Unit 1 Review

1

100

McDonalds is considered to be a.... (a) Local Business

(b) National Business (c) International Business

(c) International Business

300

There are three ways to classify a business, what are they?

Size, structure, and role

500

Name all 4 types of corporations.

Public, private, crown, and municipal

2

100

Give two examples of a capital good.

Money, equipment, tools, machinery, vehicles, etc.

200

Give 1 example of substitute goods.

Butter & Margarine, Pepsi & Coca Cola, Coffee & Tea, Colgate & Crest toothpaste, McDonalds & Burger King, Pizza Pizza & Pizza Hut

400

Explain the difference between a customer and a consumer.

A customer is someone who purchases a good or service, but might not be the end user. A consumer is always the end user of the good or service.

3

200

Hospitals, Universities, and Charities are examples of....

Non profit organizations

400

There are 4 factors that affect demand, list 2 of them.

Income, Consumer Tastes and Preferences, Expectations of Future Prices, Changes in Population

500

Josh, Joe, John, and Jake all have equal ownership and responsibility in this partnership. What kind of partnership is this?

A general partnership

4

100

MEC used to be a ____________.

Co-operative

200

This is the spot where sellers are able to sell exactly the quantity and price that they want to sell at and the buyers are able to buy exactly the quantity and price that they want to buy at.

Point of Equilibrium

300

Out of all forms of business ownership that we went over in class, this form of business ownership allows the owner to have the most control.

Sole Proprietorship

500

Name the 5 forms of business ownerships that we learnt in class.

Sole proprietorship, partnership, corporation, co-operative, and franchise.

5

100

An upward sloping curve is called the ___________ curve.

Supply

200

Which one of these products is considered to be obsolete in the year 2023?

(a) Vacuum

(b) Laptop

(c) iPhone 6

(d) Netflix

(c) iPhone 6

300

Tori wants to run a business but is scared that she will get no business because she doesn't have any sort of reputation. What type of form of business ownership should she consider running?

A franchise

400

Getting together and socializing with your colleagues after work is part of which level in Maslow's hierarchy of needs?

Love and Belonging

500

Name all 5 levels of Maslow's Hierarchy of Needs

Physiological, Safety, Love and Belonging, Self Esteem, Self Actualization