isresponsible for his or her business success

The economics of one unit is a calculation of

the profit or loss for each unit of sale

Which of the following is not a guideline for a productive negotiation

moving quickly through the negotiation

Scarcity results when

when there are not enough goods and services to meet demand

The "profit motive" is

the reason an entrepreneur takes on a business risk

Limited liability means that a business owner cannot be forced

use personal money or possessions to pay a business debt

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Marketing Entrepreneurship Mid Term Study Quiz

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Questions 30

Answers

1
Manufacturers of industrial goods typically sell to
service businesses
wholesalers
other manufacturers
consumers
2
Whalesalers are also known as
all of the above
distributors
go-betweens
middlemen
3
By definition, an entrepreneur
has fewer benefits than an employee
is paid more than an employee
risks more than an employee
works in a larger office than an employee
4
A business that sells goods directly to consumers on the Internet is a
manufacturing business
wholesaling business
retailing business
service business
5
Which of the following is not a skill needed by an entrepreneur
artistic skill
computer skill
Organizational skill
business skill
6
An entrepreneur
musttake college level courses
mustemploy more than five employees
isresponsible for his or her business success
worksfor someone else
7
The economics of one unit is a calculation of
the profit or loss for each unit consumers purchase
the profit or loss for each unit of sale
is the difference between the selling price and the overhead
economics for the selling price of each unit of sale
8
Which is a benefit of buying a franchise
proven system
established workers
easy financing
more entrepreneurial freedom
9
What disadvantage does a general partnership have over a sole proprietorship
profit is split between partners
partners may have trouble agreeing on policies
all partners are responsible for the others actions
all of the above
10
Which of the following is not one of the seven parts of a business plan
market analysis
financials
investor returns
sales strategy
11
The natural ability to perform a specific kind of task very well is referred to ashaving
an aptitude
an attitude
self esteem
an ability
12
Which of the following is not a guideline for a productive negotiation
moving quickly through the negotiation
looking for common ground
putting the offer in writing
stating your offer firmly
13
The fundamental questions of economics include
how goods and services are produced
what quantity of good and services are produced
all of the above
what good a services are produced
14
Scarcity results when
there is a lack of manpower
when there are not enough goods and services to meet demand
all of the above
when there is not enough capital to sustain growth
15
The equilibrium point represents
where supply meets demand
where maximum profitability exists
where consumer demand raises prices
where manufacturing optimizes profitability
16
The owners of a corporation are called its
shareholders
stakeholders
stockholders
all of the above
17
Business letters are used for
longer or official messages
informal messages
interoffice communication
all of the above
18
Acccording to government statistics which is the fastest growing types of businesses
service
retailing
distribution
wholesaling
19
A small manufacturer of consumer goods sell
to retailers
directly to consumers
all of the above
to wholesalers
20
You can recognize potential business ideas from which of the following sources
changes in laws
all of the above
problems that need solving
new discoveries
21
The "profit motive" is
profit calculated as a percentageof costs
money left over after money is subtracted from costs
the economics of "one unit"
the reason an entrepreneur takes on a business risk
22
A subchapter S Corporation differs from C corporations in
all of the above
taxation
ownership
liability
23
Which of the following is one of the "Three C's" of a business plan
cooperation
cash
competition
concept
24
Limited liability means that a business owner cannot be forced
sell the business when it loses money
use personal money or possessions to pay a business debt
to pay back taxes within a certain time limit
to employ a specific number of employees
25
The United States is an example of what type of economic system
market
command
capitalistic
mixed
26
Which of the follwing is not part of a SWOT analysis
threats
weaknesses
organizations
strengths
27
In a sole proprietorship
one person is responsible
one person makes all the decisions
one person is the only employee
one person's name is on the business
28
Which of the following is NOT one of the "Three C's" of a business plan
capital
concept
challenge
customer
29
Auto repair is an example of which type of business
trade
manufacturing
retailing
service
30
Which is not a always organized as a type of corporation
C corporation
S corporation
nonprofit corporation
cooperative

Marketing Entrepreneurship Mid Term Study Quiz Flashcards | StudBud