Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1.
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When individuals or companies create new products, they may seek to
obtain
a. | a copyright. | c. | a patent. | b. | a contract. | d. | none of the
above |
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2.
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A business that contributes to community groups, such as the arts, is
being
a. | careless with profits. | c. | ethically correct. | b. | socially responsible. | d. | none of the
above |
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3.
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When a country exports more than it imports, it has a
a. | positive balance of trade. | c. | positive balance of
payments. | b. | negative balance of payments. | d. | negative balance of
trade. |
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4.
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An agreement to exchange goods or services for something of value is called a
a. | contract. | c. | copyright. | b. | bargain. | d. | market. |
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5.
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When a country receives more money in a year than it pays out, it has a
a. | positive balance of trade. | c. | positive balance of
payments. | b. | negative balance of payments. | d. | negative balance of
trade. |
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6.
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Which of the following is used to completely stop the import or export of a
product?
a. | embargo | c. | duty | b. | tariff | d. | tax |
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7.
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What is the government agency that has been set up to help new businesses get
started?
a. | Small Business Administration (SBA) | b. | New Business Agency (NBA) | c. | Bureau of Labor
Statistics (BLS) | d. | None of the above |
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8.
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Ethics are
a. | the natural behavior of people. | c. | of little concern to
businesses. | b. | principles of morality. | d. | behaviors performed by groups. |
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9.
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Which of the following is NOT a benefit of international trade?
a. | Consumers must pay higher prices. | b. | There is a greater abundance of goods and
services for consumers. | c. | Jobs are created. | d. | Mutual understanding
and respect among countries is promoted. |
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10.
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Which of the following is true about our federal government?
a. | It is the largest employer in our economy. | b. | It is an important
economic force because of its purchasing power. | c. | It must raise money to fund operations and pay
wages. | d. | All of the above. |
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11.
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Which of the following is a correct description of a copyright?
a. | issued for 17 years. | b. | issued for inventions. | c. | lasts for 50 years
only. | d. | continues for the life of the person receiving it, and
beyond. |
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12.
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Business transactions involving companies in more than one state are referred to
as
a. | intrastate commerce. | c. | multiple state business. | b. | interstate
commerce. | d. | none of the
above. |
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13.
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A statement developed for guiding the behavior of employees is called
a. | a box of standards. | c. | a statement of guidelines. | b. | a code of
ethics. | d. | none of the
above. |
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14.
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The value of one currency compared with the value of another is the
a. | currency exchange rate. | c. | US dollar
conversion. | b. | currency barometer. | d. | currency divider. |
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15.
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Which of the following is true about employee wellness?
a. | Workers who have good health are valuable company assets. | b. | Overweight workers
are not an employer concern. | c. | Smoking on the job is not a
concern. | d. | OSHA sets and enforces safety standards. |
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16.
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Goods and services we sell to other countries are known as
a. | imports. | c. | exports. | b. | embargos. | d. | all of the
above. |
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17.
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Preserving our society’s scarce resources is an act of business known
as
a. | conservation. | c. | soil engineering. | b. | non-polluting. | d. | all of the
above. |
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18.
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Which of the following is the largest source of revenue for local
governments?
a. | sales tax | c. | real estate property tax | b. | income
tax | d. | excise
tax |
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19.
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Which of the following is a social-responsibility issue?
a. | Protection of the environment. | b. | Employment of the physically
challenged. | c. | Providing a healthy and safe workplace. | d. | All of the
above. |
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