WorksheetsEntrepreneurship A final exam review #3_2019
Total questions: 10
Worksheet time: 5mins
A person who takes the risk of a business venture is
not directly affected by the consequences of his or her decisions
an entrepreneur
an employee
sure to be successful
The functions of business operate independently of each other.
True
False
Assessing different business opportunities helps you identify those that have the best chance for success
true
false
There are generally four types of businesses: manufacturing, wholesaling, retailing, and franchising
true
false
The three types of economic resources that an entrepreneur may use to create useful goods and services are called
factors of production
economies of scale
factors of consumption
production hierarchies
In the U.S. economy, competition forces a business to
improve products
keep costs low
provide good customer service
all of these
In the U.S. economy, competition forces a business to
gather information about each alternative
see if the selected alternative works
quantify or ran the alternatives
decide how to implement the best option
In the U.S. economy, competition forces a business to
improve products
keep costs low
provide good customer service
all of these
In a market economy, individual choice
creates the market for a good or service
creates scarcity
does not influence how items are produced
has no effect on production
All of the following are components of the marketing mix except
product
distribution
price
competition
