stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Entrepreneurship Chapter 1 & 2 Flashcards | StudBud
Explore
/
Entrepreneurship Chapter 1 & 2
Entrepreneurship Chapter 1 & 2
29 terms
·
StudBud Administration
·
34 plays
Define the following over entrepreneurship Chapter 1 & 2.
Flashcards
29 cards
F
Practice quiz
P
Host live
L
Questions
29
Answers
1
Which poses a business risk to entrepreneurs who want to conduct international trade?
trade barriers
cultural differences between nations
all of the above
tariff s that must be paid to import goods
2
Entrepreneurship
Calculation of profit (or loss) for each unit of sale.
A company that tries to be Eco friendly.
I have no idea
The activity of setting up a business
3
The economics of one unit is a calculation of
foreign demand for an entrepreneur’s product
how many items an entrepreneur has for sale
the equilibrium quantity on a supply curve
the profit or loss associated with a unit of sale
4
Think fast...
I L I K E P R E S S I N G C I R C L E ! ! ! ! ! ! ! ! !
Don't choose this one, it is wrong. (Not for points anyways)
Is it over yet?
Why does this question exist? this is so off topic.
5
An entrepreneur
may not employ anyone else
all of the above
is responsible for the success or failure of business
has the final say in business decisions
6
A nonprofit organization
can use profit any way it sees fi t
must use any profit it earns to further its social mission
is not allowed to make a profit
uses profit for the fi nancial gain of its operators
7
The United States economy is best described as
a pure market economy in which the government plays no role
a socialist economy in which suppliers and consumers are key
a pure command economy in which the government controls
a mixed economy in which suppliers and consumers are key
8
As an entrepreneur, the amount of time you spend working is typically
significantly less than an employee around 20 hours a week
a little less than for an employee
constant—35 to 40 hours a week, just like an employee
more than for an employee
9
Equilibrium price
The flow of goods and services around the whole world
The price at which supply equals demand
the value of one currency unit in relation to another
A governmental restriction on international trade
10
A local economy is best described as
an economic system based on foreign exchange rates
an economic system dominated by non-profit organizations
the flow of goods and services in international trade
the flow of goods and services within a community
11
What is possibly the biggest reward of becomingan entrepreneur?
none of the above
money
fame
empowerment
12
A market economy is also called
c. free enterprise system
a. socialism
Both B & C
b. capitalism
13
What percentage of business owners use their own money to start the business?
more than 75 percent
less than 40 percent
more than 40 percent but less than 60 percent
more than 60 percent but less than 75 percent
14
When a business encourages employees to be creative within the company, the practice is called:
implementing a mission
creating a vision
entrepreneurship
intrapreneurship
15
An experienced person who volunteers to provide guidance, to younger individuals is called a(n)
intrapreneur
entrepreneur
employee
mentor
16
Profit
A financial loss.
The amount of goods available
The price at which supply equals demand
A financial gain.
17
The equilibrium price is
the price at which supply equals demand
the price set by the government
the price at which exports equal imports
the price set by the foreign exchange rate
18
Which of the following statements about competition is false?
competition occurs between suppliers and between consumers
competition between consumers benefits suppliers
competition motivates entrepreneurs to introduce new goods
competition between suppliers drives prices upward
19
Importing and exporting are activities primarily associated with
nonprofit organizations
the profit motive
the global economy
the economics of one unit
20
In a Command Economy:
While market based, still has some government intervention.
Individuals are free to own, trade and provide goods.
Economic decisions are made by the goverment
Economic decisions are made by individuals.
21
Profit is beneficial to entrepreneurs because
profit is the answer to one of the questions of economics
profit builds wealth and financial independence
profit is a barrier to international trade
profit is the equilibrium point on a supply and demand curve
22
Which of the following is not a risk for anentrepreneur?
potential business failure
financial stability
23
The profit motive is
the economics of one unit
a reason entrepreneurs take on business risks
profit calculated as a percentage of expenses
the money left over after expenses are subtracted from sales
24
As an entrepreneur, the amount of money you receive from your company
is constant, like a paycheck for any other employee
is typically less than for an employee
may go up or down, depending on the business
is typically more than for an employee
25
How many business owners have home-based businesses?
fewer than 10 percent
about 50 percent
about 75 percent
about 25 percent
26
A common standard that defines a non-manufacturing business as small is
having fewer than 100 employees
having fewer than 250 employees
having fewer than 500 employees
having fewer than 50 employees
27
Which of the following is a problem a nation might attempt to solve through its economic system
entrepreneur’s profit motive
limited supply of goods and services
all of the above
democracy
28
What is a dot-com company?
a small company
a foreign company
a company that runs most of its business from the Internet
a company that aims at helping the environment
29
A natural ability to do a particular type of work or activity well is called
a skill
an aptitude
an attitude
self-esteem
