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Answer:
7. Supply and Price have a correlation/relationship. As a Supply
increases, the Price . However, as the Supply decreases, the Price will
.
8. The following are included in a business plan :
Answer:
A. Financial information, production plans, personnel policies.
B. Goals of the business and how they will be achieved.
C. A step by step plan for the success of your business.
D. All of the above.
9. A market survey is important because it tells you:
Answer:
A. How many & what types of people are shopping at a store.
B. Tells you what the customer will buy.
C. Tells you how much the customer will pay for the product.
D. All of the above.
10. The following are characteristics of a F.E.S. Economy:
Answer:
A. Heavy taxes, increased government control, government-chosen
products.
B. Business-determined prices & products, decreased government
controls.
C. Consumer-determined prices & products, decreased government
controls.
D. Reduced taxes, no government control, and consumer-chosen
products.
11. List and briefly describe the legally available business structures:
Answer:
12. What things could you change to adjust your profit?
Answer:
A. Price.
B. Number.
C. Less expensive supply sources.
D. All of the above.
13. You were hired on your new job with compensation of $50,000. Your
income taxes are in the amount of $7,000. What are your Gross and Net
Incomes?
Gross Income Answer:
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Answer:
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20. List 2 Websites that can be used to learn information about, or start a
business:
A.
B.
BONUS: A Product Possibilities Curve is usually found in which Graphing Quadrant?
[4 points].
BONUS ANSWER:
RESPONSE:
Prompt #: .
Respond in the following gray space:
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