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CSM 1

Which one of the following is NOT one of the Factors of Production?
D) Equilibrium
The greatest advantage of a family business is the trust and togetherness that family members share.
True
The global economy will present new challenges and business opportunities for entrepreneurs.
True
Which one of the following is NOT one of the start-up resources an entrepreneur needs to begin a business?
B) Trade Barriers
Identify the contribution/s made by entrepreneurs to the U.S. economy
All of the above
Which one of the following is NOT one of the reasons that an entrepreneur needs a Business Plan?
D) sell the business
Small businesses can set up shop on the Internet and reach customers anywhere in the world as easily and inexpensively as a large company.
True
According to the law of demand, the demand for milk is elastic.
False
A business plan will help turn a concept into a business.
True
Since business owners are very busy, they do not need to read newspapers and trade journals in order to stay informed of what is happening in the business world.
False
According to most entrepreneurs, the number one advantage of owning a business is being your own boss.
True
The United States is the largest exporter of merchandise and services in the world
True
A feasibility study will help you determine a business ideas potential and profitability.
True
In a free enterprise system, the price of a product is determined in the marketplace.
True
All business plans must look the same since there is a standard format for a business plan.
False
More than 90 percent of all businesses are small businesses with fewer than 100 employees.
True
Which one of the following agreements eliminated trade barriers among the United States, Mexico, and Canada?
NAFTA
An entrepreneur is a person who undertakes the organization and ownership of a business with the intent of earning a profit.
True
Which one of the following countries has the fastest growing economy in the world?
B) China
In recent years, the U.S. has been running a positive balance of international trade.
False
The number of home-based businesses has grown from 6 million home offices in the mid- 1980s to 41 million home offices in the late 1990s.
True
The United States imports a vast number of goods from other countries due to the low labor costs in these countries.
True
Which one of the following is an example of Barriers to Entry which a new business may face?
All of the above
Which one of the following is a risk of entrepreneurship?
All of the above
The executive summary is a brief recounting of the key points contained in a business plan and determines if investors and lenders will read the entire plan.
True
Which one of the following is NOT identified as a personal characteristic of an entrepreneur?
E) does not take risk
Mexico and Japan present good business opportunities for U.S. entrepreneurs since the Mexican and Japanese customers prefer U.S. goods over their own products.
False
According to the law of demand, price is inversely related to demand
True
The success of discount stores like WalMart is based on the principle that revenues lost to lower prices can be made up through higher volume of sales.
True
According to the U.S. Department of Commerce the hottest product/s for exporting is/are
All of the above
Research shows that everyone has the potential to become an entrepreneur.
True
A focus group can help a business learn which features and benefits are important to customers.
True
In China, the government controls business and the laws and regulations are not strict.
False
In a free enterprise system, the price of a product is determined
C) the market place
Business owners will receive a paycheck even if the cash flow will not allow employees to receive their paycheck.
False
The U.S. government does not encourage the creation of new businesses
False
The most common ways to gather primary data about customers are observations, interviews and surveys.
True
A successful business must have access to affordable sources of inventory, raw materials and goods in order to offer the product or service at prices that will generate interest or sales.
True
What is the name of Europes common currency?
Euro
Competition is not essential to the success of a market economy
False
A business plan is NOT needed for a business to secure funding from a lending institution
False
The way business is conducted in the United States is the accepted business custom worldwide.
False
Exporting is more complicated than importing and it takes longer to make a profit.
True
The U.S. economy is part of a larger world economy driven by trade among nations.
True
The prospects for success in a business depend on the sales potential of the products and the competition.
True
Entrepreneurs react slowly to trends in the society
False
Which one of the following countries is NOT on the Top 10 Countries for U.S. Exports Chart in the text?
E) Russia
According to a study conducted by Dun and Bradstreet, more businesses fail than succeed.
False
Which one of the following is NOT one of the variables to determine sales potential for your companys products or services?
D) Gross Domestic Product
The _________________________ section of a Business Plan indicates how a business will make its customers aware of its products and services.
B) marketing plan
Many existing businesses are advertised for sale because they are losing money.
True
When change has little or no effect on the quantity demanded
inelastic
Resources a business uses to produce the goods and services people want.
Factors of production
A business enterprise involving risk
venture
Offers technical and general assistance to entreprenuers in a specific profession.
Trade Associations
Profit counseling and management assistance and are generally located at colleges
Small business developement centers
Provides free advisory assistance to entreprenuers
Service Corps of Retired Executives
Federal agency that provides services to entreprenuers
Small business Administration
US chamber of commerces electronic commerce system
International Business exchange
United States numeric system for classifying goods sold in the international market.
Standard industrial trade classification
Total value of all goods produced in a year
Gross Domestic Product
taxes, quotas, and other restrictions on goods entering or leaving the country
trade barriers
Tarriffs
taxes imposed by government on imported or exported goods

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