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Test #1 - P3 Business
Good Luck. If you listened in class, did all assigned work, and studied, you'll do well on this test.
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* Indicates required question
1. Income after all costs and expenses are paid
a. Deficit
b. Profit
c. Revenue
d. Cost
Clear selection
Type in your first and last name
*
Your answer
2. Money used in running the business
*
a. Profit
b. Money
c. Expenses
d. Solvency
3. Which is not a factor that causes a SHIFT in the demand curve
a. Change in preferences
b. Expectation of price increase
c. Change in price
d. Increase pocket money
Clear selection
4. According to the demand curve?
a. When price falls, more quantity is sold
b. When price falls, less quantity is sold
c. Falling prices a shift in the curve
d. There's a positive relationship between price and quantity
Clear selection
5. How many steps are there in the decision-making process?
a. 1
b. 2
c. 3
d. 4
e. 5
Clear selection
6. Which of the following is a "need"?
a. New iPhone
b. New pencil
c. Water
d. Toronto Blue Jays
Clear selection
7, What is NOT a characteristic of a successful entrepeneur?
a. Ability to work alone
b. self-confidence
c. able to manage others
d. poor negotiation skills
Clear selection
8. Quantity has the same meaning in both the supply and demand curve
a. True
b. False
Clear selection
9. Businesses may ignore the fifth step of the decision making model
a. True
b. False
Clear selection
10. In which NOT a way Pita pit satisfied the wants of customers?
a. Convenience
b. Accessibility
c. Service
d. Entertainment
Clear selection
11. Competition is good for consumers and business
a. True
b. False
Clear selection
12. _______ are the people who make the product.
Your answer
13. Coca Cola and Pepsi are a good example of ________
Your answer
14. A cassette tape recorder is an example of an _____________ product
Your answer
15. The 2nd step in the decision making model is:
Your answer
16. Revenue - Expenses = _________
Hint: Look at the question mathematically.
Your answer
17. Another word for stock is __________
Hint: Starts with the letter I
Your answer
18. If Apple "expects" an extra 4000 people will buy the iPad tomorrow, the supply curve will shift because of:
Hint: explain one of the 4 factors
Your answer
19. If people suddenly buy more because the item is a trend-setter, the demand curve will shift because of _______
Hint: Write down the correct factor
Your answer
20. Small or Medium sized business has less than _______ people
Hint: Give the number
Your answer
21. Which type of business requires you to file a separate tax return since it's considered a totally separate entity?
a. Sole proprietorship
b. Partnership
c. Corporation
d. Small home-based business
Clear selection
22. How do you spell your period 3 teacher's last name?
Hint: Starts with a "C"
Your answer
Definition Word List (Hint: You can only use each word once!)
Non-profit, Not-for-profit,
Positive, Negative
Supply, Demand
Marketplace, Solvency
Pricing Power, Consumer Pricing Power
23. Charity that raises funds towards a specific goal
Your answer
24. Relationship on the Demand Curve
Your answer
25. Relationship on the Supply Curve
Your answer
26. The amount that people want to buy at a price:
Your answer
27. Ability to pay meet financial obligations
Your answer
28. Organization that does not seek profit from operations
Your answer
29. When businesses set the price, this is called:
Your answer
30. The curve where if quantity goes up, price also goes up
Your answer
31. When consumers decide where to buy, this is called:
Your answer
32. Where consumers and products buy and sell
Your answer
Interpreting Diagrams - Supply + Demand (READ THE INSTRUCTIONS CAREFULLY!)
Use the graphs to answer the next set of questions. (Assume perfect competition and that you start at Point A for Graph #1 and Point G for Graph #2)
33. Which point shows movement along the demand curve
(Assume you start at Point A for Graph #1 and Point G for Graph #2)
B
E
H
K
Clear selection
34. Which point shows increase in supply due to expecting more Blue Jays hats being sold in the future?
(Assume you start at Point A for Graph #1 and Point G for Graph #2)
D
B
H
K
Clear selection
35. Which point would indicate a DECREASE in consumer income to buy blue jays merchandise?
(Assume you start at Point A for Graph #1 and Point G for Graph #2)
Your answer
36. Which point would indicate that people suddenly have a strong desire for Blue Jays jerseys despite price staying the same?
(Assume you start at Point A for Graph #1 and Point G for Graph #2)
Your answer
37. Which point would indicate more Donaldson jerseys being produced because of recently purchased improved machinery
(Assume you start at Point A for Graph #1 and Point G for Graph #2)
Your answer
38. Which two letters symbolize MOVEMENT along the demand curve?
a. E and B
b. C and D
c. J and K
d. H and I
Clear selection
39. Which group of letters ALL symbolize SHIFTS in either the demand or supply curve
a. A, B, C, D
b. H, I, J, K
c. C, D, J, K
d. E, B, H, I
Clear selection
Final Question!. Look at this Graph.
The graph above represents the Market for Pitas. Answer the questions below based on the graph above.
40. Point A is not on any line? State and explain TWO factors that would cause the SUPPLY curve shift to the right.
(4 marks)
Your answer
41. State and explain FOUR things that would cause the QUANTITY of point B to move to the right (increase)
(8 marks)
Your answer
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