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32: Test Your Knowledge
Which of the following is not a societal institution?
A. Religion.
B. Sports.
C. Family.
D. Education.
Businesses directed toward making a profit are called ______.
How are production and prices determined in a free enterprise system?
Industry is the area of economic activity that uses ______ and ______ to produce products, structures, and services with the intent to make a profit.
In terms of technology, why is industry different from the other types of economic enterprises?
What is the difference between basic research and applied research?
True or False?
Development can result in a totally new product or improve one that already exists.
A. True
B. False
What three main types of drawings are used by engineers to convey the information needed to produce a product?
List the four types of manufacturing systems.
What are the three phases of an inspection program?
List three functions of packaging.
True or False?
Franchised businesses typically purchase products and necessary services through a wholesaler.
A. True
B. False
What are the three main programs in industrial relations?
______ training involves a combination of on-the-job and classroom training over an extended period of time.
An employee who is paid a percentage of the total dollar value of the goods sold is receiving a ______.
A. benefit
B. salary
C. commission
D. wage
To show a profit, a company must have more ______ than expenses.
List two basic ways that profits are used by a company.
List the four steps on the consumer side of the industry-consumer product cycle.
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