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FREE AND STUDY GAMES ABOUT BUSINESS ESSENTIALS
EXAM QUESTIONS
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -60 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: your computer is an example of intellectual property
Answer:
false Question 2: products and money used in the production of goods and services are called natural resources
Answer:
false
Question 3: principles of morality or rules of conduct are called ethics
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true Question 4: the first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice
Answer:
false
Question 5: the most important step in starting a business is developing confidence
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false Question 6: domestic business refers to business activities needed for creating, shipping, and selling goods across national borders
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false Question 7: if wages increase faster than gains in productivity, the cost of producing goods decreases and prices fall
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false Question 8: most of the money needed to start a new business comes from the entrepreneur and his or her family and friends
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true
Question 9: lumber is an example of a nonrenewable resource
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false Question 10: if heavy competition for a product keeps price low businesses will be very motivated to offer the product for sale
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false
Question 11: in the United States, the personal savings rate is rather high
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false Question 12: multinational companies sometimes control a country's political power
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true
Question 13: service jobs are the lowest paying jobs in the US economy
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false Question 14: a corporations owners have access to profits only if the board of directors approves it
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true Question 15: if any consumers want a particular service, its price will probably go up
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true Question 16: a monopoly exists when a business has control of the market for a product or service
Answer:
true
Question 17: Your needs and wants never end
Answer:
true
Question 18: most successful entrepreneurs have a low tolerance for ambiguity
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false Question 19: some nations have such abundant resources that they never experience economic bad times
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false
Question 20: many entrepreneurs own their first business while in their teens
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true
Question 21: if a country exports more than it imports, it has a trade surplus
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true
Question 22: the united states could best be characterized as a command economy
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false Question 23: the value of currency in one country compared with the value in another is called the interest rate
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false Question 24: franchising is the selling the right to use a trademark or brand name for a free royalty
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false Question 25: a trademark is a word, letter, or symbol linked with a specific company or product
Answer:
true
Question 26: a large number of small businesses fail simply because the owners
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true Question 27: the first step in developing a business plan is to gather and review information
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true Question 28: a cooperative is a special type of corporation that allows all income to be passed through to owners based on their investment and is taxed on their individual returns
Answer:
true
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