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Entrepreneurship Textbook- Chapter 1- Test- Part 2 Flashcards | StudBud
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Entrepreneurship Textbook- Chapter 1- Test- Part 2
Entrepreneurship Textbook- Chapter 1- Test- Part 2
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#Business #entrepreneurs #entrepreneurship #quiz
Flashcards
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Questions
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Answers
1
The ____________________ has resulted in new resources, markets, and ideas.
global marketplace
free enterprise system
ventures
entrepreneurs
2
Describe ways that entrepreneurs contribute to our free enterprise system.
the mechanism by which our economy turns demand into supply.
are a principal source of venture capital.
Entrepreneurs provide jobs.
The most successful entrepreneurs change society.
3
A business that files Chapter 7 bankruptcy and loses money for creditors & investors is a
discontinuance
business failure
service business
new venture
4
If a change in price causes change in demand, the demand for the item is ____________________.
elastic
inelastic
equilibrium
capitalism
5
A free enterprise system is also called ____________________ or a market economy.
global marketplace
capitalism
business
economics
6
The point at which consumers buy all of a product that is supplied
equilibrium
elastic
inelastic
capitalism
7
Revenues lost to lower prices can be made up through
higher volume
lower volume
lower prices
higher prices
8
Recognizing an opportunity, testing it in market, and gathering resources to go into business
entrepreneurship
marketplace
economics
venture
9
The amount of goods or services that consumers are willing and able to buy is determined by
price
scarcity
quantity
demand
10
The amount of a good or service that producers are willing to provide is called
volume
services
supply
inelastic
11
A(n) ____________________ is a new business undertaking that involves risks.
venture
free enterprise system
marketplace
entrepreneur
12
An idea plus a(n) ____________________ equals an opportunity.
venture
profit
market
business
13
The chances of a new business succeeding are good with
today's job market
tax breaks
effective planning and management
today's global economy
14
What perecent of new businesses survive the first 3-5 years?
30%
5%
50-70%
10%
15
A new business's ability to start and grow is affected by which of these variables?
incentives to create new businesses
the nature of the venture and availability of resources
all of the above
favorable taxes, good markets, and supportive gov. policies
16
The study of how nations allocate scarce resources to the production & distribution of products
economics
ventures
enterprise zones
capitalism
17
A business operating under a new name or that has been purposely closed to start a new one is a
sole proprietorship.
discontinuance.
business failure.
corporation.
18
When people have the right to make economic choices, they live in a(n)
free enterprise system
venture
entrepreneurship
marketplace
19
A key element in a market economy between similar businesses is
exporting
low prices
service
competition
20
Specially designated areas of a community that provide tax benefits to new businesses
enterprise zones
ventures
global marketplace
economics
