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CDA 2 - Entrepreneurship And The Economy Review
Test Description: Entrepreneurship CDA 2
Instructions: Answer all questions to get your test result.
1) What is demand?
A
Goods or services that producers are willing to provide
B
Goods/services that consumers are willing and able to buy
C
When resources are limited in supply
D
A basic requirement for survival
2) A new business is likely to succeed if...
A
The entrepreneur tries hard enough
B
The entrepreneur has enough money to invest
C
There a tax breaks
D
The entrepreneur plans and manages properly
3) A key element in a market economy between similar businesses
A
Service
B
Exporting
C
Competition
D
Low prices
4) What helps an entrepreneur determine if a new business has potential?
A
feasibility analysis
B
capitalism
C
marketing plan
D
business plan
5) What is one disadvantage of a sole proprietorship?
A
creativity
B
loss of freedom
C
financial
D
cost of forming
6) Partnerships must have at least one what?
A
limited partner
B
limited liability status
C
nonprofit status
D
general partner
7) Which type of corporation is most common and expensive to set up?
A
C-corporation
B
limited partnership
C
S-corporation
D
nonprofit corporation
8) Who do retailers sell directly to?
A
retailers
B
wholesalers
C
industries
D
consumers
9) What is the organized way a nation provides for the needs and wants of the people?
A
pure command
B
economy
C
resources
D
capital
10) Who decides how products are produced in a market economy?
A
government
B
labor
C
consumers
D
businesses
*select an answer for all questions
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