FL Chapter 1 Review

Tangible items that can be touched, used and purchased are _______.

• Goods

• Wants

• Needs

• Services

Ethical behavior calls for honesty. Which of the following actions could be considered ethical?

• Borrowing a classmate’s homework to copy the answers.

• Studying for a test with a friend.

• Checking personal e-mail at work during your shift.

• Stealing a homecoming dress from a store and wearing it to the dance.

Which of the following is an example of a human resource?

• Knowledge

• Time

• Money

• Possessions

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

• Marginal analysis

• Opportunity costs

• Cost-benefit analysis

• Common sense

What is the first step of systematic decision-making?

• Explore the alternatives

• Evaluate the decisions.

• Define the decision to be made.

• Act on the decision.

Forms of communication designed to reach a large number of people refers to _____.

• Technology

• Media

• Social media

• Globalization

Social Security, Medicare, and Medicaid are examples of what?

• Entitlements

• Outsourcing

• Globalization

• Technological advances

______ gives you access to a vast diversity of goods and services through worldwide markets.

Food, clothing, and shelter are examples of ________________.

A(n) ________________ is an individual who purchases goods and services for personal use.