QUESTION Which of the following is both a factor of production and a stakeholder? A) capital B) human resources C) customers D) owners E) natural resources ANSWER Answer: B Explanation: B) Employees are both a factor of production and a stakeholder group.
Date: September 3rd, 2020
QUESTION Which of the following is not considered a traditional factor of production? A) capital B) natural resources C) human resources D) knowledge E) entrepreneurship ANSWER Answer: D Explanation: D) Management guru Peter Drucker considers knowledge to be an important production factor even though it is not a traditional one. The use of information […]
Date: September 3rd, 2020
QUESTION Most affluent households in America are headed by business owners. The self-employed account for what proportion of this group? A) one-third B) one-fourth C) one-half D) two-thirds E) three-quarters ANSWER Answer: D Explanation: D) Researchers Stanley and Danko have found that self-employed business owners comprise more than two-thirds of affluent U.S. households not […]
Date: September 3rd, 2020
QUESTION How might a business that is training cable installation technicians use natural resources as a factor of production while also benefitting society? A) by using the least expensive items for classroom fixtures B) by installing solar panels to generate power C) by using only recycled paper to protect forests D) by replacing bottled water […]
Date: September 3rd, 2020
QUESTION As part of his high school entrepreneur team, Nathan has been asked to research capital factors of production for their proposed business. Which of the following will Nathan NOT include in his research? A) machines B) tools C) money D) technology E) buildings ANSWER Answer: C Explanation: C) Capital factors of production do […]
Date: September 3rd, 2020
QUESTION Minerals, water, and wind are examples of which factor of production? A) intangible resources B) natural resources C) human resources D) capital resources E) technological resources ANSWER Answer: B Explanation: B) Production inputs that are useful just as they appear in nature are called natural resources.
Date: September 3rd, 2020
QUESTION Cathy is a one-woman dynamo. She knows her idea for in-home cupcake decorating parties will be a smash. With her energy, personality, and creativity, she’s sure this will make her rich. What should Cathy step back and consider first for her business if she wants to build wealth? A) tax liabilities B) human resources […]
Date: September 3rd, 2020
QUESTION Last year, Sara started a business that provides on-site life coaches for overworked executives. Her business has already grown to serve clients in a neighboring state. What could be considered the company’s most important factor of production? A) entrepreneurship B) capital C) human resources D) natural resources E) knowledge ANSWER Answer: C Explanation: […]
Date: September 3rd, 2020
QUESTION Which of the following is NOT one of the external forces that can encourage or discourage business development? A) competitive B) personal C) global D) economic E) social ANSWER Answer: B Explanation: B) External factors that may encourage or discourage business development include economic, technological, competitive, global, and social forces.
Date: September 3rd, 2020
QUESTION Economic forces that affect business development fundamentally reflect a balance between what two factors? A) freedom and regulation B) input and output C) purchasing power and savings rates D) recession and expansion E) markets and resources ANSWER Answer: A Explanation: A) Economic forces within the business environment reflect ongoing tension between the freedom […]
Date: September 3rd, 2020
