BML Semester Exam 2: Question Preview (ID: 12032)

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a) must have a very low tolerance for ambiguity.
b) come from all age categories and educational backgrounds.
c) must have a business degree to be successful.
d) almost always own their first business while in their teens.

Which of these allows an individual entrepreneur the most flexibility in decision-making?
a) limited liability company
b) corporation
c) partnership
d) proprietorship

Who bears the most risk of loss as well as the chances of benefits in a business?
a) the owner
b) management
c) employees
d) customers

Which of these is NOT a risk involved in business ownership?
a) changing legal or political environment
b) technological changes
c) excess job security
d) changing economic conditions

To which of these groups do business owners have obligations?
a) customers
b) all of these
c) employees
d) investors

What follows prosperity in the normal business cycle?
a) recession
b) depression
c) recovery
d) prospermia

The point where the supply curve and the demand curve meet is called the
a) sale price.
b) market price.
c) retail price.
d) wholesale price.

What does it mean to say that "the dollar is weak"?
a) All of these.
b) People prefer to have other forms of currency.
c) The dollar has less purchasing power in other countries.
d) Foreign currency has more purchasing power in the US.

With a website, a business can get customers from
a) the local neighborhood.
b) almost anywhere in the world.
c) all of these.
d) nationwide.

Which of these affects a country's exchange rate?
a) economic conditions
b) political stability
c) balance of payments
d) all of these

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