Goshen HS Business Foundations Practice Test

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• Name three elements typically found in a business plan.
• How many stages are there in the product life cycle?
• What term means the process of negotiating the terms of employment between an employer and a group of workers?
• What is the purpose of a business plan?
• Which statement best explains why corporate social responsibility is important?
• Which market structure is defined by a single seller with high barriers to entry?
• What is the financial metric that equals total revenue minus expenses for an accounting period?
• What utility involves facilitating the transfer of title from seller to buyer?
• Which term describes the value of a country's overall output of goods and services?
• A leftward shift in the supply curve indicates a decrease in supply at every price, typically caused by which of the following?
• Explain the basic accounting equation.
• What term refers to the satisfaction a consumer derives from the usefulness of a product?
• Which two traits are commonly identified as key for successful entrepreneurship?
• Which element of a business plan provides a concise overview for readers?
• Which statement aligns with the role of information technology in supporting a business's foundation?
• Which term describes the economic problem of unlimited wants with limited resources?
• Which term means worldwide movement toward economic, financial, trade and communications integration?
• Which type of utility is created by making a product available in locations where customers are looking for it?
• Which term refers to the market condition where firms compete for customers?
• Which component helps determine target customers and their needs?
• Which of the following lists three promotion channels used by businesses?
• Which term describes the organized effort by workers to negotiate terms of employment?
• Which term would you use for a tangible item purchased for personal use rather than for resale?
• What term refers to the physical development of a country, including buildings, roads, ports, power supplies, and communication networks?
• Which term refers to a grant or right to sell a parent company's product or service within a defined area?
• Information technology contributes to business foundations by enabling which of the following from a broad perspective?
• Which term describes a desire that can be satisfied without purchasing a good or service?
• What term describes employees gathering near the entrance of a workplace to gain support for their cause?
• Which term describes the belief in the inherent superiority of one's own culture or ethnic group?
• What term describes an organization of workers united to protect and promote their common interests?
• What is the difference between a patent and a trademark?
• A risk where there are two outcomes: no loss or loss.
• Net income is typically reported on which financial statement?
• Which term means a good or service bought from another country?
• Which term is defined as a tax on imports used to restrict trade?
• Which term describes a good or service sold to other countries?
• Economic system where products are provided by central system of cooperative and government ownership.
• In the context of business foundations, information technology enables what capabilities?
• Which market condition occurs when a single seller dominates a product with no close substitutes?
• How do gross margin and net profit margin differ?
• What term describes translating an idea into a product that creates value?
• Which statement reflects the core purpose of information technology in business foundations?
• If a country exports more than it imports, what is the trade status?
• The price of a product refers to its:
• Which statement accurately describes information technology's role in a company's basic operations?
• Which attribute describes a corporation that is often cited as a financial or ownership advantage?
• Which term describes the financial health of a population, measured by per capita income and consumption of products?
• Which of the four Ps is primarily concerned with price?
• Why is supply chain management important for businesses?
• In a business foundation context, information technology primarily does what?
• Which two pricing strategies are described?
• What are the stages of the product life cycle?
• Which approach is commonly used to resolve team conflict?
• Which term refers to the annual charge levied on earned income to fund government operations?
• Which market structure is characterized by many firms selling differentiated products?
• What is Maslow's hierarchy, and how does it relate to motivation?
• Which term describes protection of consumers and stakeholders by corporate actions?
• Which term describes a retail entity that sells to consumers?
• Which term denotes a tangible product purchased for use by a business?
• Which term is the obligation of a company to consider societal welfare?
• Which term refers to the concept of changing the form of a good to increase its usefulness?
• Economic activity that goes unreported to tax authorities and is not counted in GDP is commonly referred to as the
• Which term describes a ban on all international trade with a specific country?
• Basic economic problem of having unlimited wants but limited resources to satisfy them.
• Which measure tracks inflation by examining changes in prices for a fixed basket of goods and services?
• Which term describes a periodic cost that remains unchanged regardless of output level or sales revenue?
• Phase in the business cycle when spending, prices and earnings are at their lowest?
• Which factor can cause the demand curve to shift to the right (increase in demand)?
• Which are the three segments of cash flow in standard financial reporting?
• Which statement best reflects utilitarian ethics in business decisions?
• Which term refers to exclusive control over a product or the means of producing it?
• Name two common market research methods.
• Opportunity cost is best defined as the value of the next best alternative forgone when making a choice. Which is an example?
• Maslow's hierarchy describes motivation as progression from basic needs to self-actualization. Which level is at the top of the hierarchy?
• From a foundations perspective, information technology most directly supports which set of processes?
