1. Sophia - Introduction to Business (3) - Unit 1

A toy company created a new truck to offer to consumers. Based on the graph shown above, which of the following describes the equilibrium quantity and price at which the company should sell the truck? 300 trucks at $6 per truck 200 trucks at $4 per truck 400 trucks at $4 per truck 400 trucks at $8 per truck

300 trucks at $6 per truck

Which of the following considerations is related to the domestic business environment? A business considers using social media platforms to market a product. A business evaluates changes in national demographics for a product it is developing. A business considers changes in trade restrictions for a country to which it exports products. A business evaluates the results of a new foreign official being elected into office.

A business evaluates changes in national demographics for a product it is developing.

Which of the following statements is true regarding small businesses? Most small businesses survive at least 5 years. Most small businesses are publicly owned. Small businesses have little impact on large businesses. A business is considered small if it employs fewer than 500 people.

A business is considered small if it employs fewer than 500 people.

Which of the following is NOT a key characteristic of a business? A business tries to measure its macroeconomic impact. A business often tries to provide choices and opportunities. A business attempts to satisfy consumer needs. A business attempts to earn a profit by providing a product or service.

A business tries to measure its macroeconomic impact.

Which of the following is an example of a defensive stance on social responsibility? A company produces waste and quietly disposes of it in an illegal manner. A company minimizes its impact by arguing that its waste isn't actually bad for the environment. A company makes every effort to ensure pollution does not occur at any of its facilities. A company produces waste but legally removes it rather than dumping it illegally.

A company minimizes its impact by arguing that its waste isn't actually bad for the environment.

Which of the following is true about corporate ownership? All corporations are publicly owned through publicly traded shares. Each U.S. state has the same tax guidelines for creating corporations. A corporation is owned by any person who purchases its stock. Stockholders are unable to share their voting rights with other people.

A corporation is owned by any person who purchases its stock.

In which of these economic systems are decisions about production and investment determined by supply and demand alone? A mixed market economy Socialism A market economy Communism

A market economy

In which type of business does the owner have the highest liability risk? A partnership A corporation A cooperative A sole proprietorship

A sole proprietorship

In which of the following ways is a small business owner similar to an entrepreneur? Both avoid buying an existing business as a franchise. Both focus on the expansion possibilities of growing a business. Both start and run a business to attempt to earn a profit. Both have the same skill set for identifying unique business opportunities.

Both start and run a business to attempt to earn a profit.

The U.S. government decided to enforce a trade restriction to no longer trade any goods with a particular country.Which of the following does this describe? Quota Foreign-exchange control Embargo Tariff

Embargo

Which of the following is NOT a form of support that the World Bank provides to developing countries? Governance Research and analysis Technical assistance Policy advice

Governance

Jeremy hired a part-time student on a temporary basis to help him move boxes of old documents and files from his law office to an off-site storage location.Which factor of production does the student represent? Capital Physical resource Entrepreneur Human resource

Human resource

Select the statement that is true regarding the sales forecast of a business plan. It describes specific plans for developing the customer base. It analyzes how the business will compare to others offering similar products. It summarizes the investments needed to start a business. It explains the products or services the business will provide.

It analyzes how the business will compare to others offering similar products.

When comparing a partnership to a sole proprietorship, which of the following statements is likely to be true of a partnership? Only one person has decision-making authority. It faces greater challenges in hiring and retaining staff. Owners have no risk of liability. It benefits from a more diverse set of skills and expertise.

It benefits from a more diverse set of skills and expertise.

Which of the following best describes a franchise? Karen started a business to sell a kitchen gadget she created. Karen recruited salespeople to sell products as well as find more salespeople. Karen sold products she made using the Internet and social media. Karen was authorized to sell a specific brand-named experience in her store.

Karen was authorized to sell a specific brand-named experience in her store.

