Chapter 1 Quiz M
  • 1. Suzie asks her father for a new pair of red boots. Are red boots a want or a need?
A) want
B) need
  • 2. Which is true of resources?
A) resources are limited
B) resources are unlimited
  • 3. Needs are things you must have in order to survive.
  • 4. The reward that motivates business to supply goods and services is?
A) employment
B) profit
  • 5. A pest control company provides?
A) a service
B) a product
  • 6. Your wants and needs are usually satisfied by?
A) Businesses
B) Profits
  • 7. Any commercial activity that seeks profit by providing goods and services to others in exchange for money is a?
A) Product
B) Business
  • 8. Businesses are motivated by?
A) Profit
B) Revenue
  • 9. The money left over after a business had paid the cost of providing its goods and services is?
A) Profit
B) Revenue
  • 10. Lower prices and better quality products are a result of?
A) Revenue
B) Competition
  • 11. The act of gathering and analyzing information is called?
A) Market Research
B) Evaluation
  • 12. Anyone who purchase goods or services from a business are considered ?
A) Competitors
B) Consumers
  • 13. These wants are shared widely by many people?
A) Public Wants
B) Private Wants
  • 14. Should you satisfy your wants or needs first?
A) Wants
B) Needs
  • 15. Which would be a need?
A) Ugg Boots
B) Winter Coat
  • 16. When you get a hair cut, the hair dresser is providing ?
A) Good
B) Service
  • 17. Using this process can help you evaluate your alternatives, and defing the advantages and disadvantages of different courses of action?
A) Decision Making
B) Choosing
  • 18. The profit equation is?
A) Profit = Revenue - Expenses
B) Profit = Unit Cost * Units Sold
  • 19. A company sells 500 bottles of an Energy drink at a price of $2.00. What is their revenue?
A) $100.00
B) $1,000.00
  • 20. An example of an activity that businesses must to to satisfy the government is?
A) Evaluate demand
B) Keep records
  • 21. Consumers do not have an impact on businesses.
  • 22. Items that people can use to make or obtain what they need or want are called?
A) Profit
B) Resources
  • 23. Walmart sells candy for $3.99 a bag. The cost of selling each bag for Walmart is $1.49. If Walmart sells 1.000 bags of candy what is its profit?
  • 24. Target sells nail polish for $7.50 a bottle. The cost of selling each bottle of nail polish at Target is $4.25. If Target sells 5,000 bottles of nail polish what is their profit?
  • 25. Kara worked all summer mowing lawns in her neighborhood. She want to see how much profit she has after the summer was over. She had revenues of $2,250 and expenses of $775. What is her profit?
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