A/An___________ is a new business undertaking that involves risk.

____________is the study of how people choose to allocate scarce resources to fulfill their unlimited wants

In a/an__________, people have an important right to make economic choices.

___________is money left after all expenses of running a business have been deducted from the income.

________ competition is a market structure in which there are numerous buyers and sellers, and no single buyer or seller can affect the price.

A__________is a basic requirement for survival.

The resources businesses use to produce the goods and services people want are called__________.

________ occurs when demand exceeds supply.

In a free enterprise system, the price of a product is determined in the _____________.

____________ is the total market value of goods and services produced by workers and capital within a country during a given period.

The entrepreneur is the driving force of the_________________process.

Studies by the Small Business Administration report that _____ percent of new businesses survive the first two years

A/An________________is a business that has stopped operating with a loss to creditors.

A ____________ is a business that may be operating under a new name

Which of the following is not a component of marketing for a small business?

Which one of the following is not a typical characteristic of an entrepreneur?

What is the best explanation for a microenterprise?

What financial statement shows business assets and liabilities?

Successful entrepreneurs are confident and able to make quick decisions when necessary

Running your own business is difficult, and many companies started by entrepreneurs going out of business

Ninety percent of all U.S. businesses employ fewer than 20 people.

At the end of a face-to-face business meeting with a supplier or customer, you should thank the person.

Successful entrepreneurs only use intuitive methods to effectively solve problems and make decisions.

Writing out a business plan helps you convince people to buy your product or service.

Banks make financing decisions based on whether they think a company will meet its objectives.

An advantage of a warehouse location is that it is one of the least expensive rentals.

Even if customers do not visit a service business, the location is as important as it is for a retail business.

"Channels of Distribution" are the routes that products and services take from the time they are produced to the time they are consumed.

Long-term goals for a business might include expanding to another location or franchising the business.

In addition to preparing a detailed job description, you should look for personal characteristics that would make a person a desirable employee.

Mentoring is a training technique in which one employee teams up with another more experienced employee to learn a job.

Analyzing your sales by product can help you make inventory decisions but will not increase sales or profits.

Spreadsheet programs allow you to report, analyze, and compile numerical data easily and can create graphs of the data.

Accepting orders over the Internet is no more complicated than promoting your business electronically.

Computer consultants make sure all the parts of your system are compatible and write software that meets your needs.

Before you purchase technology, you should find out which computers and software are the least expensive.

Which of the following is a retailing business?

Setting specific financial goals before starting a business...

Information about business opportunities is available from...

Business-to-business letters are written to...

Which of the following is an important tip to keep in mind when conducting a face-to-face business meeting?

An item that had an original price of $45.49 is on sale at 30% off. What is the sale price?

Which of the following loans has the lowest yearly interest?

The unit cost of an item is $63.50, the customer purchased three of these items, and the sales tax rate is 6.5%. The total amount due is...

An item that had an original price of $84.95 is on sale at 25% off. What is the sale price?

In a command economy,

The fixed costs of a business

Government influences production in a market economy by

Public goods include all of the following except

In a market economy,

Marginal benefit measures the advantages of

A perceived disadvantage of a partnership is that partners share

Demand for your product or service is an important consideration when

Short-term goals for a business might include

Identification of risks and your plan to deal with them should be in the

In researching all the parts of your business, you can

The appendix includes supporting evidence such as

The appendix includes supporting evidence such as

The executive summary

A business that makes only a small amount of money selling the same or similar products or services as another business is

Information collected for the very first time to fit a specific purpose is

Focus groups

Data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender,

profession, education, and income are

Primary data are collected

To keep customers, you will need to

The reason a bank may turn down your loan application is

Your insurance agent should

To prepare a pro forma cash flow statement, you must forecast your

All of the following are disadvantages of locating a business in a downtown area except

You should mark all of the following on your trade area map except

An estimate of how much you will pay for merchandise from a supplier is

By positioning its product in a certain market, a business can

Advertising can be very important for new businesses because it

Free promotion that is generated by media coverage is

Alternatives to hiring permanent employees include

In most markets, wages and salaries are determined by

A "Want Ad" should

As part of their benefits, almost all employers offer

All of the following are ways to motivate your employees except

Net cash flow is negative if cash receipts are

An inventory record in a perpetual inventory method should show all of the following except the

A business keeps tax records for all of the following except

To examine how sales and expenses are changing over time, you can use your

Net cash flow is positive if cash receipts are

To improve your cash flow, you can _____

Below the break-even point,

Planning that involves decisions to enter a new market or offer a wider range of products is _____

To store, sort, and analyze customer data, you should use

To prepare budgets, measure performance, and create financial statements, you should use _____

The legal right to exclusive publication, production, sale, or distribution of a literary or artistic work is a _____

The legal document that gives an inventor the sole right to produce, use and sell an invention is a ______