Lindsey decides to open a franchise fitness center instead of starting her own business from scratch.Which of the following is an advantage of Lindsey purchasing the franchise? Lindsey can get help with marketing and advertising the new business. Lindsey can determine what fitness options she will provide her customers. Lindsey can create the logo and company slogan for the fitness center. Lindsey can select the suppliers for purchasing the workout equipment.

Lindsey can get help with marketing and advertising the new business.

Richard worked at a software company, and he learned that many youth in the local community did not have access to technology to help them succeed in school. Richard told his supervisor he thought this might be a good way to give back to the community.Which step to creating a social responsibility program does this illustrate? Action Follow-through Ongoing leadership Need recognition

Need recognition

An automobile manufacturer is one of three companies that sells all-electric pickup trucks. Its new model will be available for consumer purchase in the fall, and the company is determining at what price point it wants to sell it.In which of these economic markets is the automobile manufacturer most likely operating? Oligopoly Monopoly Monopolistic competition Perfect competition

Oligopoly

Penelope worked for several years at an art gallery after graduating college. She had always imagined she would own her own studio one day, where she could showcase her own works as well as provide private art lessons and classes. She had saved money toward this goal but had little experience running any type of business.Based on Penelope's situation, which of the following is a disadvantage of her becoming a sole proprietor? Penelope is worried about who will be responsible for making final business decisions. Penelope lacks significant expertise and experience in the art field. Penelope may have difficulty managing all aspects of a small business alone. Penelope has few contacts she could use to obtain start-up funding.

Penelope may have difficulty managing all aspects of a small business alone.

Which of the following does the World Bank use to categorize countries? Per capita income Total population Monetary policy Geographic location

Per capita income

Raul owned a small graphic design business. He used 3D software and computers to create animations for his clients.Which factor of production do the computers represent? Human resource Information resource Physical resource Capital

Physical resource

A business owner analyzes which supplies and equipment will be used on a regular basis and buys them in bulk. Which element of business success is reflected by this scenario? Hard work Planning and organizing Luck Management and leadership

Planning and organizing

Jill owns a small business in California. The state passes new legislation that requires all small businesses to take new measures to protect the personal, financial, and health information of customers and employees.Which external business environment will impact Jill's business? Economic Global Sociocultural Political-legal

Political-legal

A business owner decides to only sell beauty products that are not tested on animals.Which social responsibility stance is the business owner demonstrating? Obstructionist Defensive Accommodative Proactive

Proactive

Which of the following is included in the financial plan section of a business plan? An analysis of competitors in the marketplace A description of the target market for the business Projected profit and loss for the business Methods for measuring if the specified targets have been met

Projected profit and loss for the business

Sophie and Caroline co-owned a small restaurant. Sophie believed that she was supposed to handle the relationships with all of their suppliers, but she found out that Caroline had hired a different supplier for their meat products.Which element of a partnership agreement should Sophie and Caroline have defined? Liability factors Investment amounts Profit and loss breakout Responsibilities

Responsibilities

Which of the following is true regarding a mixed market economy? Prices and production of goods are determined by a central planning authority. Prices and production of goods are based exclusively on supply and demand. A central government authority owns and operates most types of businesses. Some pricing fluctuates, while other pricing is controlled by the government.

Some pricing fluctuates, while other pricing is controlled by the government.

A company in Scotland produces and exports cheese to the United States at $75 per pound. The U.S. government requires the company to pay the government an additional $15 to sell the cheese in the United States.Which of the following trade restrictions is illustrated in this scenario? Quota Dumping fee Tariff Embargo

Tariff

Which of the following is an example of a trade deficit? The United States imports more goods from Mexico than Mexico imports from the United States. The U.S. dollar is stronger than the Mexican peso. Mexico can produce clothing more efficiently than the United States. Both Mexico and the United States import and export the same amount of goods to one another.

The United States imports more goods from Mexico than Mexico imports from the United States.

