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BML Semester Exam 2
Test Description: BML Semester Exam set 2
Instructions: Answer all questions to get your test result.
1) Entrepreneurs
A
must have a business degree to be successful.
B
come from all age categories and educational backgrounds.
C
almost always own their first business while in their teens.
D
must have a very low tolerance for ambiguity.
2) Which of these allows an individual entrepreneur the most flexibility in decision-making?
A
partnership
B
corporation
C
proprietorship
D
limited liability company
3) Who bears the most risk of loss as well as the chances of benefits in a business?
A
management
B
customers
C
employees
D
the owner
4) Which of these is NOT a risk involved in business ownership?
A
changing economic conditions
B
excess job security
C
changing legal or political environment
D
technological changes
5) To which of these groups do business owners have obligations?
A
employees
B
all of these
C
investors
D
customers
6) What follows prosperity in the normal business cycle?
A
prospermia
B
recession
C
recovery
D
depression
7) The point where the supply curve and the demand curve meet is called the
A
sale price.
B
market price.
C
wholesale price.
D
retail price.
8) What does it mean to say that "the dollar is weak"?
A
Foreign currency has more purchasing power in the US.
B
The dollar has less purchasing power in other countries.
C
People prefer to have other forms of currency.
D
All of these.
9) With a website, a business can get customers from
A
the local neighborhood.
B
almost anywhere in the world.
C
nationwide.
D
all of these.
10) Which of these affects a country's exchange rate?
A
all of these
B
balance of payments
C
political stability
D
economic conditions
*select an answer for all questions
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