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ENT 1 REVIEW Flashcards | StudBud
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ENT 1 REVIEW
ENT 1 REVIEW
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Answers
1
all of the following can help you determine if a business opportunity is realistic except
the background needed to run that kind of business
the interest rates for loans at different banks
the market for that kind of business
the rate of business failure
2
Being a good team member involves commitment, cooperation, and creativity.
False
True
3
Which of the following is not a risk of being and entrepreneur ?
long hours
potential business failures
financial insecurity
isolation from meeting people
4
In the U.S. economy, competition forces a business to
provide good customer service
all of these
improve products
keep costs low
5
What is the Small Business Administration
department of public libraries
publishes information for small businesses
buys productions from small businesses
holds trade shows
6
Successful entrepreneurs need to be self-confident bc they must make decisions alone, they do not need 2b confident
False
True
7
The rivalry among businesses to sell their goods and services is called competition.
True
False
8
When a business owner decides to grow the business he or she needs to consider the
marginal cost
economies of scale
equilibrium quantity
variable costs
9
a formal problem solving meodel
is only to gather information
helps people solve problems in a logical manner
is necessary for everydau decisions
consists of 5 steps
10
Good communication and listening skills are vital to the problem-solving process.
True
False
11
It is not necessary to determine how much money it takes to start a business because you will be able 2 borrow the money
False
True
12
Needs are things that you must have in order to survive.
True
False
13
Assessing different business opportunities helps you identify those that have the best chance for success
True
False
14
Following a brainstorming session, a decision should be made immediately.
False
True
15
Which Is the greatest benefits of entrepreneurship?
Quick return on investment
meeting new people
Paying less taxes
Working in an enterprise you are passionate about
16
people who excel at their jobs
all of these
have generally learned a lot about their profession
know how to satisfy consumer needs
see how successful marketing is conducted
17
Capital resources include buildings and equipment.
True
False
18
Market structures are distinguished by all of the following except
the number and size of sellers and buyers in the market
he types of goods and services being traded
the amount of profit that can be earned by sellers
the barriers to entry into the market for sellers
19
The functions of business operate independently of each other.
True
False
20
About how many new businesses do not survive beyond 5 years?
1/4th
10%
90%
half
21
Good communication is important in the problem-solving process because when trying to resolve problems & make decisions
request information and express your ideas
all of these
interact with others
listen to suggestions from others
22
In a market economy, individual choice
does not influence how items are produced
creates scarcity
has no effect on production
creates the market for a good or service
23
The three types of economic resources that an entrepreneur may use to create useful goods and services are called
factors of production
factors of consumption
production hierarchies
economies of scale
24
The owner’s business experience is a factor that contributes to the likelihood of success.
False
True
25
According to the theory of hierarchy of needs
everyone has the same needs
needs and wants are usually the same
everyone’s needs will eventually be satisfied
people must satisfy lower-level needs before they can focus on higher level
26
A person who takes the risk of a business venture is ...
a boss
an entrepreneur
an employee
sure to be successful
27
Which of the following is not a characteristic of a successful entrepreneur ?
determination
self-confidence
creativity
independence
28
Products you can see and touch are called
goods
all of these
services
intangibles
29
All of the following are components of the marketing mix except
price
competition
distribution
product
30
Raw materials supplied by nature are
monetary resources
human resources
natural resources
capital resources
31
Entrepreneurs try to meet the needs of the marketplace by supplying a product or service.
True
False
32
Fixed costs must be paid even if a company has no sales.
True
False
33
From an entrepreneur’s perspective, mistakes
have no place in the problem-solving process
are always a negative.
should be viewed as a learning experience
will never be made if the problem-solving process is correctly followed
34
A disadvantage of entrepreneurship is the entrepreneurs
must make all the decisions by themselves
face irregular incomes
all of these
work long hours
35
In evaluating alternatives and selecting the best option, you
see if the selected alternative works
gather information about each alternative
quantify or rank the alternatives
decide how to implement the best option
36
Two factors that commonly enter into economic decision making are scarcity and opportunity cost.
True
False
37
each unit produced is $1.35, how much would the fixed costs increase if 30 additional units were demanded each day?
$202.50 per week
none of these
$40.50 per week
$40.50 per day
38
Which of the following is a major factor in a small business success ?
the owners reason for starting the business
the owners educational level
having adequate capital
all of the above
39
Entrepreneurship involves risk, which is both an advantage and a disadvantage.
True
False
40
There are generally four types of businesses: manufacturing, wholesaling, retailing, and franchising
True
False
41
An opportunity is a thought or concept that comes from creative thinking.
False
True
42
The best entrepreneurs use a formal problem-solving model to make decisions.
True
False
43
the ability to do something successfully or efficiently is called
know how
knowledge
competency
ability