Which of these statements best explains why a business should operate in a socially responsible manner? Socially responsible initiatives require little effort to implement. Social responsibility is required by government regulations. The consequences of business decisions may have an impact on society. A socially responsible business will be more profitable.

The consequences of business decisions may have an impact on society.

Which of the following is true about ethics in business? Ethical violations always involve breaking laws. The core ethical principles typically remain constant. Ethical dilemmas are often straightforward and easy to solve. Ethical decisions have little impact on customer relationships.

The core ethical principles typically remain constant.

In modern times, companies need to be socially responsible toward various stakeholders. When a company ensures that its products will not cause personal injury when used, which stakeholder is it taking into consideration? The investors The customers The employees The environment

The customers

Melody led a team in creating a recycling program for her sandwich shop that encourages employees and customers to recycle all paper products and plastic bottles used by the business.Which of the following constitutes the "action" step in Melody's social responsibility program? Melody calculated the difference in the amount of trash produced and recycling collected. An employee approached Melody and encouraged her to create a waste-reduction recycling program. The employees asked patrons to please use the new recycling bins once they finished their meals. Melody purchased extra bins after determining customer participation in the recycling program was higher than expected.

The employees asked patrons to please use the new recycling bins once they finished their meals.

Which of the following issues could contribute to the failure of a business? The owner underestimated the costs related to high employee turnover. The owner provided a business plan to potential investors. The owner invested time and effort in researching target markets. The owner was adept at providing direction to employees.

The owner underestimated the costs related to high employee turnover.

A furniture company in the United States manufactured sofas using fabric made in South Korea, furniture frames made in Texas, and cotton stuffing made in China. The company then sold the finished sofas in retail locations in Europe.Which of the following is an export for the U.S. company in this scenario? The fabric The sofa The cotton batting The frame

The sofa

Which description applies to corporate dividends? They are passed to someone to utilize voting rights as a shareholder. They are paid as earnings to a shareholder of a corporation. They are purchased by someone to have partial ownership in a corporation. They govern a corporation's rights and processes

They are paid as earnings to a shareholder of a corporation.

Which of the following is the basis for ethical behavior? Applying religious principles Following legal guidelines Using right and wrong to make choices Applying scientific principles

Using right and wrong to make choices

In which of these instances does a loss occur for a business? When expenses are greater than revenues When customer wants are not being met When a business limits consumer choices When sales exceed the cost of performing business

When expenses are greater than revenues

Which of the following scenarios best illustrates the impact of the economic environment on a company's operations? a.) Employment levels are up, which means more people are spending money when visiting the city. b.)Mobile usage has increased, which means more people will be interested in downloading apps. c.)State officials have suggested legislation to simplify regulations that small businesses must follow. d.) More countries have improved technology infrastructure, which makes using apps around the world easier.

a.) Employment levels are up, which means more people are spending money when visiting the city.

Which of the following is an example of a sales forecast? a.) Market research shows that four similar coffee shops in the surrounding areas earned an average profit of $400,000 during Year 1. Tarheel Coffee expects to earn a profit of $350,000 during the first year of business. b.) Tarheel Coffee intends to implement a social responsibility program aimed at community youth within the first 6 months of business. c.) Tarheel Coffee needs an investment of $125,000 to open and is estimated to break even within the first 8 months of opening.

a.) Market research shows that four similar coffee shops in the surrounding areas earned an average profit of $400,000 during Year 1. Tarheel Coffee expects to earn a profit of $350,000 during the first year of business.

