AnswersHSA 26-27 Principles of BusinessMarketing and Finance AStudy Guide and Quiz

Study Guide and Quiz Answers

0 verified answers2 views
1
Free Preview

How is the value of a product determined?

A
By the amount a consumer is willing to pay for it
B
By how much it cost the producer to make
C
By its variable costs
D
By the number of workers who were involved in making it
2
Free Preview

Which of the following is a way to increase possession utility for a refrigerator?

A
Creating brochures about the product
B
Providing a delivery service
C
Expanding the store hours
D
Making a Web site with information about the product
3

If your company has a large production-related task, such as assembling an airplane, what strategy could help you increase productivity?

A
Generalization
B
Decreasing your use of technology
C
Raising prices
D
Division of labor
4

Which of the following is a variable cost for a company that makes bread?

A
The rent for a warehouse
B
Bread ingredients
C
An oven
D
A salaried worker
5

Your company buys a car, and its value goes down over time. What is that process called?

A
Leasing
B
Depreciation
C
A unit of sale
D
Interest
6

Economies of scale give an advantage to what type of company?

A
A company with a small number of employees
B
A company that makes many sales
C
A company with many variable costs
D
A service-based company
7

Which of the following is a fixed cost for a company that sells greeting cards online and mails the printed cards to customers?

A
The paper and glue to make the cards
B
Hourly workers who assemble and ship the cards
C
Packaging and shipping costs
D
A paper cutting machine
8

A company's ________ tells you how much money the company has left over after subtracting all expenses.

A
Net profit
B
Gross profit
C
Revenue
D
Cost of goods sold
9

Hours of labor or number of workers are common ways of measuring a company's _________?

A
Division of labor
B
Productivity
C
Use of technology
D
Diminishing returns
10

If productivity increases significantly and demand is not very elastic, what is likely to happen?

A
The number of consumers will increase.
B
Fewer workers will be needed.
C
Division of labor will decrease.
D
Demand will increase.

Did you find these answers helpful?