Government Module 3.08 Exam

An entrepreneur is best defined as a person who

• manages a business

• is a role model for young Americans

• manages the finances of a large corporation

• takes financial risk to try new business ideas

Samuel F.B. Morse patented the

• telegraph

• automobile

• audio recorder

• radio transmitter

Joseph Unahue made his fortune in

• men's professional attire

• digital technology

• food distribution

• stock options

You are starting a lawn care business. Which of the following would be a needed land resource?

• Lawns

• Oil

• Lawnmower

• Hedge clippers

Your friend wants to open a clothing shop. A necessary capital resource is a

• place to open the shop

• knowledgeable fashion manager

• license to conduct business

• highway billboard for advertising

Your friend wants to open a hamburger stand. A necessary labor resource is

• a truck

• ground beef

• a grill

• a chef

Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items?

• Capital

• Entrepreneurship

• Labor

• Land

Passerine runs a tapestry shop in Rome, weaving historical images for the tourism industry. Lately, her arthritis has gotten worse, so she brings in several young workers and begins to teach them how to weave her images. Which factor of production did Passerine enhance?

• Capital

• Entrepreneurship

• Labor

• Land

Your friend likes to direct all the activities of his business. It would be best for him to create a

• limited liability company

• sole proprietorship

• corporation

• partnership

Your friend hopes to expand her business to multiple locations. It would be best for her to create a

• limited liability company

• sole proprietorship

• corporation

• partnership