ENT. CHAPTER 2 REVISION QUESTIONS AND ANSWERS.7
According to the Small Business Administration, the percentage of businesses that survive the
first five years is about - correct answer 50%
Which of the following is not a common reason for failure of a new business? - correct answer
Overestimating the competition
The road map or course of action to be taken for a start-up business is described in the - correct
answer business plan
Finding a need for a product or service on which to base a start-up business is the - correct
answer feasibility study
Which of the following items is classified as a need? - correct answer food
An analysis that helps a person decide whether product or service idea is worth pursuing is a -
correct answer feasibility study
In which type of economy does the government determine what goods are produced, how
much is produced and the selling price? - correct answer Market economy
Which of the following types of resources is not a factor of production? - correct answer
Consumer resources
The four basic market structures are oligopoly, monopoly, monopolistic, competition, and -
correct answer Perfect competition
The part of a business plan that explains how the business will function if an unexpected event
occurs is an - correct answer contingency plan
According to the Small Business Administration, the percentage of businesses that survive the
first five years is about - correct answer 50%
Which of the following is not a common reason for failure of a new business? - correct answer
Overestimating the competition
The road map or course of action to be taken for a start-up business is described in the - correct
answer business plan
Finding a need for a product or service on which to base a start-up business is the - correct
answer feasibility study
Which of the following items is classified as a need? - correct answer food
An analysis that helps a person decide whether product or service idea is worth pursuing is a -
correct answer feasibility study
In which type of economy does the government determine what goods are produced, how
much is produced and the selling price? - correct answer Market economy
Which of the following types of resources is not a factor of production? - correct answer
Consumer resources
The four basic market structures are oligopoly, monopoly, monopolistic, competition, and -
correct answer Perfect competition
The part of a business plan that explains how the business will function if an unexpected event
occurs is an - correct answer contingency plan