A national fast-food chain competes with other fast-food companies by pricing its fried chicken sandwiches low and advertising its special seasonings.In which of the following economic markets is the fast-food chain operating? a.) Monopolistic competition b.) Perfect competition c.) Oligopoly d.) Monopoly

a.) Monopolistic competition

A large smartphone company is one of only three firms that dominate the global market for smartphones. Therefore, it has a significant influence over pricing.In which of the following economic markets is the smartphone company operating? a.) Oligopoly b.) Perfect competition c.) Monopolistic competition d.) Monopoly

a.) Oligopoly

Which of the following is an example of a financial plan? a.) Tarheel Coffee needs an investment of $125,000 to open and is estimated to break even within the first 8 months of opening. b.) Tarheel Coffee intends to implement a social responsibility program aimed at community youth within the first 6 months of business. c.) Market research shows that six similar coffee shops in the surrounding areas sold an average of 1,500,000 units during Year 1. Tarheel Coffee expects to sell 1,700,000 units during the first year of business.

a.) Tarheel Coffee needs an investment of $125,000 to open and is estimated to break even within the first 8 months of opening.

A U.S. company produces electric bicycles and sells them globally. The aluminum frames are made in Germany, the tires are made in Michigan, and the gear systems are made in Japan. The seats are made in California, and the paint used on the bicycles is made in Florida.Select the item that is an import to the United States. a.) The gear systems b.) The finished electric bicycles c.) The tires d.) The bicycle paint

a.) The gear systems

Paula suggested to Kevin that their new coffee shop only purchase coffee beans from fair-trade suppliers who practice sustainable farming. Kevin supported the idea but suggested that they first ensure that their shop was in compliance with all existing local laws and regulations before thinking about any new initiatives. Based on Kevin's statements, his stance toward social responsibility can best be categorized as __________. a.) accommodative b.) proactive c.) anticipatory d.) obstructionist

a.) accommodative

The World Bank uses __________ to categorize countries. a.) per capita income b.) gross national income c.) physical geography d.) the three main markets

a.) per capita income

What would it be called if the government of a country charged an extra fee on all coffee shipped out of that country? a.)Export tax b.)Export quota c.)Import quota d.)Import tax

a.)Export tax

Which stakeholders of business most directly benefit from safe products? a.) Investors b.) Customers c.) Communities d.) Employees

b.) Customers

Which of the following considerations is related to the domestic business environment? a.) The interest rates for borrowing money are low, which can help fund start-up operations. b.) Feedback from local customers provides a business with a competitive advantage. c.) The programmers needed to develop the company's app are known to change jobs often. d.) The increased use of mobile technology is changing the way companies conduct business globally.

b.) Feedback from local customers provides a business with a competitive advantage.

Which of the following is characteristic of a corporation? a.)It exists for a defined period of time when established. b.) It can lend and borrow money. c.) It keeps company information from being publicly disclosed. d.) It has a minimum number of employees.

b.) It can lend and borrow money.

Which of the following scenarios best reflects the impact of the sociocultural environment on a company's operations? a.) Places like China and India are able to attract more business and production from other countries. b.) It will be easier to hire more part-time workers now that the younger generation values workplace flexibility. c.) A new business outcompetes a foreign competitor because the new business owners are familiar with the local tax laws. d.) A major tablet manufacturer is developing a device that utilizes a new, faster operating system.

b.) It will be easier to hire more part-time workers now that the younger generation values workplace flexibility.

Which of the following was an aspect of the Enron scandal? a.) General labor conditions b.) Overstatement of profits c.) The international clothing market d.) Poor quality construction

b.) Overstatement of profits

Which statement is true regarding global markets? a.) There are very few opportunities in low-income markets. b.) The World Bank is an agency of the United Nations. c.) The World Bank categorizes countries based on geographical region. d.) The three main markets are North America, Europe, and South America.

b.) The World Bank is an agency of the United Nations.

What happens when expenses become larger or greater than sales or revenue? a.) The business experiences a balance. b.) The business experiences a loss. c.) The business experiences a profit. d.) The business experiences a net gain.

b.) The business experiences a loss.

Which of the following is an advantage of starting a new business rather than a franchise? a.)The owner has access to marketing and operation assistance. b.) The owner may have lower start-up fees to pay. c.)The owner can benefit from a well-known brand association. d.)It is easier to obtain funding from banks when starting a business from scratch.

b.) The owner may have lower start-up fees to pay.

