Entrepreneurship Final Exam Review

A wholesaling business sells products directly to consumers.

• True

• False

Almost all entrepreneurs are middle-aged people with prior business experience.

• True

• False

The best way for an entrepreneur to make a decision is to go with her intuition or “gut feeling.”

• True

• False

Absolutely anyone can be a successful entrepreneur.

• True

• False

More than half of all new businesses do not survive beyond ten years.

• True

• False

Mixed economies often result when countries shift away from command economies toward market economies.

• True

• False

The four interdependent functions of business are production, marketing, management, and finance.

• True

• False

The price at which supply equals demand is the equilibrium price.

• True

• False

It is much easier for a business to enter a market with perfect competition than it is to enter an oligopoly.

• True

• False

Food, sleep, water, shelter, and air are all examples of physiological needs.

• True

• False