• Which term describes the phase in the business cycle when spending, prices and earnings are at their lowest?
• Which are essential elements of a basic contract?
• Which cost fluctuates directly with production output?
• Which statement correctly distinguishes demand from quantity demanded?
• Which business philosophy states that a business must satisfy customer needs and wants in order to make a profit?
• Which ethical framework focuses on outcomes and the greatest good?
• Which term measures a nation's imports minus exports?
• Which term is used for the total cost of producing goods, including materials, labor, and overhead?
• What is the stakeholder theory in ethics?
• Which item is not considered a factor influencing currency exchange rates?
• Which statement describes intellectual property and name a type?
• Which economic concept refers to the amount or quantity of products that producers are willing to supply at a given price?
• A cost that varies directly with the level of production is called a
• Which term is defined as a business owned and operated by a single person?
• What is the purpose of a SWOT analysis in planning?
• Information technology in business foundations primarily supports which activities?
• The concept of the value of the next best alternative forgone when making a decision is called?
• What is total revenue in an accounting period minus all expenses during the same period?
• In organizational foundations, information technology primarily facilitates which outcomes?
• What term means the price at which one country's currency can be exchanged for another country's currency?
• If consumer incomes fall, causing demand to decrease, what happens to the demand curve?
• What term refers to a business owned by shareholders that is chartered by the state?
• What term means the shared beliefs, knowledge, values, attitudes, behavior, and language within a group?
• Which component is used to calculate gross margin in the formula gross margin = (Revenue - COGS) / Revenue?
• What is the formula for an income statement's net income?
• Which term is defined as the amount by which sales revenue exceeds production costs?
• Which description best defines Just-In-Time inventory?
• A business that is owned and operated by one person.
• What is a SWOT analysis?
• How do branding and a logo differ?
• What does branding focus on?
• Spending time studying instead of working illustrates which economic concept?
• Which term describes the satisfaction a consumer gains from using a product's usefulness?
• What is price discrimination?
• Price elasticity of demand is a measure of how responsive quantity demanded is to a change in price.
• Which term is used to represent the overall value of a country's goods and services produced?
• Which statement best describes what a balance sheet represents?
• What term means systematic and comprehensive recording of financial transactions pertaining to a business?
• Which term describes an entity that uses resources to create a product?
• What is the term for an organized stoppage of work by employees to force acceptance of their demands by the employer?
• Which term describes a situation where a nation exports more than it imports?
• Which measure tracks inflation by comparing prices of a fixed basket of goods and services over time?
• Which term refers to funds or material set aside for future use?
• Name two leadership styles and a key characteristic of each.
• Which term is the department focusing on employees?
• What term describes a tax on imports used to restrict trade?
• Which term describes a grant to sell a parent's product within a defined area?
• Which form of business is created by a legal agreement to share responsibility for success or failure among two or more people?
• What does scarcity mean in economics and why is it important for business decisions?
• Which term refers to all assets used in production, such as equipment and materials?
• Which statement best captures the purpose of a business budget?
• If a small change in price leads to a large change in quantity demanded, the demand is described as what?
• The amount charged for a product or service is called?
• Which term is defined as a situation where a nation imports more than it exports?
• Which term describes the quantity of a product that consumers are willing and able to buy at a specific price?
• Which term describes the usefulness created by altering or changing the characteristics of a service?
• Which description best captures the role of information technology in organizations from a foundations perspective?
• Which statement best describes fixed costs?
• Activity of acquiring products either for resale or for use in the operation of a business.
• What is the term for the condition in which the amount of a product supplied equals the demand?
• Name and describe the main balance sheet components.
• What term represents the price for converting one country's currency into another?
• Which phase of the business cycle is characterized by peak economic activity before a downturn?
• A business that purchases goods in bulk from manufacturers and resells to other intermediaries is a
• From a foundational view, what is a primary function of information technology in a business?
• A business that buys products in bulk from manufacturers and then sells them to other intermediaries is called a
• What is a distribution channel?
• Which of the following best summarizes how information technology affects business foundations?
• What term describes a demand that changes very little when the price of a good changes?
• In which market structure do a small number of firms have the power to influence prices for similar products?
• Which term describes a tangible product purchased for personal use?
• Which term refers to a contribution to government revenue imposed on the financial activities of individuals and organizations?
• Which term describes the political and economic ideology based on shared ownership and absence of social classes?
• Which term describes a legal business entity formed by shareholders and chartered by the state?
• Which concept refers to making a product available in convenient locations where customers expect to find it?
• What does a bill of sale primarily document?
• How do a bill of sale and a contract differ?
