Business Questions
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A ____ venture is a global market-entry strategy that created a partnership between a local and a foreign firm that will share ownership, control, and profits from the new company
A ____ is a tax levied on a good imported into a country
Whatever now represents another idea or concept is known as a cultural ______?
Economic integration has been advanced by agreements like NAFTA that promote ___ between member nations
An example of a societal ____ is Germans lack of interest in using credit cards like Visa and Mastercard, perhaps in part because the German word for "debt" is the same as the word guilt
The EU, in essence, _____ trade barriers for its member countries when it became an economic union
Successful entrepreneurs contribute to the economy bybecoming wealthy.expanding markets.encouraging free trade.creating business strategies.
Many classical economists such as Adam Smith believed that government shouldintervene often in the economy.intervene little in the economy.always intervene in the economy. never intervene in the economy.
A business owner would most likely create a cooperative instead of buying a franchise becausecooperatives give majority owners the most control, while franchises make decisions with a parent company.cooperatives make it easy to accumulate supplies, while franchises come with supplier relationships already in place. cooperatives are well financed by members, while franchises must raise large sums of money to launch a business.cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.
What must an entrepreneur assume when starting a business?that the correct location guarantees successthat every product has a customer who wants itthat clever market strategies may still fail to sell a productthat raising funds is the most difficult step in starting a business
Which best describes a difference between the views of Milton Friedman and John Maynard Keynes on the economy?Friedman said that monetary policy should be used to influence aggregate demand, while Keynes believed the best approach was fiscal policy.Friedman said that fiscal policy should be used to influence aggregate demand, while Keynes believed the best approach was monetary policy.Keynes believed in little government intervention in the economy, while Friedman said government should play an active role.Keynes believed the economy was too complicated to think of aggregates, while Friedman said higher aggregate demand could solve issues.
Because many successful business owners fail on their first attempts, the reader should assume thatthey learned from their mistakes.their business plans were incomplete.their products or services were unneeded.they were unwilling to take financial responsibility.
What led to Henry Ford's success as an entrepreneur?His personal wealth.His innovative production methods.His commitment to improving labor laws.His desire to pay high wages.
According to the article by Brooks, successful entrepreneurs are most interested injob security.financial gain.personal fulfillment.a flexible working environment.
How are Bill Gates and Henry Ford similar? Check all that apply.They both streamlined factory production.They both became wealthy and successful.They both helped better the lifestyles of others.They both developed products that filled a human need or needs.They both founded a company when they were very young.
What is one purpose of writing a business plan before entering the market?to prove that the new company will be successfulto show that the enterprise is realistically basedto have a useful tool when applying for fundingto differentiate the new company from the competition
A disadvantage of forming a partnership is that ownerscan find it tougher to start and stop a business.can find it more difficult to get a bank loan.are only responsible for their own finances.are fully responsible for their partners' losses
Entrepreneurs who want to open a franchisebuys the rights from the parent company and creates his or her own rules.buy the rights from the parent company and invest in a location approved by the parent company.invest in a location and create a business model for the franchise.invest in a location and develop a trademark for the franchise.
What circumstances during the early days of industrialization led to a need for reform? Check all that apply.Factory equipment was dangerous to operate.There were too few capable workers to fill positions.There was little government regulation of workplaces.A typical work shift might be twelve to sixteen hours long.It was very expensive to keep factories running
An entrepreneur must accept being accountable for the failure of the company because the entrepreneur ispart of the management team.responsible for organizing the business.expected to contribute positively to society.expected to dedicate the most hours to the business.