Business Essentials 2.01, 2.02, 2.03, 2.04, 2.05 Review

Which type of economy where the government has 100% control?

• Market/Capitalist Economy

• Command Economy

• Traditional Economy

• Socialist Economy

The money that a business spends

• Income

• Profit

• Cash

• EXpense

The possibility of loss from human error

• hazard/natural risk

• human risk

• economic risk

• speculative risk

Which of the following is an example of an economic want

• clothing

• understanding

• conversation

• fresh air

"Economic votes" are cast by consumers each time they

• respond to a survey

• visit a business

• make a purchase

• participate in market research

Which of the following types of economic systems adopts the fewest new ideas and improvements

• Command Economy

• Market Economy

• Traditional Economy

• Socialist Economy

In a __________ economy, individuals and businesses own the means of production and distribution with limited government regulation.

• Market

• Command

• Socialist

• Traditional

A large retailer feels that it has a duty to contribute to the well-being of society, so it donates a portion of its proceeds to a charity that helps the environment. The retailer is demonstrating

• e-tailing

• social responsibilty

• voluntary chains

• wholesaling

The two main divisions of the trade industry are

• wholesalers and producers.

• producers and retailers.

• manufacturers and wholesalers.

• wholesalers and retailers.

Monetary reward a business owner receives for taking the risk involved in investing in a business

• cash

• expense

• profit

• $1000