Some examples from this set of practice questions
1.
The recurrence of periods of growth and recession in the nation\'s economic activity is referred to as
Answer: The Business Cycle
2.
According to the textbook there are individual, social and opportunistic factors that affect whether or not a business person will behave
Answer: Ethically
3.
\"_________________ results when a businessperson takes advantage of a situation for his or her own personal interest rather than the employer\'s interest.\"
Answer: Conflict of Interest
4.
The total flow of money into a country minus the total flow of money out of a country over some period of time is referred to as that nation\'s
Answer: Balance of Payments
5.
In today\'s competitive business world, which environments affects business?
Answer: Competitive, Global, and Technological Environment
6.
What are considered a \"non-tariff barrier\" that favors domestic over foreign suppliers?
Answer: Import Quota, Currency Devaluation, and Embargo
7.
Which of the following international trade agreements gradually eliminated all tariffs and quotas on goods produced and traded among Canada, Mexico. and the United States to provide for a totally free-trade area?
Answer: The North American Free Trade Agreement
8.
International conflicts like World War II, The Korean War and the Vietnam War have played a significant role in shaping the U.S. economy. True of False?
Answer: True
Some examples from this set of practice questions
1.
The biggest disadvantage of owning a business as a sole proprietor ship is
Answer: Unlimited Personal Liability
2.
What are disadvantages of owning a business as a partnership?
Answer: Disagreements among partners, Automatic termination of the partnership, and Unlimited personal liability
3.
A business plan is
Answer: a carefully constructed guide for a person starting a business.
4.
Many U.S. companies form ________________________ with foreign firms to enter new markets around the globe. The two companies unite for a specific period of time or to achieve a specific goal and then go their separate ways.
Answer: Joint Ventures
5.
A(n) __________________ is the combining of two firms that make and sell similar products or services in similar markets.
Answer: Horizontal Merger
6.
A license to operate an individually owned business as if it were part of a chain of outlets or stores is called a(n)
Answer: Franchise
7.
For small businesses, the Internet is
Answer: the most favored strategy for both domestic and international growth.
8.
The Small Business Administration can assist small businesses with
Answer: Improving Management Skills, Finding Venture Capital, and Obtaining Regular Business Loans
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