Type:
Test Bank
Resource:
Business
Edition:
7th Edition
Author(s):
Ricky W. Griffin Ronald J. Ebert Frederick A. Starke Melanie D. Lang George Dracopoulos
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is correct with regard to the opening case entitled "The Ups 1) _______ and Downs of Commodities"? A) The demand for commodities in China stayed high even during the recession of 2008. B) The Alberta oil sands become more profitable when oil prices decline. C) The ups and downs in the prices of commodities provide low risk opportunities for profits for investors. D) The steep decline in the price of oil caused many oil companies to put new oil sands projects on hold. E) Unlike oil, palladium and palm oil have not fluctuated much in price during the past decade.
2) Profit is A) equal to total revenue minus cash expenses. B) what remains after business expenses are subtracted from business revenues. C) double the amount the company pays in taxes. D) the amount of sales minus 50 percent. E) equal to the market value of shares in a company.
2) _______
3) This week, Jessica's Variety Store had sales of $4,000, employees were paid $1,000, the cost of goods was $1,500, and rent was $500. Profit for the week was A) $3,000. B) $1,500. C) $4,000. D) $2,000. E) $1,000.
3) _______
4) ________ is the difference between a business firm's revenues and its expenses. A) Cost of goods sold B) Profit C) Productivity D) Sales E) Debt
4) _______
5) Profit is A) what remains after business expenses are subtracted from business revenues. B) gross sales minus taxes a company pays. C) gross revenue minus taxes a company pays. D) the level of expenses divided by the firm's assets. E) the market value of shares of stock in a company.
5) _______
6) Examples of businesses include all of the following except A) large corporations like Canadian Pacific or Alcan Aluminum. B) one-person businesses, like barbershops. C) local supermarkets. D) farms. E) non-profit organizations.
6) _______
7) Most of the goods and services consumed in Canada are produced by A) businesses in the U.S. B) the Canadian government. C) countries of the Pacific Rim. D) countries in the European Union. E) business firms.
7) _______
8) Generally speaking, which one of the factors of production is most important? A) Capital B) Entrepreneurship C) Labour D) Land E) None of these
8) _______
9) An economic system is A) a long standing agreement between citizens and governments on how an economy is run. B) an agreement between countries that deal with free trade. C) a government decree that requires certain goods and services to be provided. D) a large government department that oversees how the economy is running. E) the way in which a nation allocates its resources among its citizens.
9) _______
10) The key difference between economic systems is A) who controls the banks. B) the management of the factors of production. C) the management of capital and labour. D) the structure of government. E) who controls large industries like steel and auto manufacturing.
10) ______
11) A nation's economic system is its way of A) collecting taxes. B) supplementing low-income families. C) regulating business firms by government laws. D) allocating resources among its citizens. E) managing the money supply.
11) ______
12) In terms of factors of production, Imperial Oil's crude oil reserves are an example of ________, while market forecasts are an example of ________. A) information; natural resources B) labour; entrepreneurs C) information; labour D) natural resources; information E) capital; information
12) ______
13) All of the following are factors of production except A) entrepreneurs.
13) ______