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