Practice Exam - A) som B) communism C) capitalism D)...

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Name: __________________________ Date: _____________ 1. Which of the following are organized for profit and provide goods and services? A) Public schools B) Churches C) Government D) Businesses 2. In accounting terms, profits are ________. A) the difference between revenues and expenses B) the difference between commissions earned and receipts C) the difference between sales and expenses D) the sum of sales and expenses 3. All of the following are businesses EXCEPT ________. A) U.S. Postal Service B) UPS C) FedEx D) AOL Time Warner 4. Technology, tools, information, and physical facilities for the operation of a business are called ________. A) profits B) wages C) capital D) interest Page 1
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5. The human resources of a firm refer to ________. A) union workers only B) everyone over 18 years of age C) management personnel D) everyone who works for the business 6. In his book The Wealth of Nations, the Scottish economist Adam Smith was the first person to describe ________.
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Unformatted text preview: A) som B) communism C) capitalism D) entrepreneurship 7. To be successful in the private enterprise system, firms must ________. A) be organized as corporations B) find a basis for competitive differentiation C) believe that high prices will automatically ensure high profits D) be regulated by government 8. Citizens in a private enterprise system have the right to choose their employment, purchases, and investments, illustrating their right to ________. A) profit B) credit C) freedom of choice D) private property 9. In colonial days, America's economy was primarily based on ________. A) gold mining B) agriculture C) real estate D) mass production 10. In colonial society, real economic and political power was centered in ________. A) Cities B) rural areas C) areas west of the Mississippi River D) metropolitan areas Page 3...
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Practice Exam - A) som B) communism C) capitalism D)...

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