question

Which one of the following is NOT one of the Factors of Production?

answer

D) Equilibrium

question

The greatest advantage of a family business is the trust and togetherness that family members share.

answer

True

question

The global economy will present new challenges and business opportunities for entrepreneurs.

answer

True

question

Which one of the following is NOT one of the start-up resources an entrepreneur needs to begin a business?

answer

B) Trade Barriers

question

Identify the contribution/s made by entrepreneurs to the U.S. economy

answer

All of the above

question

Which one of the following is NOT one of the reasons that an entrepreneur needs a Business Plan?

answer

D) sell the business

question

Small businesses can set up shop on the Internet and reach customers anywhere in the world as easily and inexpensively as a large company.

answer

True

question

According to the law of demand, the demand for milk is elastic.

answer

False

question

A business plan will help turn a concept into a business.

answer

True

question

Since business owners are very busy, they do not need to read newspapers and trade journals in order to stay informed of what is happening in the business world.

answer

False

question

According to most entrepreneurs, the number one advantage of owning a business is being your own boss.

answer

True

question

The United States is the largest exporter of merchandise and services in the world

answer

True

question

A feasibility study will help you determine a business ideas potential and profitability.

answer

True

question

In a free enterprise system, the price of a product is determined in the marketplace.

answer

True

question

All business plans must look the same since there is a standard format for a business plan.

answer

False

question

More than 90 percent of all businesses are small businesses with fewer than 100 employees.

answer

True

question

Which one of the following agreements eliminated trade barriers among the United States, Mexico, and Canada?

answer

NAFTA

question

An entrepreneur is a person who undertakes the organization and ownership of a business with the intent of earning a profit.

answer

True

question

Which one of the following countries has the fastest growing economy in the world?

answer

B) China

question

In recent years, the U.S. has been running a positive balance of international trade.

answer

False

question

The number of home-based businesses has grown from 6 million home offices in the mid- 1980s to 41 million home offices in the late 1990s.

answer

True

question

The United States imports a vast number of goods from other countries due to the low labor costs in these countries.

answer

True

question

Which one of the following is an example of Barriers to Entry which a new business may face?

answer

All of the above

question

Which one of the following is a risk of entrepreneurship?

answer

All of the above

question

The executive summary is a brief recounting of the key points contained in a business plan and determines if investors and lenders will read the entire plan.

answer

True

question

Which one of the following is NOT identified as a personal characteristic of an entrepreneur?

answer

E) does not take risk

question

Mexico and Japan present good business opportunities for U.S. entrepreneurs since the Mexican and Japanese customers prefer U.S. goods over their own products.

answer

False

question

According to the law of demand, price is inversely related to demand

answer

True

question

The success of discount stores like WalMart is based on the principle that revenues lost to lower prices can be made up through higher volume of sales.

answer

True

question

According to the U.S. Department of Commerce the hottest product/s for exporting is/are

answer

All of the above

question

Research shows that everyone has the potential to become an entrepreneur.

answer

True

question

A focus group can help a business learn which features and benefits are important to customers.

answer

True

question

In China, the government controls business and the laws and regulations are not strict.

answer

False

question

In a free enterprise system, the price of a product is determined

answer

C) the market place

question

Business owners will receive a paycheck even if the cash flow will not allow employees to receive their paycheck.

answer

False

question

The U.S. government does not encourage the creation of new businesses

answer

False

question

The most common ways to gather primary data about customers are observations, interviews and surveys.

answer

True

question

A successful business must have access to affordable sources of inventory, raw materials and goods in order to offer the product or service at prices that will generate interest or sales.

answer

True

question

What is the name of Europes common currency?

answer

Euro

question

Competition is not essential to the success of a market economy

answer

False

question

A business plan is NOT needed for a business to secure funding from a lending institution

answer

False

question

The way business is conducted in the United States is the accepted business custom worldwide.

answer

False

question

Exporting is more complicated than importing and it takes longer to make a profit.

answer

True

question

The U.S. economy is part of a larger world economy driven by trade among nations.

answer

True

question

The prospects for success in a business depend on the sales potential of the products and the competition.

answer

True

question

Entrepreneurs react slowly to trends in the society

answer

False

question

Which one of the following countries is NOT on the Top 10 Countries for U.S. Exports Chart in the text?

answer

E) Russia

question

According to a study conducted by Dun and Bradstreet, more businesses fail than succeed.

answer

False

question

Which one of the following is NOT one of the variables to determine sales potential for your companys products or services?

answer

D) Gross Domestic Product

question

The _________________________ section of a Business Plan indicates how a business will make its customers aware of its products and services.

answer

B) marketing plan

question

Many existing businesses are advertised for sale because they are losing money.

answer

True

question

When change has little or no effect on the quantity demanded

answer

inelastic

question

Resources a business uses to produce the goods and services people want.

answer

Factors of production

question

A business enterprise involving risk

answer

venture

question

Offers technical and general assistance to entreprenuers in a specific profession.

answer

Trade Associations

question

Profit counseling and management assistance and are generally located at colleges

answer

Small business developement centers

question

Provides free advisory assistance to entreprenuers

answer

Service Corps of Retired Executives

question

Federal agency that provides services to entreprenuers

answer

Small business Administration

question

US chamber of commerces electronic commerce system

answer

International Business exchange

question

United States numeric system for classifying goods sold in the international market.

answer

Standard industrial trade classification

question

Total value of all goods produced in a year

answer

Gross Domestic Product

question

taxes, quotas, and other restrictions on goods entering or leaving the country

answer

trade barriers

question

Tarriffs

answer

taxes imposed by government on imported or exported goods

CSM 1 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards