Chapter 1 Exam - Principles Of Business, Marketing, And Finance

1. Things we wish we could have.

Wants

Competition

Services

2. Things we must have to survive.

Wants

Needs

Competition

3. The amount of money left over after a business has paid for the cost of producing its goods and services.

Consumer

Competition

Profit

4. The contest between businesses to win customers.

Wants

Competition

Business

5. The more education you have, the better your income in business usually is.

True

False

6. Anything that people can use to make or obtain what they want or need.

Consumer

Resource

Wants

7. Material things that can be weighed or measured.

Goods

Services

Profit

8. Tasks that people or machines perform.

Business

Services

Wants

9. This is a WANT.

True

False

10. Consumer is another word for customer.

True

False

11. The two motivations of businesses are profit and competition.

True

False

12. A person who selects, purchases, uses, or disposes of goods or services.

Goods

Resource

Consumer

13. When a product is no longer produced, it is called

Discontinuing a product.

Remaking a product.

Sending it to another store.

14. This is a SERVICE business.

True

False

15. Any activity that seeks profit by providing goods or services to others

Goods

Services

Business

16. All of these are steps in the decision-making process EXCEPT.

Identify the problem.

Determine the pros and cons.

Don't list the alternatives.

Make the best decision.

17. This is a NEED.

True

False

18. A babershop is an example of a GOODS business.

True

False

19. This is a SERVICE business.

True

False

20. 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.

True

False

Chapter 1 Exam - Principles Of Business, Marketing, And Finance

1. Things we wish we could have.

2.

What first name or nickname would you like us to use?

2. Things we must have to survive.

3. The amount of money left over after a business has paid for the cost of producing its goods and services.

4. The contest between businesses to win customers.

5. The more education you have, the better your income in business usually is.

6. Anything that people can use to make or obtain what they want or need.

7. Material things that can be weighed or measured.

8. Tasks that people or machines perform.

9. This is a WANT.

10. Consumer is another word for customer.

11. The two motivations of businesses are profit and competition.

12. A person who selects, purchases, uses, or disposes of goods or services.

13. When a product is no longer produced, it is called

14. This is a SERVICE business.

15. Any activity that seeks profit by providing goods or services to others

16. All of these are steps in the decision-making process EXCEPT.

17. This is a NEED.

18. A babershop is an example of a GOODS business.

19. This is a SERVICE business.

20. 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.