BUSINESS FINAL

A target market is a group of consumers that have similar wants and needs.

• True
• False

Liabilities are

• what a company owes
• the value of the owners’ investment in the company
• what a company owns
• what a company has on hand to sell

All income that a business receives over a period of time

• revenue
• expenses
• profit
• loss

Personal characteristics of successful entrepreneurs include

• persistence
• recklessness
• greed
• pessimism

The easiest form of business to start is the

• S-corporation
• proprietorship
• partnership
• nonprofit corporation

The means through which goods and services are produced are called

• economic resources
• needs
• spending opportunities
• economic choices

Companies thrive when they have diversity.

• true
• false

What is a monthly budget?

• How much money you spend on various items such as home, food and supplies.

• A list of what you spend each month.

• When you spend money you don't have.

When developing a product or service, a business must do all of the following except

• create a need for the product or service

• evaluate the demand for the product or service.

• obtain start-up and operating capital.

• keep records to satisfy government requirements.

One of the biggest obstacles in starting a business is

• having a good idea.

• being good at something.

• accepting responsibility.

• obtaining financing.