What are the factors of production?

Land, Capital, Labor, & Natural Resources

Which TWO are the correct definitions for surplus and deficit? (two answers)

deficit: when more money is spent than earned, surplus: when there is extra money to be spent

are moral principles by which people conduct themselves

Definition of assets is?

are property and other items of value owned by a business

description, new business venture that describes all aspects

A agreement in which a borrow has the right to take property

What is the definition of entrepreneurship?

is the process of recognizing a business opportunity

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Business Essentials Final Review

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Questions 15

Answers

1
What are the factors of production?
Land, Labor, Capital, Research
Land, Capital, Business, Research Resources
Capital, Land, Checking, Buildings
Land, Capital, Labor, & Natural Resources
2
What are the two types of channel of distribution?
Direct & Indirect
To consumer & To there house
Forward & Backwards
Home & Work
3
Which one is not an example of direct mail advertising?
Letters
postcards
Flyers
infomercial
4
Which TWO are the correct definitions for surplus and deficit? (two answers)
deficit: when there is extra money to be spent
deficit: when more money is spent than earned
surplus: when there is extra money to be spent
surplus: when more money is spent than earned
5
What are the two basic economic systems?
Market & Mixed
Command & Private
Command & Mixed
Market & Command
6
What are ethics?
are moral principles by which people conduct themselves
is the duty to do what is best for the good of society
are rules that a group of people conduct together
is a set of guidelines for maintaining ethics in a workplace
7
There is a difference from popup ads & banner ads
true
false
8
Definition of assets is?
are creditors claims to the assets of a business
is a report of revenue, expenses, and net income
documents that summarize the changes resulting of business
are property and other items of value owned by a business
9
A business plan is?
is the gathering of market research to start a business
any business commercial that seeks profit
description, new business venture that describes all aspects
establishes the scope and the purpose of a company
10
Which one is not part of the 4 p's?
performance
product
price
place
11
How long is an infomercial?
15 min
30 sec
30 hours
30 min
12
What is mortgage?
A agreement in which a borrow has the right to take property
Loan made to a business to buy supplies and equipment
Credit in which a financial agrees an amount of money
Loan made to an individual to pay for person items
13
What is the definition of entrepreneurship?
Individual who undertakes the creation of the business
is the process of recognizing a business opportunity
is the study of how individuals and groups strive to fit
is the process of already having a business ready to go
14
Budget deficit: when the government spends more on programs than it collects in taxes
true
false
15
Which step is not part of product development?
Generate Ideas
Evaluate customer acceptance
Having Money
Introduce the product

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