Entrepreneurship Test 1 review Fall 2021

Being an entrepreneur involves risks as well as rewards. Which of the following is a risk of being an entrepreneur?

Which is an example of a retail business?

The economic questions of what, how, who for goods and services to produce is deternined by the centralized government.

What is the name of the multinational congolmerate holding company created and led by Warren Buffet?

Always act with integrity, respect, and toleration.

·  a commitment to refrain from lying; to be truthful and sincere in dealings with others

the courage to expose yourself to possible losses

few competing firms, different products, difficulty of entry into the market, and sellers have much control over price.

Relies on farming and simple barter.

the desire to work hard to achieve one’s goals

·  the ability to see the end results of your goals while working to achieve them

Respect the rights of others and study the links between freedom, entrepreneurship, and societal well-being.

·  an ability to listen to and empathize with other people

many firms, slightly different products, ease of entry into the market, and sellers have some control over price.

· the ability to cope with new situations and find creative solutions to problems

Interactions between buyers and sellers determine what is produced, how much, and for whom

Creating real value in society for oneself and others through cooperation.

the ability to stay focused on and adhere to a schedule and deadlines

the refusal to quit; willingness to keep goals in sight and work toward them, despite obstacles

The study of how a nation allocates scarce resources.

A person who displays entrepreneurship and acts upon it

Which of the following is not a type of service business?

Which of the following is not a benefit of free enterprise?

As price goes up, quantity provided goes up

As price goes up, quantity desired goes down

a willingness to compete with and test yourself against others

Seeking out the best information, driving beneficial change, and cultivating humility

the knack for convincing people to see your point of view and to get them interested in your ideas

Take responsibility for your own life.

Which of the following is an example of a wholesale business.

Small change in price can have large effect on quantity demanded

Which of the following is not a pro (positive) of being an entrepreneur? Check all that apply

a business undertaking that invloves risk

many competing firms, nearly identical products, ease of entry into thhe market, and sellers have no control over price.

You make your own opportunities.

where the quantity demanded equals the quantity supplied

·  the ability to structure your life and keep tasks and information in order

·  the belief that you can accomplish what you set out to do

Which of the following is not a characteristic of a free market system?