Which statement applies to the economic model of social responsibility? a.) Business does not create problems in society. b.) When businesses focus on profits, society benefits. c.) Businesses have the resources to help solve social problems. d.) Businesses cannot ignore social issues.

b.) When businesses focus on profits, society benefits.

Through the correct analysis of demand, a business may succeed with __________. a.) luck b.) planning and organization c.) hard work d.) leadership

b.) planning and organization

Which of the following features makes corporations unique from other types of businesses? a.)A corporation has unlimited liability. b.)A corporation is legally considered a person. c.)A corporation can only be formed in certain states. d.)A corporation usually has over 500 employees.

b.)A corporation is legally considered a person.

Which of the following statements would support the conclusion that Global Hotel Group (GHG) is a corporation? a.) GHG is indistinguishable from its owners. b.)GHG can be sued by a disgruntled former employee. c.) GHG is taxed solely on earnings from sales. d.)GHG implemented a social responsibility program.

b.)GHG can be sued by a disgruntled former employee.

Which of the following is an advantage of starting a franchise? a.)Success is guaranteed by the franchiser. b.)The customer base is already established. c.) A franchise license is usually inexpensive. d.) The franchisee has the freedom to incorporate their own ideas into the business.

b.)The customer base is already established.

Entrepreneurs take on businesses with the main goal of creating __________. a.)needs and wants b.)growth and expansion c.)profit and loss d.)choice and opportunities

b.)growth and expansion

Which of the following is an example of need recognition? a.) Ted worked with managers on ways to increase lagging program participation. b.) Ted worked with managers to determine the scope of a program and plan the program details. c.) An employee mentioned that many local kids are homeless and that something should be done to help them. d.) A program was implemented and staff members volunteered and tutored youth at a local homeless shelter.

c.) An employee mentioned that many local kids are homeless and that something should be done to help them.

Which of the following is one of the three primary markets? a.) Australia b.) South America c.) Asia d.) Africa

c.) Asia

What type of partnership would Luis and Derick most likely enter into if both of them want to take an active role in the business? a.) Limited partnership b.) Co-op c.) General partnership d.) Sole proprietorship

c.) General partnership

Which of the following is an example of a business plan's goals and objectives? a.) It includes a summary of the amount of investment needed to start Tarheel Coffee as well as a breakeven analysis and revenue projections. b.) It includes current market research and predictions about how Tarheel Coffee will fare in the marketplace. c.) It includes the specific milestones or outcomes that Tarheel Coffee hopes to achieve as a business.

c.) It includes the specific milestones or outcomes that Tarheel Coffee hopes to achieve as a business.

Which of the following is an example of capital? a.) Baristas who make and serve the beverages sold at a coffee shop b.)Espresso machines used to make coffee drinks c.) Money needed for a coffee shop's day-to-day operations d.) A secret recipe for a custom tea blend sold in a coffee shop

c.) Money needed for a coffee shop's day-to-day operations

Which of the following is an example of the results step? a.) Susan and her committee decided on a program's goals and objectives and determined how the program would be funded. b.) Processes were updated based on the results of an audit of a program. c.) Susan and her committee collected feedback from the participants of a program in order to measure progress and outcomes. d.) A program was implemented and employees wer

c.) Susan and her committee collected feedback from the participants of a program in order to measure progress and outcomes.

Which of the following is a trait of small businesses? a.) They have more than 500 employees. b.) They dominate their markets. c.) They are independently owned. d.) They are a small part of the U.S. economy.

c.) They are independently owned.

