4 out of 4 points The _____ is the business entity in a franchise relationship that allows others to operate a business using

resources it supplies in exchange for money and other considerations. Answer Selected Answer: franchisor Correct Answer: franchisor

Question 2
4 out of 4 points _____ is the contractual relationship in which an established firm supplies another business with unique resources in exchange for payment and other considerations. Answer Selected Answer: Franchising Correct Answer: Franchising

Question 3
4 out of 4 points The party in a franchise relationship that pays for the right to use resources supplied by another business entity is known as the Answer Selected Answer: franchisee. Correct Answer: franchisee.

Question 4
4 out of 4 points A nonprofit corporation enjoys the benefit of Answer

Selected Answer: earnings that are exempt from state and federal taxes. Correct Answer: earnings that are exempt from state and federal taxes.

Question 5
4 out of 4 points From the standpoint of an owner, a major advantage of the sole proprietorship is the: Answer Selected Answer: retention of control. Correct Answer: retention of control.

Question 6
4 out of 4 points A company must register as a foreign corporation if they Answer Selected Answer: plan on doing business in another state. Correct Answer: plan on doing business in another state.

Question 7
0 out of 4 points Not all corporations are large. In recent years, about 24 percent of corporations have reported less than _____ in total sales revenue. Answer Selected Answer: $1,000,000 Correct Answer: $25,000

 Question 8
4 out of 4 points The federal government runs a budget deficit when its Answer Selected Answer: spending outpaces revenue from taxes. Correct Answer: spending outpaces revenue from taxes.

Question 9
0 out of 4 points Changes in the PPI can predict changes in the Consumer Price Index (CPI) because Answer Selected Answer: consumers pay what retailers charge. Correct Answer: producers often pass along price increases to consumers.

Question 10
0 out of 4 points An economic system is a structure for Answer Selected Answer: none of the above. Correct Answer: allocating limited resources.

Question 11
4 out of 4 points In _____, many firms compete by selling differentiated products. Answer

Selected Answer: monopolistic competition Correct Answer: monopolistic competition

Question 12
4 out of 4 points In the broadest sense, economics studies the choices that Answer Selected Answer: people, governments, and companies make in allocating resources. Correct Answer: people, governments, and companies make in allocating resources.

Question 13
4 out of 4 points The amount of goods and services produced by an economy divided by the amount of resources used to make those goods and services, measures economic Answer Selected Answer: productivity. Correct Answer: productivity.

Question 14
4 out of 4 points _____ are people willing to take the risk of starting, owning, and operating a business. Answer Selected Answer: Entrepreneurs Correct Answer: Entrepreneurs

 Question 15
4 out of 4 points The majority of new small business owners rely heavily on _____ to finance their startups. Answer Selected Answer: personal sources, including family, friends, and credit cards Correct Answer: personal sources, including family, friends, and credit cards

Question 16
4 out of 4 points For research purposes, the Small Business Administration (SBA) defines small business as companies with up to _____ employees. Answer Selected Answer: 500 Correct Answer: 500

Question 17
4 out of 4 points _____are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them. Answer Selected Answer: Market niches Correct Answer: Market niches

Question 18
4 out of 4 points

_____ provide funds to small businesses with high growth potential in exchange for a share of ownership in the company. Answer Selected Answer: Venture capitalists Correct Answer: Venture capitalists

Question 19
4 out of 4 points A(n) _____ is a formal document that describes a business concept and outlines the core business objectives while detailing the strategies and timelines for achieving those objectives. Answer Selected Answer: business plan Correct Answer: business plan

Question 20
4 out of 4 points Nonprofit organizations are not in the business of Answer Selected Answer: financial gain. Correct Answer: financial gain.

Question 21
4 out of 4 points _____ refers to the quality and quantity of products and goods available to a population at a given time. Answer Selected Answer:

Standard of living Correct Answer: Standard of living

Question 22
0 out of 4 points The hard sell or aggressive persuasion designed to separate consumers from their cash emerged during the Answer Selected Answer: entrepreneurship era. Correct Answer: production era.

Question 23
4 out of 4 points The four major categories of factors of production are Answer Selected Answer: natural resources, capital, human resources, and entrepreneurship. Correct Answer: natural resources, capital, human resources, and entrepreneurship.

Question 24
4 out of 4 points In 1995, a renegotiation of the General Agreement on Tariffs and Trade (GATT) took bold steps to lower tariffs and to reduce trade restrictions. A tariff is a Answer Selected Answer: tax on imports. Correct Answer: tax on imports.

 Question 25
4 out of 4 points Natural resources include Answer Selected Answer: Correct Answer: all inputs offering value in their natural state such as land, fresh water, wind, and mineral deposits. all inputs offering value in their natural state such as land, fresh water, wind, and mineral deposits.