a reason entrepreneurs take on business risks

As an entrepreneur, the amount of time you spend working is typically

more than for an employee, particularly during startup

As an entrepreneur, the amount of money you receive from your company

may go up or down, depending on the business

A local economy is best described as

the flow of goods and services within a community

The economics of one unit is a calculation of

the profit or loss associated with a unit of sale

The equilibrium price is

the price at which supply equals demand

A common standard that defines a non-manufacturing business as small is

having fewer than 100 employees

A non-profit organization

must use any profit it earns to further its social mission

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Introduction to Entrepreneurship, Ch 1-2

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Questions 20

Answers

1
The profit motive is
profit calculated as a percentage of expenses
a reason entrepreneurs take on business risks
the money left over after expenses are subtracted from sales
the economics of one unit
2
Which of the following is not a risk for an entrepreneur?
potential business failure
financial stability
financial insecurity
long hours and hard work
3
As an entrepreneur, the amount of time you spend working is typically
constant--35-40 hours a week, just like an employee
significantly less than for an employee--around 20 hrs/wk
a little less than for an employee
more than for an employee, particularly during startup
4
What is possibly the biggest reward of becoming an entrepreneur
money
none of the above
empowerment
fame
5
An entrepreneur
is responsible for the success/failure of his/her business
has the final say in business decisions
may not employ anyone else
all of the above
6
Competition between entrepreneurs selling the same goods or services pushes prices
downward
upward
7
A market economy is also called
b and c
socialism
free enterprise system
capitalism
8
A country that ____ products sells them to foreign buyers
exports
imports
9
Which of the following challenges poses a risk to Entr who want to conduct international trade?
tariffs that must be paid to import goods
all of the above
trade barriers
cultural differences between nations
10
Entrepreneurs make a profit when the amount of $ coming in is ______ than the business expense
less
greater
11
The equilibrium point is the point on a supply and demand curve where supply and demand are
more than one another
balanced (equal)
less than one another
12
Imports and exporting are activities primarily associated with
the global economy
the economics of one unit
nonprofit organizations
the profit motive
13
As an entrepreneur, the amount of money you receive from your company
is typically less than for an employee
is constant, like a paycheck for any other employee
may go up or down, depending on the business
is typically more than for an employee
14
A local economy is best described as
the flow of goods and services within a community
the flow of goods and services in international trade
an economic system dominated by non profit organizaitons
an economic system based on foreign exchange rates
15
How many business owners have home-based businesses?
about 50 percent
about 75 percent
fewer than 10 percent
abokut 25 percent
16
The economics of one unit is a calculation of
how many items an entrepreneur has for sale
the profit or loss associated with a unit of sale
the equilibrium quantity on a supply curve
foreign demand for an entrepreneur's product
17
The equilibrium price is
the price set by the foreign exchange rate
the price at which supply equals demand
the price set by the government
the price at which exports equal imports
18
A common standard that defines a non-manufacturing business as small is
having fewer than 50 employees
having fewer than 100 employees
having fewer than 500 employees
having fewer than 250 employees
19
A non-profit organization
is not allowed to make a profit
uses profit for the financial gain of its operators
can use profit any way it sees fit
must use any profit it earns to further its social mission
20
The _______ economic system is also called capitalism or free enterprise.
market
command
mixed

Introduction to Entrepreneurship, Ch 1-2 Flashcards | StudBud