BUS- FINAL EXAM REVIEW UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Entrepreneurs are often both owners and ___________.
A) creditors
B) employees
C) customers
D) suppliers
Answer:
B) employees
Question:
2. Why do consumers benefit from free trade and the
resulting competition between businesses?
A) competition drives away entrepreneurs who use
resources most widely
B) competition tends to drive down prices and improve
quality
C) competition offers consumers fewer choices and
makes the marketplace less confusing
D) competition reduces choices to consumers
Answer:
B) Competition tends to drive down prices and improve quality
Question:
3. Entrepreneurs look at five basic ways of opportunity for
business ideas. Which is not one of those five?
A) developing a new market for an existing product
B) producing products more cheaply
C) finding new ways to use existing technology
D) raising prices in an existing market
Answer:
D) raising prices in an existing market
, Question:
4. Bankers and other potential investors will often refuse to
see an entrepreneur who does not have a _________.
A) complete business plan
B) sales forecast
C) resume
D) marketing plan
Answer:
A) complete business plan
Question:
5. The four factors that form marketing mix are
A) product, price, promotion, place
B) product, place, politics, price
C) product, packaging, promotion, price
D) product, price, promotion, public opinion
Answer:
A) product, price, promotion, place
Question:
6. Cash flow _________ be negative before debt and equity
infusions _________ be negative after them.
A) can, cannot
B) cannot, cannot
C) cannot, can
D) can, can
Answer:
A) can, cannot
Question:
7. A factor to consider when selecting a physical location is
__________.
A) nearby university
B) wage rates
C) work force availability
D) all of the above
Answer:
D) all of the above
QUESTIONS AND CORRECT ANSWERS
Question:
1. Entrepreneurs are often both owners and ___________.
A) creditors
B) employees
C) customers
D) suppliers
Answer:
B) employees
Question:
2. Why do consumers benefit from free trade and the
resulting competition between businesses?
A) competition drives away entrepreneurs who use
resources most widely
B) competition tends to drive down prices and improve
quality
C) competition offers consumers fewer choices and
makes the marketplace less confusing
D) competition reduces choices to consumers
Answer:
B) Competition tends to drive down prices and improve quality
Question:
3. Entrepreneurs look at five basic ways of opportunity for
business ideas. Which is not one of those five?
A) developing a new market for an existing product
B) producing products more cheaply
C) finding new ways to use existing technology
D) raising prices in an existing market
Answer:
D) raising prices in an existing market
, Question:
4. Bankers and other potential investors will often refuse to
see an entrepreneur who does not have a _________.
A) complete business plan
B) sales forecast
C) resume
D) marketing plan
Answer:
A) complete business plan
Question:
5. The four factors that form marketing mix are
A) product, price, promotion, place
B) product, place, politics, price
C) product, packaging, promotion, price
D) product, price, promotion, public opinion
Answer:
A) product, price, promotion, place
Question:
6. Cash flow _________ be negative before debt and equity
infusions _________ be negative after them.
A) can, cannot
B) cannot, cannot
C) cannot, can
D) can, can
Answer:
A) can, cannot
Question:
7. A factor to consider when selecting a physical location is
__________.
A) nearby university
B) wage rates
C) work force availability
D) all of the above
Answer:
D) all of the above
