Small Business Entrepreneurship A
What are causes of ethical issues in business?
??discrimination, invasion of privacy
Deciding to do the right or wrong thing is based on making what type of decision?
??ethical
Which is an example of an ethical choice?
??not allowing the shipment of toxic products to a country
Which is an example of an ethical choice?
??not allowing your company to make toxic products
Vaccinations are an example of which role of government?
A source of public good
Once a problem of scarcity has been identified, the _____ of how these limited resources will be used needs to be decided.
Allocation
The distribution of a good or service is called
Allocation
Cash registers are an
Asset
Computers are an
Asset
Using the SMART goal-writing criteria, what refers to being able to complete a goal?
Attainable
Using the SMART goal-writing criteria, what refers to being willing and able to work toward a goal?
Attainable
Match the action needed to increase profits with the reason a business might fail. A small company, especially a store, usually has a better chance of succeeding if it is in an area with other businesses because it can draw in new customers.
Bad location
If there is a great demand for a product, the price for that product will
Be higher
Which of the following is one way to get an aptitude?
Born with it
The _____ is a source of assistance that provides small businesses with the chance and the right to be heard.
Chamber of Commerce
For entrepreneurs, the source of assistance that symbolizes the community's honor and character is called _____ .
Chambers of Commerce
If shares of stock can be issued, then the form of business ownership is called a _____.
Corporation
Which legal form of business ownership does the government have the most control in?
Corporation
Because entrepreneurs need to buy products to keep their businesses running, other businesses are needed to meet these needs. This is an example of _____.
Demand for products
There will be a higher equilibrium price and quantity if _____.
Demand increases and supply stays the same
Two significant parts of a market economy are _____ and _____ .
Demand, supply
Which of the businesses listed below is not a service-based business?
Department store
A financial system in which there is a careful supervision of resources to prevent too much spending or excess is called a(n) _____.
Economy
A financial system or budget in which there is a careful supervision of resources to prevent too much spending or excess is called a(n)_____.
Economy
_____ are the goods and materials available for sale at the end of a period.
Ending inventory
Which of the following are traits of entrepreneurs?
Energy, dedication
The balance between supply and demand is called
Equilibrium
is the point where supply equals demand.
Equilibrium of price and quantity
To do the right thing or to have moral principles is called _____ .
Ethical behavior
Which of the following is one way to learn an aptitude?
Experience
Which of the following are ways aptitude can be acquired?
Experience, formal education
A trait is not a quality of your own character.
False
Aptitude is defined as the inability to learn a particular kind of job.
False
Donald Trump, real estate and entertainment mogul, is not an entrepreneur.
False
Materials used in the main production or manufacturing of a product are called cost of goods sold.
False
Personal interests are defined as things a person does not like.
False
Producers buy goods or services they want or need.
False
Supply is the only significant part of a market economy.
False
Payroll is an example of a(n) _____.
Fixed costs
An example of this operating expense is checkout counters.
Fixtures
When calculating the GDP using the expenditures approach, _____ are part of the calculation.
Gross exports, gross imports
A great demand for a product equals _____.
Higher prices
Which of the businesses listed below is not a product-based business?
Housecleaning
If there is great demand for a product, then production will be _____.
Increased
If there is too little supply of a product, then production would be _____.
Increased
Health benefits are an example of _____ income.
Labor
Unhappy employees equal
Less profit
The newest form of business ownership is a _____ .
Limited liability company
Every economy has _____ that are used to produce the goods and services that people want and need.
Limited resources
Using the SMART goal-writing criteria, what refers to asking how many or how much?
Measurable
Happy customers and employees equal
More profit
If an entrepreneur has a strong and trustworthy management team in place, they can stop a problem from spreading and minimize the _____ risk that might have occurred.
Operational
Problems within the business is called _____ risk.
Operational
Choosing to go to get a job right out of high school instead of going to college is an example of a(n) _____.
Opportunity cost
A business owner will have to decide how selecting one thing over another will impact the business. This is an example of _____.
Opportunity costs
Choosing to go to college over getting a job right out of high school is an example of a(n) _____.
Opportunity costs
Costs of selecting one opportunity or investment over another are _____.
Opportunity costs
An example of this operating expense is the Internet.
Phone and utilities
_____ is the method of determining what a business will get in exchange for its products.
Pricing
_____ is the act of making products that will be sold.
Production
The desire to earn a profit is called _____.
Profit motive
An example of a country's businesses spending on capital when calculating the GDP using the expenditures approach is _____.
Purchase of software
Materials used in the main production or manufacturing of a product are called
Raw materials
When people with lower incomes pay lower taxes, this represents the role of government called _____.
Reallocation of income
Income from property received by households is an example of _____ income.
Rental
Which of the following is a service-based business?
Repair shop
In the business world, you need this trait so you can stay ahead of the competition.
Risk-taking
A supervisory body, a source of public good, and the reallocation of income are all _____.
Roles of government
The _____ is a joint venture between the government and colleges/universities run by the SBA.
SBDC
Some sources of assistance for helping an entrepreneur with starting, running, and staying in business include:
SBDC, SBA
When there are unlimited wants and needs with limited resources, _____ occurs.
Scarcity
If only one person owns a business, it is called a _____ .
Sole proprietorship
The most common form business ownership is called a _____ .
Sole proprietorship
Using the SMART goal-writing criteria, what refers to answering the six "W" questions?
Specific
Expenses that need to be paid before a new business can open are
Start-up costs
A possible risk from a business move is called _____ risk.
Strategic
If a business is ready to deal with competition, then the _____ risk has been avoided.
Strategic
If inspections and licenses are required, then this role of government is being represented.
Supervisory body
_____ is how much the market can offer at different prices.
Supply
There will be a higher equilibrium price and lower quantity if _____.
Supply decreases and demand stays the same
There will be a lower equilibrium price and higher quantity if _____.
Supply increases and demand stays the same
A goal is defined as the result or success toward which effort is directed.
True
A good entrepreneur realizes that loss and failure are part of a business venture.
True
A trait is a quality of your own character.
True
Personal interests are defined as things a person likes or enjoys doing
True
Producers sell goods or services for a profit.
True
Regardless of the career you want to pursue, you can still get the aptitude necessary to achieve success.
True
The GDP is one way to measure the size of a country's economy.
True
Costs that change with increases and decreases in the amount produced are _____.
Variable costs
Materials are an example of _____.
Variable costs
The SBA is a source of assistance that provides small businesses with the following programs.
Voice for Small Business Education, Information, and Training Business Financing Federal Procurement
Match the action needed to increase profits with the reason a business might fail. Advertising the company to potential customers would match with_____.
WRONG Poor management
If there is a large supply of a product, then production would be _____.
WRONG: The same
If a business has no answer to fight back against its competition, then the _____ risk has been encountered.
WRONG: operational
A personality test is designed to determine what two things?
a person's personality characteristics, potential career choices
Examples of a source of public good are _____.
country's armed forces, vaccinations
Fixed costs are _____.
the costs related to the product that have to be paid regardless of the amount you sell
Opportunity costs are _____.
the costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business
Variable costs are _____.
the costs that change depending on a company's performance