• What is a budget and why is it essential?
• Which statement best describes the role of information technology in business foundations?
• Which term refers to materials such as minerals, forests, water, and land that occur naturally and are used for economic gain?
• Trade deficit occurs when a country imports more than it exports. Which describes this condition?
• What term describes having a product available when a customer wants to buy it, such as at a specific time of year or time of day?
• Which term is a tangible product purchased for use by a business?
• Which statement distinguishes fixed costs from variable costs?
• Which materials such as minerals, forests, water, & land that occur without production, used for economic gain?
• What is the primary goal of marketing ethics?
• Which business philosophy centers on meeting customer needs and wants to achieve profitability?
• The measure that shows how many people in the labor force are without a job is the
• Which market structure is described by a small number of firms offering similar products and having the ability to control price?
• What term describes the economic system in which decisions regarding resource use are determined by the actions of individuals in the market?
• Which statement best defines project management scope?
• A higher business credit score generally leads to which outcome when applying for a loan?
• Which of the following is NOT a required element of a valid contract?
• Which term refers to the department of a company that focuses on activities relating to employees?
• Which economic system is described as decisions regarding use of resources being made by the collective actions of individuals in the system?
• What are tariff and quota?
• What is an LLC and one reason a business might choose it?
• Which cost is defined as a periodic expense that fluctuates directly with the level of output?
• Which term describes a period of economic growth with rising employment and higher consumer spending?
• How do you compute break-even point in units?
• What term refers to the system a country uses to decide how to allocate its resources to produce and distribute goods and services?
• What does APR stand for?
• Which term refers to changing raw materials or assembling parts to make a product more useful?
• The cash flow statement categorizes cash activities into which major sections?
• Which statement best describes the break-even point?
• Which of the following is NOT one of the four Ps of marketing?
• Which term describes the patterned fluctuation in economic activity over time?
• Which concept represents the satisfaction a consumer gets from a product's usefulness?
• Which option best describes information technology's role in enabling business activities?
• What legal proceeding involves a person or business unable to repay outstanding debts?
• Which term describes the total cost of materials, labor, and overhead incurred to produce a product?
• Which financial statement shows revenues and expenses to compute net income?
• What term represents the quantity of a product that consumers are willing and able to buy at a given price?
• What term describes the political and economic ideology based on shared ownership and the absence of social classes?
• How does the cash flow statement differ from the income statement?
• What term describes the movement of goods from producer to consumer through channels?
• What term describes the struggle between businesses for the same customers?
• A business that buys products in bulk from manufacturers and sells to other intermediaries is called a
• Which term describes the usefulness created by altering or changing the characteristics of a service?
• Which term describes a situation in which a change in the price of a product creates a change in the demand?
• The percentage of the labor force that is actively seeking work is known as the
• Who is the ultimate user of a product?
• What term describes money spent in an organization's efforts to generate revenue?
• Why is credit score important for business financing?
• What term describes collective, organized social pressure encouraging the public to avoid a targeted company's products?
• Which set of factors influence currency exchange rates in global business?
• Which of the following is not typically listed as a balance sheet component?
• Which of the following typically causes the supply curve to shift to the left (decrease in supply)?
• What term defines a desire that becomes a purchase to satisfy a need?
• An outlet, through which, products or services are most commonly sold to customers.
• What term describes the sustained increase in the general price levels of goods and services over time?
• Which type of intellectual property protects inventions?
• Which term describes untaxable business transactions that are not included in a country's gross domestic product?
• Which statement correctly contrasts a sole proprietorship with a corporation?
• What term refers to equipment, processed materials, or cash used in the production process?
• The obligation of a business toward the welfare and interests of the society in which it operates.
• What term describes the belief in the inherent superiority of one's own ethnic group or culture?
• The term for untaxed, unreported economic activity that escapes GDP accounting is
• Which term describes the percentage of the total workforce who are actively looking for paid employment?
• Price elasticity of demand measures what?
• Which term describes monitoring an organization internally and externally to detect signs of potential opportunities and threats?
• Which term classifies a want that can be satisfied without buying goods or services?
• Which term describes a period of economic decline characterized by high unemployment, falling wages and low inflation?
• Which term refers to a period of economic prosperity characterized by decreased unemployment, rising wages, and increased spending?
• Which term refers to the difference in value between a nation's imports and exports?
• What term means measure of the efficiency of a person, machine, or factory in converting inputs into useful outputs?
• Product that has value but is not tangible; task performed for a customer.
• A limit, financial or numerical, on imports or exports.
• What best captures the core function of information technology in business foundations?
• Which term describes a good or service produced to be sold outside the home country?