QUESTION 21

1. An individual's desire to create a new business is referred toas

   	a.	the entrepreneurial spirit.
   	b.	self-evaluation.
   	c.	the desire for ownership.
   	d.	self-determination.
   	e.	the laissez-faire spirit.

1 points

QUESTION 22

1. Small businesses are typically managed by

   	a.	a board of directors.
   	b.	relatives.
   	c.	friends.
   	d.	professional managers.
   	e.	the people who start and own them.

1 points

QUESTION 23

1. Legally, a partnership must

   	a.	designate a limited partner to be responsible for all debts ofthe partnership.
   	b.	not have any general partners.
   	c.	have at least one general partner.
   	d.	have at least one limited partner.
   	e.	make all owners general partners.

1 points

QUESTION 24

1. A SWOT analysis is an identification and evaluation of a firm’sstrengths, weaknesses, ___, and threats.

   	a.	occurrences
   	b.	opportunities
   	c.	options
   	d.	occasions
   	e.	opinions

1 points

QUESTION 25

1. An outline of the actions an organization intends to take toaccomplish its goals and objectives is called its

   	a.	policy.
   	b.	plan.
   	c.	organization function.
   	d.	mission.
   	e.	control function.

1 points

QUESTION 26

1. ____ resources are the individuals who provide labor for anorganization in exchange for wages.

   	a.	Material
   	b.	Human
   	c.	Financial
   	d.	Informational
   	e.	Community

1 points

QUESTION 27

1. ?The economic model of social responsibility holds that societywill benefit most when business is left alone to produce and marketprofitable products that society needs. This economic model isbased on the notion that

   	a.	?social responsibility is a burden but should nonetheless beundertaken.
   	b.	?social responsibility brings great benefits to the businessthat undertakes to act on it.
   	c.	?social responsibility is someone else’s job.
   	d.	?social responsibility is a privilege and duty of everybusiness.

1 points

QUESTION 28

1. When was GATT first established?

   	a.	At the turn of the twentieth century
   	b.	In the early 1960s
   	c.	During the Great Depression
   	d.	At the end of World War II
   	e.	Following World War I

1 points

QUESTION 29

1. One's duty to do a job or perform a task is called

   	a.	responsibility.
   	b.	authority.
   	c.	obligation.
   	d.	accountability.
   	e.	delegation.

1 points

QUESTION 30

1. By definition, every country has a(n) ____ advantage in someproduct.

   	a.	inferior
   	b.	comparative
   	c.	absolute
   	d.	superior
   	e.	relative