ept1

ept1

1st Grade

50 Qs

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ept1

ept1

Assessment

Quiz

English

1st Grade

Practice Problem

Hard

Created by

Dismal Bread

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Lawns

Oil

Lawnmowers

Hedge Clippers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Land

Labor

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Stefan has inherited a large amount of money and decides he wants to start a skateboard shop. He has money to invest up front, but he lacks business expertise. Which of the following would be his best business options, depending on what he is willing to risk?

Corporation or sole proprietorship

Limited liability company or corporation

Partnership or limited liability company

Sole proprietorship or partnership

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopoly is a market for a good or service that

has few competitive firms

is perfectly competitive

has one buyer

has one seller

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm's purpose in nonprice competition is to

Produce at the lowest cost possible.

Encourage other firms to cooperate in setting prices.

Establish extensive control of their particular market.

Distinguish their products from those of other companies.

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