1. Assets = Liabilities + Net Income.
2. A.True
3. B.False

1. Sole proprietors have _____ for the debts of their companies.
2. A.no liability
3. B.limited liability
4. C.unlimited liability
5. D.shared liability

1. Accounting systems are utilized by companies for several reasons, but they have little value when it comes to making economic decisions.
2. A.True
3. B.False

1. The four factors of production come free of charge.
2. A.True
3. B.False

1. The Small Business Administration microloan program lends an average of $13,000 to start-up businesses through community nonprofit organizations.
2. A.True
3. B.False
4. Paying non-living wages to workers in developing countries is _____.
5. A.illegal and unethical
6. B.legal and ethical
7. C.illegal and ethical
8. D.legal and unethical

1. Entrepreneurs are motivated to risk time, money, and other resources in an effort to gain a profit for themselves. However, their efforts yield benefits to many others in society in addition to their personal profits.
2. A.True
3. B.False

1. Corporate bylaws are the basic rules governing how a corporation is organized and how it conducts its business.
2. A.Tru
3. B.False

1. To increase rates of entrepreneurship, the Small Business Administration (SBA) has created its own bank to provide interest-free loans directly to entrepreneurs.
2. A.True
3. B.False
4. Entrepreneurs find new solutions to old problems and develop new products that people didn't even realize they needed. These entrepreneurs are said to have _____.
5. A.hindsight
6. B.intelligence
7. C.confidenceD.vision

1. Which of the following is NOT a factor to be considered when analyzing your audience?
2. A.Expectations
3. B.Education
4. C.ProfessionD.Location

1. Ethics refers to ____.
2. A.the obligation of a business to contribute to society
3. B.all business donations to nonprofit groups
4. C.social movements that focus on key consumer rights
5. D.sets of beliefs about right and wrong

1. A _____ is considered a legal entityseparate from its owners thatoffers its ownerslimited liability for the debts of their business andmore flexibility than a corporation in termsof tax treatment.
2. A.limited liability company
3. B.sole proprietorshipC.general partnership
4. D.limited liability partnership