Which of the following primary goals differentiates entrepreneurs from other small business owners? a.) To develop the business to satisfy a need b.) To develop the business to improve the quality of life c.) To achieve large growth and expansion d.) To make a profit

c.) To achieve large growth and expansion

Luis and Derick were discussing how they wanted the company they currently work for to be socially responsible. Luis told Derick about his first job interview with a major corporation. Just as he was about to accept the job, he learned on the news that the corporation had been found guilty of accounting fraud and corruption and was appealing the verdict. Luis decided that he did not want to be associated with that kind of employer.Luis told Derick about his experience with a company that had taken a(n) __________ stance toward social responsibility. a.) accommodative b.) proactive c.) defensive d.) combative

c.) defensive

Jake told Oliver that walking should be promoted as part of a healthy lifestyle. Since they were developing a walking app, he wanted to promote exercise in their community. Jake explained his idea of users participating in a walking scavenger hunt. The registration fees could be donated to physical education programs at local schools.Oliver loved the idea and told Jake that they should implement that program when the app was introduced. Both of them wanted the company to provide a service and be a leader in raising health awareness in the community. Social responsibility would be a priority for the company from its beginning.Based on Oliver and Jake's conversation, the company took a(n) __________ stance toward social responsibility. a.) ethical b.) accommodative c.) proactive d.) disruptive

c.) proactive

Which of the following is an advantage of starting a franchise? a.)A franchisee can determine what products to sell. b.)A franchisee has creative rights and freedom to modify their store. c.)A franchisee can utilize proven methods for doing business. d.) Franchising a business requires the lowest amount of start-up fees.

c.)A franchisee can utilize proven methods for doing business.

What would it be called if the U.S. government enforced a regulation to stop importing coffee from a particular foreign country altogether? a.)Import tariff b.)Import tax c.)Import embargo d.)Import quota

c.)Import embargo

What would it be called if a government set a specific limit for the amount of coffee that can be imported into the country it governs? a.)Import tariff b.)Import tax c.)Import quota d.)Import embargo

c.)Import quota

Greyson Hotel Group (GHG) was formed as a corporation that has several hotel brands in major cities across the United States.Which of the following ethical issues at GHG would directly impact the organization as a conflict of interest? a.)GHG management withholds its international expansion plans from its stockholders. b.)GHG management decides to wait to implement its social responsibility program at the new location. c.)A GHG manager refuses to pay new staff members for working extra hours at the new site. d.) A member of the GHG board of directors accepts fees for providing advice to one of its biggest competitors.

d.) A member of the GHG board of directors accepts fees for providing advice to one of its biggest competitors.

Why are small businesses important? a.) Small businesses have a high failure rate. b.) Small businesses attempt to earn a profit. c.) Small businesses are independently owned. d.) As many as 50% of sales in the United States go to small businesses.

d.) As many as 50% of sales in the United States go to small businesses.

Which of the following is an example of a physical resource? a.) A patented process for making a certain type of espresso b.) Loans taken to fund a new coffee shop location in a nearby town c.) Janitors who clean a coffee shop after hours d.) Coffee beans used to make coffee drinks

d.) Coffee beans used to make coffee drinks

Which of the following best describes managerial ethics? a.) Cultivation of a business environment that encourages and rewards participation b.) Decision-making in the context of business that seeks to maximize profit c.) Industry regulations designed to encourage responsible, ethical behavior d.) Consideration of moral principles by decision-makers in an organization

d.) Consideration of moral principles by decision-makers in an organization

Which of the following is an example of a trade surplus? a.) Country B exports $300 billion worth of goods and imports $400 billion worth of goods. b.) Country D exports $100 billion worth of goods and imports $200 billion worth of goods. c.) Country C exports $500 billion worth of goods and imports $500 billion worth of goods. d.) Country A exports $200 billion worth of goods and imports $150 billion worth of goods.

d.) Country A exports $200 billion worth of goods and imports $150 billion worth of goods.

What is the main difference between small business owners and entrepreneurs? a.) Entrepreneurs have a goal of generating profit, but it is not always the same for small business owners. b.) Small business owners usually last longer than entrepreneurs. c.) Entrepreneurs lack the innovation and creativity that small business owners have. d.) Entrepreneurs take on businesses with the goal of growth and expansion, but it is not always the same for small business owners.

d.) Entrepreneurs take on businesses with the goal of growth and expansion, but it is not always the same for small business owners.

