John Blue has started his own Internet business, Blueways.com, offering online ordering of refurbished computer parts. His business has experienced a slower than usual start due to higher than expected costs for capital resources. Those expenses include:

John Blue has started his own Internet business, Blueways.com, offering online ordering of refurbished computer parts. His business has experienced a slower than usual start due to higher than expected costs for capital resources. Those expenses include:

buildings, money, and skilled labor.

computers, cables, Internet service, copiers, and software.

raw materials, money, and employee training.

advertising and financial costs.

4 points

Question 2

__________ is an entrepreneurial “must.”

Freedom from taxation

Protection from competition

Freedom from regulation

Protection from corruption

4 points

Question 3

To be successful, entrepreneurs must be comfortable risking their money and __________ to start and manage a business.

time

standard of living

revenue

freedom

4 points

Question 4

Megan’s parents want her to become an accountant after she graduates from college. However, Megan wants to start her own cupcake store. To boost her chance of personal success, experts advise Megan to:

become an accountant because it is a safe career choice.

do what her parents suggest since they will be paying for her student loan.

do what she loves.

become an accountant at a restaurant.

4 points

Question 5

Business transactions that occur online are examples of:

I-commerce.

meta-economics.

e-commerce.

nano-commerce.

4 points

Question 6

All of the following are basic freedoms encouraging entrepreneurship EXCEPT:

freedom of choice.

freedom from excess regulation.

freedom of guaranteed profits.

freedom from too much taxation.

4 points

Question 7

Leading edge businesses maintain a competitive advantage by introducing products:

just as the market becomes ready to embrace them.

12-18 months before the market is really ready to embrace them.

long before anyone else has even thought of them, and at least two years before the majority of customers will express interest in them.

right before the demand for the product reaches its highest level.

4 points

Question 8

The core goal of business is to generate long-term __________by delivering ___________ to their customers.

value; products

profits; value

profits; security

value; profits

4 points

Question 9

Entrepreneurs participate in __________ business environments.

competitive, economic, and social

capital, economic, and competitive

human resources, competitive, and social

economic, competitive, technological, social, and global

4 points

Question 10

During the relationship era, businesses concentrated on:

hard selling designed to convince people to buy products.

building long-term customer relationships.

developing brands to differentiate their products from those of competitors.

refining the production process and creating greater efficiencies.

4 points

Question 11


 

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