Question 1(Multiple Choice Worth 5 points)
(01.05 LC)
Which law predicts that at higher prices, sellers will supply more of an economic good?
Equilibrium point
Law of demand
Law of supply
Law of supply and demand
Question 2(Multiple Choice Worth 5 points)
(01.03 LC)
Which of the following involves starting a business using a unique idea, taking greater risks, and being naturally innovative?
Entrepreneurship
Franchise
Intrapreneurship
Small business
Question 3(Multiple Choice Worth 5 points)
(01.01 LC)
Which of the following is an advantage of self-employment?
You can have a steady income.
You can make your own hours.
You can take paid time off.
You have lower taxes.
Question 4(Multiple Choice Worth 5 points)
(02.01 LC)
Which of the following combines elements of a corporation and a partnership and operates under one or more individuals?
C-corp
LLC
Nonprofit
S-corp
Question 5(Multiple Choice Worth 5 points)
(03.01 LC)
Which of the following is used for advocating for environmental causes, promoting health and safety, and influencing public opinion?
Community marketing
Environmental marketing
Public marketing
Social marketing
Question 6(Multiple Choice Worth 5 points)
(02.06 LC)
Which of the following roles makes the major decisions for a company and oversees business operations and resources?
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
Chief Operating Officer (COO)
Vice President of Production
Question 7(Multiple Choice Worth 5 points)
(03.05 LC)
Which of the following includes the direct costs of producing or acquiring a product sold by a company?
Cost of goods acquired (COGA)
Cost of goods bought (COGB)
Cost of goods produced (COGP)
Cost of goods sold (COGS)
Question 8(Multiple Choice Worth 5 points)
(03.03 LC)
Which element of a marketing plan defines the target market?
Budget and timeline
Competitive analysis
Market research
Marketing strategies
Question 1: Law of supply
Question 2: Entrepreneurship
Question 3: You can make your own hours.
Question 4: LLC
Question 5: Social marketing
Question 6: Chief Executive Officer (CEO)
Question 7: Cost of goods sold (COGS)
Question 8: Target market