The amount of a good or service that producers are willing to provide is called
Supply.
100
A new business's ability to start and grow is affected by which of these variables? a.) favorable taxes b.) incentives c.) availability of resources d.) all of the above?
D.) all of the above
100
The chances of a new business succeeding are good with
effective planning and management.
100
The amount of goods or services that consumers are willing and able to buy is determined by
Demand
100
Revenues lost to lower prices can be made up through
Higher volume
200
Hiring a firm to design and produce packaging for your product is an example of
corporate venture.
200
Which of the following is a contribution that a business owner makes to the community? a.) personal satisfaction b.) service c.) generates jobs d.) competition
c.) generates jobs
200
Entrepreneurs want to make their own decisions. Which word would be the best to describe this characteristic?
Independent.
200
Business ownership carries with it a certain amount of
Prestige.
200
The success or failure of an entrepreneurial venture rests entirely on the
Market.
300
Before you can determine if a new venture is feasible, you must prepare
a business plan.
300
To identify consumer markets, you should be aware of
demographic changes.
300
An asset of acquiring an existing business is customer loyalty, or
goodwill.
300
One way to prevent some of the problems that family businesses face is to
Establish clear lines of responsibility.
300
To find a new business, you may hire a(n)
business broker
400
Taxes imposed by government on imported or exported goods are called
tariffs.
400
Entrepreneurs that attempt to do business internationally
need to understand the culture.
400
Two of the main reasons for the global economy are the changes in
trade barriers and technology.
400
To find export communities, many entrepreneurs use the services of a(n)
broker.
400
McDonald's is an example of a(n)
franchise.
500
One major type of corporation is a
Subchapter S
500
The owner of a sole proprietorship is the only one who receives
benefits.
500
The law requires that all partnerships have at least one
general partner.
500
The easiest and most popular form of business to create is the
sole proprietorship.
500
The principal disadvantage of a sole proprietorship is