Semester 1 Final

What does entrepreneurship refer to?

• Selling a business venture

• Advising a business venture

• Investing in a business venture

• Creating and managing a business venture

Which of the following is NOT a common business structure?

• Sole Proprietorship

• Corporation

• Full Liability Company 'FLC'

• Limited Liability Company 'LLC'

What is the best definition of a goods business?

• A company that primarily produces and sells tangible products

• A company that does charitable services throughout the community

• A company that focuses on providing intangible actions, assistance, or expertise to consumers.

• A company that donates to charity.

What is a retailer?

• Organizations engaged in the extraction or cultivation of natural resources, providing the fundamental materials for manufacturing

• Individuals or companies that transform raw materials into finished goods

• Individuals or companies engaged in the construction of structures, such as buildings or infrastructure

• Businesses that sell goods and services directly to consumers

What is a wholesaler

• Individuals or companies engaged in the construction of structures, such as buildings or infrastructure

• Businesses that sell goods and services directly to consumers

• Intermediaries that purchase goods in large quantities from manufacturers and sell them in smaller quantities to retailers

• Organizations engaged in the extraction or cultivation of natural resources, providing the fundamental materials for manufacturing

What is trade?

• the exchange of goods and services between countries

• giving money to a charitable organization

• using credit provided by banks

• taking goods without giving anything in return

Which of the following is a key characteristic of a sole proprietorship?

• Limited liability for the owner

• Operates as a non profit organization

• Owned and operated by a single individual

• Shares traded on a public stock exchange

What is the main purpose of a business plan?

• to determine the tax obligations of a business

• to outline the legal structure of a business

• to establish the brand identity of a business

• to provide a roadmap for business operations and growth

What is an economic system?

• the computer system that tracks and monitors how an economy is functioning

• a way to troubleshoot failing economies

• a market in which individuals can buy or sell equities from publicly traded companies

• the way in which a society organizes the production, distribution, and consumption of goods and services

Which economic system relies on individuals and businesses making production and consumption decisions based on their own self-interest, with limited government intervention?

• Mixed economy

• Traditional economy

• Market economy

• Command economy