Entrepreneurship Chapter 1

Question 1

_____is money left after all expenses of running a business have been deducted from the income.

Accepted Answer

surplus

Question 2

The study of how people choose to allocate scarce resources to fulfill their unlimited wants

Accepted Answer

a. economics

Question 3

The total market value of goods and services produced within a country during a given period.

Accepted Answer

d. Gross Domestic Product

Question 4

A/An________________is a business that has stopped operating with a loss to creditors.

Accepted Answer

c. business failure

Question 5

A ____________ is a business that may be operating under a new name

Accepted Answer

a. discontinuance

Question 6

A/An_____________is an individual who creates, organizes, and owns a business.

Accepted Answer

b. entrepreneur

Question 7

The resources businesses use to produce the goods and services people want are called________.

Accepted Answer

b. factors of production.

Question 8

The entrepreneur is the driving force of the_________________process.

Accepted Answer

c. manufacturing

Question 9

In a/an__________, people have an important right to make economic choices.

Accepted Answer

d. free enterprise system

Question 10

In a free enterprise system, the price of a product is determined in the _____________.

Accepted Answer

a. marketplace

Question 11

Studies by the SBA report that _____ percent of new businesses survive the first two years

Accepted Answer

c. 66

Question 12

A__________is a basic requirement for survival

Accepted Answer

a. need

Question 13

________ occurs when demand exceeds supply.

Accepted Answer

b. scarcity

Question 14

____ competition is a market structure where buyers and sellers can affect price.

Accepted Answer

a. Free enterprise Perfect

Question 15

A/An___________ is a new business undertaking that involves risk.

Accepted Answer

b. venture

Questions 15