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Introduction to Business Unit 1 Milestone 1,100% CORRECT

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Lindsey decided to open a franchise fitness center instead of starting her own business from scratch. Which of the following is an advantage to Lindsey purchasing the franchise? • Lindsey can se... lect the suppliers for purchasing the workout equipment. • Lindsey can get help with marketing and advertising the new business. • Lindsey can determine what fitness options she will provide her customers. • Lindsey can create the logo and company slogan for the fitness center. 2 Which of the following describes an entrepreneur rather than a small business owner? • More concerned with running day-to-day operations • More likely to develop innovations and business expansions • More focused on making decisions where the outcome is clear • More satisfied with a consistently profitable business 3 A large cable company is the only provider of cable TV and Internet for a small community. As a result, consumers in the community who want either of these services must purchase from this company. In which of the following economic markets is the cable company operating? • Monopoly • Monopolistic • Oligopoly • Perfect 4 Which of the following is NOT a key characteristic of a business? • A business tries to measure its macroeconomic impact. • A business attempts to earn a profit by providing a product or service. • A business often tries to provide choices and opportunity. • A business attempts to satisfy consumer needs. 5 Which of the following controls production in a planned economy? • Producers of products and services • Consumers of products and services • Centralized government • Monopolistic corporations 6 Which of the following best illustrates the socioeconomic model of social responsibility? • The owner of a toy manufacturing company feels the company benefits society by making toys its customers will want to purchase. • The owners of an automobile manufacturing company feel the company benefits society by making decisions that result in earning a higher net income. • The management of an oil production company feels the company benefits society when it makes a profit for its stockholders. • The owner of a farm feels the farm benefits society by making a profit while providing healthy and fresh produce to its customers. 7 Warren and Liza were drafting the partnership agreement for their new home design and construction company. Select the item below that Warren and Liza should include in their partnership agreement. • Rights of the stockholders of the business • Short- and long-term sales forecasts • Formal code of conduct for employees • The amount of money each partner invests 8 Kowabunga was a US based beach clothing and gear company. The owner of the company wanted to expand into markets in Mexico, Australia and Fiji. The company compared the emerging markets to see which had the highest growth rates. Which external business environment did the company evaluate for its expansion? • Sociocultural • Global • Domestic • Political-legal 9 NAFTA, the EU and the WTO are all forms of __________. • protective tariffs • nontariff barriers • trade restrictions • trade agreements 10 Which of the following is true regarding a mixed market economy? • Some pricing fluctuates while other pricing is controlled by the government • Central government authority owns and operates certain types of businesses. • Prices and production of goods are determined by a central planning authority. • Prices and production of goods are based on supply and demand. 11 A business owner decides to only use products that do not test on animals. Which social responsibility stance below did the business owner demonstrate? • Accommodating • Obstructionist • Proactive • Defensive 12 Which of the following would be included in the financial plan section of a business plan? • Description of the target market for the business • Methods for measuring if specified targets are met • Projected profit and loss for the business • Analysis of competitors in the marketplace 13 Which of the following best describes corporate governance? • The leadership provided by officers and directors for a corporation • The input provided by stockholders of a corporation • The rights assigned to the stockholders of a corporation • The structure of rights and processes for a corporation 14 In which type of business below does the owner have the highest liability risk? • Sole proprietor • Cooperative • Corporation • Partnership 15 Which of the following should guide ethical behavior in a business? • Moral judgments • Scientific theories • Personal goals • Cultural standards 16 Which of the following is an example of a trade deficit? • China exports more goods to the United States than the US exports to China. • China and the United States both import and export the same amount of goods to one another. • The United States imports more goods from China than China imports from the US. • China can produce clothing more efficiently than the United States. 17 Richard worked at a software company, and he learned many youth in the local community did not have access to technology to help them succeed in school. Richard told his supervisor he thought this might be a good way to give back to the community. Which step to creating a social responsibility program below does this illustrate? • Follow through • Ongoing leadership • Action • Need recognition 18 Which of the following is the purpose of the World Bank? • To support the development of poorer countries • To loan businesses in different countries money • To support the development of all countries • To loan consumers in different countries money 19 Sarah owned a small business that made custom handbags and totes for women, but her business failed. If Sarah was constantly shopping for supplies, stocking the work room and sewing bags—instead of overseeing business operations—her failure can be attributed to which type of mismanagement? • Financial miscalculation • Uncontrolled resources • Lack of focus [Show More]

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