Which of the following best describes an entrepreneur?

A person who starts and manages his own business.

If you "owe money" to someone, it means:

You are in debt and must repay them

Which of the following best describes a key responsibility of a manager?

To manage resources effectively

What does it mean to "borrow money"?

To take money from someone with the promise to return it

Why might a company want to expand its business?

To increase profits and reach more customers

What is a prototype in the context of product development?

An initial model of a product created to test concepts and designs.

What does it mean to "pay a fine"?

To pay money as a penalty for breaking a law or rule

What does it mean when someone gets laid off from their job?

They lose their job due to company downsizing or other reasons.

A partnership is formed when two or more people:

Combine their skills, resources, and efforts to run a business together.

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102-2 U.8 L&S

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Answers

1
Which of the following best describes an entrepreneur?
A person who works for a large corporation without taking risks.
A person who helps a company with its financial planning.
A person who designs and creates products for companies.
A person who starts and manages his own business.
2
A person who borrows money from a bank with the intention of paying it back over time is taking out a:
Payment
Debt
Loan
Afford
3
If you "owe money" to someone, it means:
You are in debt and must repay them
You have made a profit
You have saved money for the future
You are borrowing money
4
Which of the following best describes a key responsibility of a manager?
To encourage employees to take risks
To avoid making any decisions
To manage resources effectively
To set the minimum wage
5
What does it mean to "borrow money"?
To make a large profit
To lose money in a business transaction
To take money from someone with the promise to return it
To give money to someone
6
Why might a company want to expand its business?
To decrease competition
To increase profits and reach more customers
To cut costs and focus on existing markets
To reduce its market share
7
What is a prototype in the context of product development?
An initial model of a product created to test concepts and designs.
A detailed marketing plan for a product.
A final version of a product that is ready for mass production.
A team of workers building the product.
8
What does it mean to "pay a fine"?
To give money as a reward
To pay for damages after an accident
To pay money as a penalty for breaking a law or rule
To pay back a loan
9
What does it mean when someone gets laid off from their job?
They are temporarily sent on vacation.
They lose their job due to company downsizing or other reasons.
They are assigned to a new department.
They are promoted to a higher position.
10
A partnership is formed when two or more people:
Combine their skills, resources, and efforts to run a business together.
Compete with each other for business success.
Work independently but collaborate occasionally.
Start a new business on their own without sharing responsibilities.
11
Which term refers to the amount of money you pay regularly to cover an expense, such as a bill or loan?
Loan
Millionaire
Payment
Afford
12
If you are unable to make the required monthly installment for your car, you might fall into:
Millionaire
Afford
Payment
Debt

102-2 U.8 L&S Flashcards | StudBud