Entrepreneurship Chapter 1 & 2 Review Spring 2019

Question 1

In which market is it easiest for a new business to enter?

Accepted Answer

Perfect Competition

Question 2

___ is the quantity of a good or service a producer is willing to produce at different prices.

Accepted Answer

Supply

Question 3

In which level of Maslow's hierarchy would one pursue a college degree?

Accepted Answer

Self-actualization

Question 4

Which of the following is not one of the four basic principles the US economy is based on?

Accepted Answer

Promotion

Question 5

The ability to learn a particular kind of job is called ______.

Accepted Answer

Aptitude

Question 6

Which business function focuses on the marketing mix, or the 4 Ps?

Accepted Answer

Marketing

Question 7

Which of the following is not a characteristic of a successful entrepreneur?

Accepted Answer

Ability to make quick, gut-reaction decisions

Question 8

Which of the following is not a disadvantage of entrepreneurship?

Accepted Answer

Be creative

Question 9

Which economy is based on history, tradition, or custom?

Accepted Answer

Traditional

Question 10

_____ are the people who create goods and services.

Accepted Answer

Human resources

Question 11

Needs and wants are ______.

Accepted Answer

Unlimited

Question 12

What are "the basic level of needs" according to Maslow?

Accepted Answer

Physiological

Question 13

What is likely to happen to big businesses during a recession? What about an entrepreneurship?

Accepted Answer

Big business-conservative; entrepreneurship-risky

Question 14

What is the first step of the problem-solving model?

Accepted Answer

Define the problem

Question 15

____ are the means through which goods and services are produced.

Accepted Answer

Economic resources

Question 16

In which business type would you find bakeries, jewelry stores, clothing stores, and florists?

Accepted Answer

Retailing

Question 17

___ is the value of the next-best alternative, the one you must pass up.

Accepted Answer

Opportunity cost

Question 18

Which business function sets goals, oversees employees, and solves problems?

Accepted Answer

Management

Question 19

Which economy is focused on personal choice?

Accepted Answer

Market

Question 20

Which business function exists to provide products or services to consumers?

Accepted Answer

Production

Question 21

The ____ measures the disadvantages of producing one additional unit of a good or service.

Accepted Answer

Marginal cost

Question 22

Which of the following is not a factor of production?

Accepted Answer

Business resources

Question 23

Which of the following is not an example of a physiological need?

Accepted Answer

College

Question 24

Making decisions independently and accepting those consequences defines _____.

Accepted Answer

Freedom of Choice

Question 25

The _____ measures the advantage of producing one additional unit of a good or service.

Accepted Answer

Marginal benefit

Question 26

Which of the following is not a question all economies must answer?

Accepted Answer

Why are the goods and services being produced?

Question 27

Which of the following is an example of a need?

Accepted Answer

Food

Question 28

___occurs when people's needs & wants are unlimited but available goods & services are limited.

Accepted Answer

Scarcity

Question 29

In which market do businesses produce nearly identical products & where price is the big factor

Accepted Answer

Perfect competition

Question 30

What is the final step of the problem-solving model?

Accepted Answer

Evaluate the action

Question 31

As price decreases, what generally happens to demand?

Accepted Answer

It increases

Question 32

Which economy is often the result of economies shifting from one economy to another?

Accepted Answer

Mixed

Question 33

Which of the following is not a major factor into a business' potential success?

Accepted Answer

All of the above are important

Question 34

In which economy does entrepreneurship thrive?

Accepted Answer

Market

Question 35

In which economy does the government decide what, how, & for whom products & services are made?

Accepted Answer

Command

Question 36

Which of the following is not one of the 4 main types of entrepreneurial businesses?

Accepted Answer

Construction

Question 37

Which of the following is a variable cost?

Accepted Answer

Electricity

Question 38

As prices decrease, ____ increases.

Accepted Answer

Demand

Question 39

_____ are thoughts or concepts that come from creative thinking.

Accepted Answer

Ideas

Question 40

A person who owns their own business is called a(n)_____.

Accepted Answer

Entrepreneur

Question 41

Possibilities that arise from existing conditions are called _____.

Accepted Answer

Opportunities

Question 42

Which of the following is not a service business?

Accepted Answer

Printing and publishing

Question 43

Which business function focuses on how much capital is needed and how to obtain it?

Accepted Answer

Finance

Question 44

In which market structure is it hardest for a new business to enter?

Accepted Answer

Monopoly

Question 45

How can you determine if being an entrepreneur is right for you?

Accepted Answer

Take a self-assessment

Question 46

The difference between money earned and the costs of operating a business is called ____.

Accepted Answer

Profit

Question 47

A desire for material goods and services is a definition of ______.

Accepted Answer

Economic wants

Question 48

Which of the following is not a need?

Accepted Answer

College

Question 49

Which of the following is not an advantage of entrepreneurship?

Accepted Answer

Face irregular incomes

Question 50

Raw materials supplied by nature are called _____.

Accepted Answer

Natural resources

Question 51

What would not be a reason a person would want to go into business for him/herself?

Accepted Answer

Take on all the risks

Question 52

Buildings, equipment, and supplies are examples of ______.

Accepted Answer

Capital resources

Question 53

Which of the following is not one of the major functions of business?

Accepted Answer

Developing

Question 54

What does SMART stand for?

Accepted Answer

Specific Measurable Attainable Realistic Timely

Entrepreneurship Chapter 1 & 2 Review Spring 2019

Questions 54

Entrepreneurship Chapter 1 & 2 Review Spring 2019

Questions 54