Pride/Hughes/Kapoor,FOUNDATIONS of BUSINESS, 3Rd Edition

Pride/Hughes/Kapoor,FOUNDATIONS OF BUSINESS, 3rd Edition

AUDIO TEST PREP QUESTIONS

CHAPTER ONE

CUES / AUDIO
1. NARRATOR—INTRO / Let’s test your understanding of the material covered in chapter 1, “Exploring the World of Business and Economics.”
2. NARRATOR—C1Q1 / True or False. Consumers are individuals who purchase goods to be resold.
3. NARRATOR—FEEDBACK TO C1Q1 / (PAUSE) If you answered false, you’re right. If you answered true, remember that consumers purchase products for personal consumption.
4. NARRATOR—C1Q2 / True or False. Under communism, individual consumers determine what will be produced.
5. NARRATOR—FEEDBACK TO C1Q2 / (PAUSE) If you answered false, you’re correct. Communism is a command economy, and the government decides what will be produced, how it will be produced, and who gets what is produced.
6. NARRATOR—C1Q3 / True or False. The recurrence of periods of growth and recession in a nation's economic activity is called the business cycle.
7. NARRATOR—FEEDBACK TO C1Q3 / (PAUSE) If you answered true, you’re right. If you answered false, remember that a nation’s economy fluctuates, and the business cycle consists of four states: the peak, recession, the trough, and recovery.
8. NARRATOR—C1Q4 / True or False. Many buyers and sellers of products, with no one buyer or seller affecting price, create a purely competitive market situation.
9. NARRATOR—FEEDBACK TO C1Q4 / (PAUSE) If you answered true, you’re correct. If you answered false, you should review the section on the four types of competition: pure competition, monopolistic competition, oligopoly, and monopoly.
10. NARRATOR—C1Q5 / True or False. Specialization is the separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals.
11. NARRATOR—FEEDBACK TO C1Q5 / (PAUSE) If you answered true, you’re right. Specialization was used to improve productivity in the factory system. If you answered false, review the section on early business development.
12. NARRATOR—C1Q6 / (MC question) Material resources include the
A) people who furnish their labor to a business.
B) money required to pay employees and to buy materials.
C) raw materials, buildings, and machinery used in manufacturing processes.
13. NARRATOR—FEEDBACK TO C1Q6 / (PAUSE) If you chose “C”—raw materials, buildings, and machinery used in manufacturing processes—you’re right. If you chose another answer, you should review the section on the definition of business and the four resources.
14. NARRATOR—C1Q7 / (MC question) Fundamental changes occurred in business ownership and management during the early twentieth century. Which of the following exemplifies one of those changes?
A) Ownership was in the hands of thousands of corporate shareholders who were willing to invest in--but not operate--a business.
B) The largest businesses were now owned by one individual.
C) Government took an active role in business management.
15. NARRATOR—FEEDBACK TO C1Q7 / (PAUSE) If you chose “A”—Ownership was in the hands of thousands of corporate shareholders who were willing to invest in—but not operate—a business—you’re right. If you chose another answer, please review the section on early business development.
16. NARRATOR—C1Q8 / (MC question) The commercial airline industry in the United States would be considered what kind of competition, due to the sizable investment required to enter the market and the presence of few market participants?
A) monopolistic competition
B) oligopoly
C) pure competition
17. NARRATOR—FEEDBACK TO C1Q8 / (PAUSE) If you chose “B”—oligopoly—you’re right. If you chose another answer, please review the section on types of competition.
18. NARRATOR—C1Q9 / (MC question) Kinko's Copy store would be considered a
A) service business.
B) consumer business.
C) manufacturing business.
19. NARRATOR—FEEDBACK TO C1Q9 / (PAUSE) If you chose “A”—service business—you’re right. If you chose another answer, please review the section on a definition of business.
20. NARRATOR—C1Q10 / (MC question) When the Federal Reserve makes decisions about interest rates, it is influencing
A) fiscal policy.
B) the gross domestic product.
C) monetary policy.
21. NARRATOR—FEEDBACK TO C1Q10 / (PAUSE) If you chose “C”—monetary policy—you’re right. If you chose another answer, please review the section on the business cycle.
22. NARRATOR—SIGN OFF / That concludes our review of chapter 1. Keep up the good work. (Good job!) (Great work!)