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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
When resources are limited in supply
C
A basic requirement for survival
D
Goods/services that consumers are willing and able to buy
2) A new business is likely to succeed if...
A
The entrepreneur tries hard enough
B
The entrepreneur plans and manages properly
C
There a tax breaks
D
The entrepreneur has enough money to invest
3) A key element in a market economy between similar businesses
A
Service
B
Low prices
C
Competition
D
Exporting
4) What helps an entrepreneur determine if a new business has potential?
A
business plan
B
capitalism
C
feasibility analysis
D
marketing plan
5) What is one disadvantage of a sole proprietorship?
A
cost of forming
B
creativity
C
loss of freedom
D
financial
6) Partnerships must have at least one what?
A
limited liability status
B
limited partner
C
nonprofit status
D
general partner
7) Which type of corporation is most common and expensive to set up?
A
S-corporation
B
nonprofit corporation
C
limited partnership
D
C-corporation
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
pure command
B
resources
C
capital
D
economy
10) Who decides how products are produced in a market economy?
A
consumers
B
labor
C
businesses
D
government
*select an answer for all questions
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