Entrepreneurship WebXam Practice

Supply deals with the consumer and demand deals with the producer.

• TRUE

• FALSE

The ___________ economy is when individuals and government decide what, how, and for whom goods and services are produced.

• Market

• Traditional

• Command

• Mixed

A person who organizes, managers, and takes on initiative and risk of a business is called a(n)

• Marketer

• Entrepreneur

• Accountant

• Economist

When a business owner asks for $10,000 in exchange for 10% of their business, what number are they giving the investor?

• Evalutation

• Evaluation

• Growth of Sales

• Valuation

The loss of potential gain from other options when one option is chosen

• Revenue

• Opportunity Cost

• Voluntray Exchange

• Point of Sale

Which phase of the Business Cycle includes the economy slowing down?

• Prosperity
• Recession
• Depression
• Recovery

Who is most likely to be hurt by inflation?

• someone who borrowed money
• a retiree on a fixed income
• a business owner
• the U.S. government

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

CSR stands for

• corporate socialite responsibility

• corporate social responsible

• co-operative social responsibility

• corporate social responsibility

Setting a limit on the quantity of a product that may be imported or exported within a given period to regulate international trade is called?

• Tariff
• Embargo
• Quota
• Deal