages
Which of the following people would tend to favor a communist economy?
Right Ans - John wants to live in a country with low marginal tax rates
A major benefit of socialism is the: Right Ans - Social Equality
Which of the following statements most accurately identifies a limitation of
the free-market economic system? Right Ans - Free-Market economies tend
to result in unequal distribution of wealth
____________ is the selling of products to another country. Right Ans -
Exporting
_____________ is buying products from another country. Right Ans - Importing
Last year, the nation of Tigerland imported goods totaling $500 million and
exported products totaling $386 million. Tigerland experienced a(n): Right
Ans - Trade deficit/ unfavorable balance of trade
Monique's Unique Tile Boutique offers decorative tile from around the world.
The owner regularly travels overseas to locate the best and most unusual tile
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