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QUESTION 1

1. M1 and M2 are commonly used definitions for money supply. If you use the debit card connected to your checking account to make purchases, it would be referred to as M1.
2. A.TrueB.False

2 points

QUESTION 2

1. A(n) _____ is the communication channel with the highest level of channel richness and is used to deliver complex and individualized messages.
2. A.voice mailB.face-to-face meetingC.instant messageD.memo

2 points

QUESTION 3

1. _____ is the obligation of a business to contribute to society.
2. A.Social responsibilityB.Social entrepreneurshipC.Shareholder primacyD.Workplace diversity

2 points

QUESTION 4

1. _____ are peoplewho risk their time, money, andother resources to start andmanage a business.
2. A.StockholdersB.EntrepreneursC.StakeholdersD.Venture capitalists

2 points

QUESTION 5

1. Cost is defined by accountants as the value of what is given up in exchange for something else.
2. A.TrueB.False

2 points

QUESTION 6

1. The four factors of production are natural resources, capital, human resources, and entrepreneurship.
2. A.TrueB.False

2 points

QUESTION 7

1. One drawback of voice mail is that it doesn't provide the sender with a permanent record of the message.
2. A.TrueB.False

2 points

QUESTION 8

1. Which of the following is NOT a characteristic of successful entrepreneurs?
2. A.EnergyB.Self-relianceC.Risk aversionD.Tolerance of failure

2 points

QUESTION 9

1. Although Russia is rich in human resources and natural resources, the country ranks relatively low in terms of gross national income per person. The missing ingredient seems to be lack of entrepreneurship due to ____.
2. A.corruptionB.rising tax ratesC.inaccessibility of natural resourcesD.decreasing population

2 points

QUESTION 10

1. _____ are the most common type of corporation.
2. A.S corporationsB.Closed corporationsC.C corporationsD.Nonprofit corporations

2 points

QUESTION 11

1. A person engaging in active listening should ____.
2. A.frequently interrupt the speaker with questions and commentsB.focus entirely on the speaker while he or she delivers the messageC.maintain good eye contact and say nothing in responseD.empathize with the speaker's message and his or her intentions

2 points

QUESTION 12

1. Stockholders in a corporation are always individuals.
2. A.TrueB.False

2 points

QUESTION 13

1. Successful entrepreneurs are seldom visionaries. Instead, their strength is the ability to take the abstract ideas of others and turn them into successful businesses.
2. A.TrueB.False

2 points

QUESTION 14

1. _____ is a system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization.
2. A.AccountingB.PricingC.TradingD.Benchmarking

2 points

QUESTION 15

1. When writing excellent emails, it is always advisable to ____.
2. A.use colloquial languageB.assume the best meanings and intentionsC.use email for private communicationsD.send emails spontaneously for promptness

2 points

QUESTION 16

1. A _____ allows all partners to participate in management while also offering them limitedliabilityforcompanydebts.
2. A.limited liability corporationB.C corporationC.limited liability partnershipD.limited partnership

2 points

QUESTION 17

1. Macroeconomics issues directly affect one's day-to-day life, influencing key variables such as what jobs will be available, how much cash one will actually take home after taxes, or how much can one buy with that cash in any given month.
2. A.TrueB.False

2 points

QUESTION 18

1. A sole proprietorship is subject to double taxation in that any earnings are taxed both as income to the business and as income to the owner of the business.
2. A.TrueB.False

2 points

QUESTION 19

1. _____ can indicate impatience or nervousness.
2. A.FidgetingB.Furrowed browsC.Sustained eye contactD.Squinting

2 points

QUESTION 20

1. The $700 billion economic bailout package passed by Congress in 2008 was an example of monetary policy.
2. A.TrueB.False

2 points

QUESTION 21

1. Value is the relationship between the price of a good or a service and the benefit that the service offers to the customer.
2. A.TrueB.False

2 points

QUESTION 22

1. The Federal Reserve Bank is in charge of both fiscal and monetary policy.
2. A.True
3. B.False

1. The Taylix Company's balance sheet showed $18,000,000 in assets and $10,000,000 in liabilities. From the given information, the firm's owners' equity equals $6,000,000.
2. A.True
3. B.False

1. The Forbes magazine list of the 400 richest individuals in the United States is dominated by entrepreneurs.
2. A.True
3. B.False

1. In order to keep the audience awake, most experts agree that the key is to keep the presentation room quite cold. This ensures the audience stays awake.
2. A.True
3. B.False
4. Accounts receivable is categorized as a(n) _____.
5. A.current liability
6. B.immovable asset
7. C.current asset
8. D.depreciated asset

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

1. Paying non-living wages to workers in developing countries is _____.
2. A.illegal and unethical
3. B.legal and ethical
4. C.illegal and ethical
5. 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.True
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

1. 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 _____.
2. A.hindsight
3. B.intelligence
4. C.confidenceD.vision
5. Which of the following is NOT a factor to be considered when analyzing your audience?
6. A.Expectations
7. B.Education
8. C.Profession
9. D.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 proprietorship
4. C.general partnership
5. D.limited liability partnership

1. Choice of ownership determines the degree to which each owner has personal liability for the firm's debts and the sources of funds available to the firm to finance future expansion.
2. A.True
3. B.False

1. James is the sole proprietor of an automobile store. He wishes to pass on his assets to his children after his death. In order to attain the best tax advantage, what will his lawyer most likely advise him to do?
2. A.Sell the automobile store and pass the money on as cash so that he will only lose about 60 percent of it in estate taxes.
3. B.Sell the automobile store to the government in order to get twice the market value for it and then pass on the windfall.
4. C.Convert the sole proprietorship to a limited liability company and list it in his will as handed down to his heirs.
5. D.List the sole proprietorship in his will as passing to his heirs.

1. Successful businesses embrace change and carefully evaluate risks.
2. A.True
3. B.False

1. Fiscal policy is the government's effort to influence the economy through taxation and spending decisions to encourage growth and boost employment while curbing inflation.
2. A.True
3. B.False

1. The board of directors usually appoints the_____ to manage the company on a daily basis.
2. A.chief executive officer
3. B.common stockholders
4. C.preferred stockholders
5. D.angel investor

1. Stockholders are the _____ of a corporation.
2. A.creditors
3. B.employees
4. C.marketersD.owners

1. _____ is an entrepreneurial "must."
2. A.Freedom from taxation
3. B.Protection from competition
4. C.Freedom from regulation
5. D.Protection from corruption

1. The _____ summarizes a firm's financial position at a specific point in time by listing its assets, liabilities, and owners' equity.
2. A.statement of cash flows
3. B.income statement
4. C.balance sheet
5. D.budgeted balance statement

1. The vast majority of limited liability companies (LLCs)elect to be taxed as _____.
2. A.C corporations
3. B.sole proprietorships
4. C.partnerships
5. D.S corporations

1. A(n) _____ should be used to deliver an important message to many people at the same time and experience the immediate response of the receivers of the message.
2. A.voice mail
3. B.mass email
4. C.in-person presentation
5. D.instant message
6. Over 50% of entrepreneurs finance their new businesses with loans provided by commercial lending institutions.
7. A.True
8. B.False