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