A local economy is best described as

the flow of goods and services within a community

The economics of one unit is a calculation of

the profit or loss associated with a unit of sale

a reason entrepreneurs take on business risks

The equilibrium price is

the price at which supply equals demand

As an entrepreneur, the amount of money you receive from your company

may go up or down, depending on the business

A non-profit organization

must use any profit it earns to further its social mission

As an entrepreneur, the amount of time you spend working is typically

more than for an employee, particularly during startup

A common standard that defines a non-manufacturing business as small is

having fewer than 100 employees

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Introduction to Entrepreneurship, Ch 1-2

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Questions 20

Answers

1
The _______ economic system is also called capitalism or free enterprise.
mixed
market
command
2
A market economy is also called
socialism
b and c
capitalism
free enterprise system
3
How many business owners have home-based businesses?
abokut 25 percent
about 75 percent
fewer than 10 percent
about 50 percent
4
Which of the following is not a risk for an entrepreneur?
financial insecurity
long hours and hard work
potential business failure
financial stability
5
Entrepreneurs make a profit when the amount of $ coming in is ______ than the business expense
less
greater
6
A local economy is best described as
an economic system dominated by non profit organizaitons
the flow of goods and services within a community
the flow of goods and services in international trade
an economic system based on foreign exchange rates
7
Imports and exporting are activities primarily associated with
the profit motive
nonprofit organizations
the economics of one unit
the global economy
8
An entrepreneur
may not employ anyone else
has the final say in business decisions
is responsible for the success/failure of his/her business
all of the above
9
What is possibly the biggest reward of becoming an entrepreneur
none of the above
fame
empowerment
money
10
A country that ____ products sells them to foreign buyers
imports
exports
11
The economics of one unit is a calculation of
how many items an entrepreneur has for sale
foreign demand for an entrepreneur's product
the profit or loss associated with a unit of sale
the equilibrium quantity on a supply curve
12
Competition between entrepreneurs selling the same goods or services pushes prices
downward
upward
13
The profit motive is
a reason entrepreneurs take on business risks
the economics of one unit
the money left over after expenses are subtracted from sales
profit calculated as a percentage of expenses
14
The equilibrium price is
the price set by the foreign exchange rate
the price at which supply equals demand
the price at which exports equal imports
the price set by the government
15
As an entrepreneur, the amount of money you receive from your company
may go up or down, depending on the business
is typically less than for an employee
is typically more than for an employee
is constant, like a paycheck for any other employee
16
A non-profit organization
is not allowed to make a profit
uses profit for the financial gain of its operators
can use profit any way it sees fit
must use any profit it earns to further its social mission
17
As an entrepreneur, the amount of time you spend working is typically
more than for an employee, particularly during startup
significantly less than for an employee--around 20 hrs/wk
constant--35-40 hours a week, just like an employee
a little less than for an employee
18
A common standard that defines a non-manufacturing business as small is
having fewer than 50 employees
having fewer than 500 employees
having fewer than 250 employees
having fewer than 100 employees
19
Which of the following challenges poses a risk to Entr who want to conduct international trade?
trade barriers
tariffs that must be paid to import goods
all of the above
cultural differences between nations
20
The equilibrium point is the point on a supply and demand curve where supply and demand are
balanced (equal)
less than one another
more than one another

Introduction to Entrepreneurship, Ch 1-2 Flashcards | StudBud