Question 1

0 out of 3 points Which of the following is an actual competitive disadvantage for many small businesses? Answer Selected Answer: high overhead costs Correct Answer: lack of business knowledge and expertise by the owners

Question 2
3 out of 3 points _____ are people willing to take the risk of starting, owning, and operating a business. Answer Selected Answer: Entrepreneurs Correct Answer: Entrepreneurs

Question 3
3 out of 3 points In low-income countries, a higher percentage of entrepreneurs are considered Answer Selected Answer: necessity entrepreneurs. Correct Answer: necessity entrepreneurs.

Question 4
0 out of 3 points The top five venture capitalist deals of 2010 were in the _____ sector. Answer

Selected Answer: technology Correct Answer: clean tech

Question 5
3 out of 3 points Burger King, McDonalds, Wendys, and Hardees are examples of Answer Selected Answer: business franchising. Correct Answer: business franchising.

Question 6
3 out of 3 points _____ are wealthy individuals who invest in new and growing firms. Answer Selected Answer: Angel investors Correct Answer: Angel investors

Question 7
0 out of 3 points A funding source that makes it easier for entrepreneurs to get money with favorable terms is referred to as Answer Selected Answer: the SBA. Correct Answer: peer-to-peer lending.

 Question 8
3 out of 3 points For research purposes, the Small Business Administration (SBA) defines small business as companies with up to _____ employees. Answer Selected Answer: 500 Correct Answer: 500

Question 9
3 out of 3 points A business plan should include all of the following topics EXCEPT Answer Selected Answer: a detailed description of the firms contingency plans. Correct Answer: a detailed description of the firms contingency plans.

Question 10
3 out of 3 points A(n) _____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives. Answer Selected Answer: business plan Correct Answer: business plan

Question 11
3 out of 3 points

In _____, many firms compete by selling differentiated products. Answer Selected Answer: monopolistic competition Correct Answer: monopolistic competition

Question 12
3 out of 3 points The economy, as a system, represents the Answer Selected Answer: flow of resources from production through consumption. Correct Answer: flow of resources from production through consumption.

Question 13
3 out of 3 points _____ means that prices on average are rising. Answer Selected Answer: Inflation Correct Answer: Inflation

Question 14
3 out of 3 points When tax revenue is higher than government expenditures, the government incurs a Answer Selected Answer: budget surplus. Correct Answer: budget surplus.

 Question 15
3 out of 3 points _____ is a period of robust economic growth and high employment indicating that businesses are capitalizing on new market opportunities. Answer Selected Answer: Expansion Correct Answer: Expansion

Question 16
3 out of 3 points In the business cycle, a period in which GDP declines for at least two consecutive quarters is known as a(n) Answer Selected Answer: recession. Correct Answer: recession.

Question 17
3 out of 3 points A _____ is targeted to borrowers with low credit scores, high debt-to-income ratios or signs of a reduced ability to repay the money they borrow. Answer Selected Answer: subprime mortgage loan Correct Answer: subprime mortgage loan

Question 18
3 out of 3 points

_____ is a structure for allocating scarce resources. Answer Selected Answer: An economic system Correct Answer: An economic system

Question 19
3 out of 3 points Demand is defined as Answer Selected Answer: Correct Answer: the quantity of products that consumers are willing to buy at different prices. the quantity of products that consumers are willing to buy at different prices.

Question 20
3 out of 3 points _____ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation. Answer Selected Answer: Fiscal policy Correct Answer: Fiscal policy