BE Obj. 2.04-05 Practice Questions

Front

Which factor is a barrier to small-business and entrepreneurial success? Options: poor management, no vision for expansion, having a clear strategic vision, having a surplus of employees

Back

poor management

Front

A small business is defined as a business employing fewer than how many people? Options: 500, 750, 1,000, 1,500

Back

500

Front

What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?

Back

oligopolies

Front

Competition helps create a healthy society by:

Back

creating new jobs.

Front

A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?

Back

avoidance

Front

In 1890, Congress passed a law that prevents monopolies from forming and hinders price fixing. What law is this?

Back

Sherman Antitrust Act

Front

R & R Real Estate company buys errors and omissions liability insurance. What form of risk management is this?

Back

transfer

Front

Arc Electric Company holds regular safety training meetings for its employees. What form of risk management is this?

Back

reduction

Front

In some places, a company can have exclusive control of the supply of a good or service such as the trash service. This is an example of:

Back

a regulated monopoly

Front

What is the amount left over after all expenses have been paid called?

Back

profit