ept1
Authored by Dismal Bread
English
1st Grade
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50 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An entrepreneur is best defined as a person who
manages a business
is a role model for young Americans
manages the finances of a large corporation
takes financial risk to try new business ideas
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You are starting a lawn care business. Which of the following would be a needed land resource?
Lawns
Oil
Lawnmowers
Hedge Clippers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Meg and her mother are opening a cupcake shop. They buy an oven, a walk-in cooler, and a decorating table. In terms of factors of production, what are these items?
Capital
Entrepreneurship
Land
Labor
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your friend likes to direct all the activities of his business. It would be best for him to create a
limited liability company
sole proprietorship
corporation
partnership
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Stefan has inherited a large amount of money and decides he wants to start a skateboard shop. He has money to invest up front, but he lacks business expertise. Which of the following would be his best business options, depending on what he is willing to risk?
Corporation or sole proprietorship
Limited liability company or corporation
Partnership or limited liability company
Sole proprietorship or partnership
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A monopoly is a market for a good or service that
has few competitive firms
is perfectly competitive
has one buyer
has one seller
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A firm's purpose in nonprice competition is to
Produce at the lowest cost possible.
Encourage other firms to cooperate in setting prices.
Establish extensive control of their particular market.
Distinguish their products from those of other companies.
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