Entrepreneurship Test questions with 100% complete solution 2023/2024

Entrepreneurship Test Supplies are an example of a(n) ______________. - correct answer Variable Cost _____________ buy goods or services they want or need. - correct answer Consumers A financial system in which there is a careful supervision of resources to prevent too much spending or excess is called a(n)_____. - correct answer Economy In production: High demand = - correct answer Increased Production Because entrepreneurs need to buy products to keep their businesses running, other businesses are needed to meet these needs. This is an example of _____. - correct answer Demand for Products An example of government spending when calculating the GDP using the expenditures approach is _____. - correct answer Purchase of weapons for the military There are _________________ in every economy that are used to produce the goods and services that people want and need. - correct answer Limited Resources (T/F) The amount businesses have left after paying their rent, interest on debt, and employee costs is called expenses. - correct answer False; The answer would be profit. The purchase of new software is part of this expenditures approach for calculating the GDP. - correct answer Sum of all the country's businesses spending on capital. If a business has unhappy customers or unhappy employees, it is likely that the business will also make... - correct answer Less money Income received by households through the lending of their money to corporations and business firms is an example of _____ income. - correct answer Interest Income _____ is the method of determining what a business will get in exchange for its products. - correct answer Pricing Opportunity costs are... - correct answer The costs resulting from a business owner's choice when selecting one thing over another and how it will impact the business Spending money on food is part of this expenditures approach for calculating the GDP. - correct answer Consumer Spending The desire to earn a profit is called... - correct answer Profit motive Purchase of weapons for the military is part of this expenditures approach for calculating the GDP. - correct answer Sum of government spending