2.03 - 2.05 Test

To use resources wisely, business owners must reduce

Reputation damage is a strategic risk

One way that competition helps build a prosperous society is by

When a business keeps a risk because management is unaware of it, the business is __________ the risk.

Storm and flood damage is a human risk

Offering high quality, large assortments, and free shipping are examples of

Possibility of loss, no change, or gain is speculative risk

Which of the following items is found in all economic systems:

Every society must develop a system for deciding how it will use its resources so that it can

The general classifications of business risks are

For each new product it offers, a business seeks

The most common medium of exchange in modern economic systems is

In business terms, what is profit?

Basketball shoes endorsed by professional players are no longer trendy among teenagers is a natural risk

Who answers the basic economic questions in a private enterprise economic system?

Which of the following is one of the main principles of the private enterprise system:

Burger King and McDonald’s are examples of

People who go into business know that the business may not succeed. This possibility is referred to as business

You move your store from an isolated corner to a busy mall.

A major problem for individuals and private businesses in a socialist command economy is

Requiring a contractor to purchase a surety bond is an example of handling business risk by __________ the risk.

The amount of money paid for raw materials and products sold is called

Individuals put limits on their own economic freedom by

Which of the following is a potential problem in market economies:

One of the factors that directly limits the economic freedom of individuals in a private enterprise system is government