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Economic System & Business Decision-Making
Economic System & Business Decision-Making
24 terms
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#Entrepreneurship #Unit 1.01-1.03
Flashcards
24 cards
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Practice quiz
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Host live
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Questions
24
Answers
1
Which statement is true regarding training for entrepreneurial Ventures?
Determination
Innovation
Optimism
Organization
2
What component is important to include in all types of inquiry letters?
Personal qualifications
Project specification
Attention-getting title
Contact information
3
Innovation and risk are important to which of the following:
Entrepreneurial Ventures
Small businesses
4
How has small businesses contribute to the society?
Contribute employment
Pay taxes to government
Donations
Help with the flow of the economy
5
Which is a financial concern that entrepreneurs often face when starting new businesses?
Long working hours
Shorter vacations
Lower production standards
Irregular Paychex
6
Supply is the amount of goods or services consumers are willing to purchase at given price.T/F
True
False
7
What statement is most likely to have a effect on domestic small-business growth?
Low interest rate
Slow inflation
restrictive loan policies
involuntary tax reduction
8
What can Innovation be emphasized on?
Old organizations, products, markets, and production methods
New organization, products, markets, and production methods
Inventions
Old invention
9
Equilibrium is the point at which buyer and sellers agree on quantity and price. T/F
False
True
10
Start-up information can help answer......
What to produces ,and how to produce
who, what, why, how,when
11
The government does not get involved in which economic system?
demand
socialist
Capitalist
free market
12
What is an Economic Systems?
how the county spends thier money
how a country's economy is organized
How a country's regulate the government
13
Which one shows how small business are flourishing?
They try to do something that has been done before
they uses other people ideas
they don't get venture capital funding
Entrepreneur can explore their own des and show creativity
14
In which economic system does Supply and demand controls produts?
socialist
free market
capitalist
demand
15
Which positive effect do small businesses have on the local community?
Limitations on job growth
Pay in of taxes
Reduction of competition
Charging of Interest
16
Local governments strongly promote and support small businesses mainly due to which factor?
Businesses serve only the local communities
Businesses may become a big businesses
Businesses are owned by one person
Businesses are important to the economy
17
Which is not an economic Questions?
when should it be produced?
For whom are we producing ?
how should we produce it ?
what should be produce?
18
Demand is the amount of goods/ services providers are willing and able to sell at a given price
True
False
19
What are Barriers to small business/ entrepreneurial success
owner,money, people, customer, info-chaos, process, Planning
location, money, people, customer, processes, planning
20
which is a government source of business start up information?
internet revenue service
federal trade commission
department of development
small business administration
21
Which economic system have a lot of taxation and regulation ?
Capitalist
socialist
demand
free market
22
what is any business that is operates by one or few individuals .
entrepreneurship
big business
franchise
small business
23
In Which economic systems does the government have control?
socialist
free market
capitalist
demand
24
home based businesses usually:
Have lower start-up cost
YouTube higher profit margins
Requires less Technical Training
Provide owners a steady income