Name:
Class:
Date:
Test Bank For Principles of Business, 10th Student Edition, 10th Edition Les Dlabay, Ed.D.Brad Kleindl Chapter 1-20 (unit 1-4)
Ch 01 Economic Decision and Systems 1. Things that are required in order to live are known as wants. a. True b. False ANSWER: False RATIONALE: Needs are things required in order to live. Wants are things that add to the comfort and pleasure of your life. POINTS: 1 REFERENCES: Needs and Wants QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: 1.1.1 - Compare and contrast needs and wants. DATE CREATED: 5/24/2022 10:42 AM DATE MODIFIED: 5/24/2022 2:33 PM 2. Goods and services are purchased by businesses as well as by individuals. a. True b. False ANSWER: True RATIONALE: Both businesses and consumers purchase goods and services. POINTS: 1 REFERENCES: Goods and Services QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: 1.1.2 - Distinguish between goods and services. DATE CREATED: 5/24/2022 10:42 AM DATE MODIFIED: 5/26/2022 10:52 AM 3. Buildings, equipment, and supplies are examples of natural resources. a. True b. False ANSWER: False RATIONALE: Raw materials supplied by nature are natural resources, while capital resources include buildings, equipment, and supplies. POINTS: 1 REFERENCES: Economic Resources QUESTION TYPE: True / False HAS VARIABLES: False Copyright Cengage Learning. Powered by Cognero.
Page 1