__________ consist(s) of right and wrong and the morality of choices. a.) Business culture b.) Ethical decisions c.) Consequences d.) Ethics

d.) Ethics

Which statement is true regarding the overlap between ethics and social responsibility? a.) Ethics and social responsibility have little relationship with one another. b.) Ethics considers profit as a factor in decision-making. c.) Ethics and social responsibility are basically the same thing. d.) Ethics considers an individual's choices, while social responsibility takes a more big-picture view.

d.) Ethics considers an individual's choices, while social responsibility takes a more big-picture view.

Oliver wants to launch a new business venture and is deciding between being a sole proprietor or entering a general partnership with Kyle. Which of the following, if true, would be a reason for Oliver to choose a general partnership with Kyle over a sole proprietorship? a.) Oliver wants to limit his liability for the business. b.) Oliver wants to make all final decisions on how they will operate the business. c.) Oliver wants the business to be taxed as a separate entity. d.) Oliver has less experience than Kyle in managing business operations.

d.) Oliver has less experience than Kyle in managing business operations.

In which market structure is it most difficult to gain an advantage over competing firms in the market? a.) Monopolistic competition b.) Monopoly c.) Oligopoly d.) Perfect competition

d.) Perfect competition

Which of the following is an example of a trade deficit? a.) Both China and the United States import and export the same amount of goods to one another. b.) China exports more total goods to the United States than it imports from the United States. c.) China can produce clothing more efficiently than the United States. d.) The United States imports more goods from China than China does from the United States.

d.) The United States imports more goods from China than China does from the United States.

What was one of the consequences of the Bangladesh factory collapse of 2013? a.) Poor quality construction b.) The Sarbanes-Oxley Act c.) Bankruptcy d.) The arrest of Sohel Rana

d.) The arrest of Sohel Rana

Which of the following is an example of a human resource? a.) An idea for a new summer drink that will be unique to Tarheel Coffee's menu b.)Indoor and outdoor furniture available for customers to enjoy the atmosphere c.)Cash used to pay monthly operating expenses at each location d.) The manager of Tarheel Coffee, who oversees the day-to-day operations

d.) The manager of Tarheel Coffee, who oversees the day-to-day operations

Which of the following is an example of collusion? a.) A company decides to invest in new technology to improve its product. b.) Two competing companies decide independently to lower their prices to increase sales. c.) A company decides to expand its business into a new geographic area. d.) Two competing companies secretly agree to set their prices at the same high level.

d.) Two competing companies secretly agree to set their prices at the same high level.

Which of these factors lead to business failure? a.) Hard work and effort b.) Careful auditing processes c.) Correct and realistic plans d.) Uncontrolled resources

d.) Uncontrolled resources

One factor that drives business success is __________. a.) overpromising b.) encouraging groupthink c.) getting rid of checks and balances d.) retaining good employees

d.) retaining good employees

Which of the following is a reason to form a partnership rather than a sole proprietorship? a.) A partner could have ideas that would interrupt the business's continuity. b.) A partner could increase the likelihood of investments being frozen. c.) A partner would want a portion of the profits if the business were successful. d.)A partner would contribute specific skills to make the business successful.

d.)A partner would contribute specific skills to make the business successful.

Which of the following represents ongoing leadership? a.) Victoria's friend worked at a local youth group and mentioned to Victoria that they were always looking for more volunteers. b.)Victoria and her committee decided what their goal was for the program and also discussed the scope of the program. c.) Victoria got the program started and off the ground. d.)Victoria appointed specific responsibilities to each member of the program committee to ensure a clear organization of duties.

d.)Victoria appointed specific responsibilities to each member of the program committee to ensure a clear organization of duties.