Supply and Demand
Economy
Business Decisions
Entrepreneurship
Business Plan/Business Structures
100
The amount of goods that producers will provide at various prices is called the
Supply
100
In a market economy, economic decisions are made by the ____________________ a. at the top b. by industry leaders c. by individuals d. by the marketplace
d. Marketplace
100
___________________is the money left over after a business has paid the cost of providing its goods and services
Profit
100
Which of the following traits do entrepreneurs possess? a. Laziness b. Risk-taker c. Leadership d. Unmotivated e. Both b & c
e. Both b & c
100
Which part of the business plan is the most important and should grab the attention of a potential investor? a. Executive summary b. Financial management c. Marketing and Sales Strategy
a. Executive Summary
200
The quantity of goods that consumers are willing to buy at various prices is called the
Demand
200
The amount of money given or asked for when a service is bought or sold is called its a. cost b. value c. price d. worth
Price
200
How do the decisions that businesses make affect you as a consumer?
Answers vary. Price change, quantity supplied, resources
200
Which of the following is an example of being an entrepreneur? a. Buying popcorn from a popcorn stand b. Working for Nike c. Starting your own clothing store
c. Starting your own clothing store
200
What is the purpose of a business plan?
Answers vary. To have a direction of where the business is going. To try and get potential investors persuaded in believing in the success of your business.
300
The point at which the quantity demanded and the quantity supplied meet is called the _________price
Equilibrium
300
What limits the number of wants and needs people can satisfy? a. time b. availability c. resources d. priorities
c. resources
300
Do you think it is possible to have all your wants satisfied? Why or Why not?
NO, because we do not have unlimited resources. We are always going to have unlimited wants and limited resources. --Answers vary.
300
Name 3 Traits of an Entrepreneur.
Answers vary. Risktaker, challenge, energetic, motivated, determined, leadership
300
14) If you wanted to own a Footlocker, what type of business structure is needed? a. Sole proprietorship b. Partnership c. Franchise
c. Franchise
400
When supply goes up, what happens to demand
Demand goes down
400
Society’s shortage of resources is called ___________________________
Scarcity
400
What is the motive of business? a. To make cool products b. to make a profit c. to provide goods and services d. to offer competitive prices
b. make a profit
400
What does it mean to be an entrepreneur?
Answers vary. Someone who seeks a business opportunity and takes the risk of starting their own business.
400
15) Circle True or False: It is not a good idea to start a business with a business plan.
False
500
What happens to Demand when the price goes down?
Demand goes up
500
The economy that we have in the United states where the government takes care of our needs and the marketplace takes care of our wants is called a ________________________ economy.
Market
500
What is the final step of the decision-making process? a. make a decision b. evaluate your decision c. identify the situation d. evaluate your alternatives
b. evaluate your decision
500
Name an entrepreneur that you look up to and explain why you chose them?
Answers vary.
500
How do you start a business? Explain what steps you take to start a business. (Hints: Talk about the parts of a business plan, research, legal documents, business structures)
Answers vary. Brainstorm an idea, Research other similar businesses, Create a business plan, obtain legal requirements-licenses and business structures documents
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