BUS121 Unit 1 Quiz - Ch 1,2,3 Question 1) According to the National Federation of Independent Business, what is the most important source of money for new-business start-ups?     Question 2 Human resources or the people who work for business provide ____________, one of the factors of production

BUS121

Unit 1 Quiz - Ch 1,2,3

Question 1)

According to the National Federation of Independent Business, what is the most important source of money for new-business start-ups?

Question 2

Human resources or the people who work for business provide ____________, one of the factors of production.

Correct!

Question 3

The funds or financial resources needed to create and operate a business enterprise are referred to as _______ and is one of the factors of production.

Question 4

This type of external environment deals with the relationship between the business and government.

Correct!

Question 5

A[n] _______ invests money in a partnership but is liable only for the amount and extent of his/her investment and cannot take an active role in the partnership. Only the general partner is liable.

Question 6

A _______ is a business that is legally considered a separate entity from its owners and is liable for its own debts. The US Supreme Court defined this business as a legal person.

Question 7

_____________ are the tangible things that organizations use in conducting their businesses. Examples are raw materials, offices, parts, computers, and other such goods.

Correct!

Question 8

A[n] _______ is an individual who accepts the risks and opportunities involved in creating and operating a new business venture.

Question 9

A[n] _______ stance to social responsibility involves doing as little as possible to solve social problems, have little regard for ethical conduct, and may involve attempts to deny or cover up violations.

Question 10

Which of the following factors contribute to small business failure?

Question 11

The total value of all goods and services produced within a given period by a national economy through domestic factors of production is referred to as the _______________.

Correct!

Question 12

______________ occurs when an economic system experiences widespread price increases.

Correct!

Question 13

A ________ shows how many of a given product will be bought at different prices. For example, this type of curve would show you how many pizzas you might sell at 10.00 and at 15.00.

Correct!

Question 14

_______ exists when an industry has only a handful of sellers, most of which are large. The commercial airline industry is an example.

Question 15

An employee who discovers and tries to put an end to a company's unethical, illegal, or socially irresponsible actions by publicizing them is called _______.

Question 16

_______ refers to ethical or unethical behaviors by employees in the context of their jobs.

Question 17

Which of the following has NOT been identified as a basic consumer right?

Question 18

A _______ is a document in which an entrepreneur describes his or her business strategy for a proposed new venture and how that strategy will be implemented.

Question 19

Ethical and unethical behaviors are determined by _______.

Question 20

The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as _______ or the market price.

C