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Unit 1 Entrepreneurship Honors Review Flashcards | StudBud
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Unit 1 Entrepreneurship Honors Review
Unit 1 Entrepreneurship Honors Review
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Flashcards
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Practice quiz
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Questions
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Answers
1
Which of the following describes small business?
business that is operated through a franchise
a big business like nike
any business that is operated by one or few individuals
2
Will You Pass the First Test
No
Yes
3
Which ways do small business contribute to society?
Pay Taxes to Government
Wealth Creation
Ideas introduced
4
Government controls major portions of the economy making all the decisions is what economy ?
Socialist
Capitalist
Free Market
Demand
5
Which of the following is NOT a factor of production ?
Human Resources
Growth of the economy
Means of production
Raw Materials
6
True or False Attorneys & Accountants are professional services that provide assistance
False
True
7
True or False: it is necessary licenses that may be required in order to operate your business
False
True
8
What the difference between small business and entrepreneurship ?
Innovation is needed more in small businesses
Small businesses have a faster and more speedy profit
Risk is higher with small businesses
Small business make more profit over a lifetime
9
Obtaining start-up information will ....
help pricing locally & nationally
help anyone else producing your product
help help develop a road map for your business
10
What is Equilibrium
point at which buyers & sellers agree on quantity and price
# of goods providers are willing to sell at a given price
# of goods consumers are willing to buy at a given price
11
Which of the following is NOT a barrier to small business
Optimism
Owner
Money
People
