Entrepreneurship - FINAL EXAM REVIEW

An individual who undertakes the creation, organization, and ownership of a business is called a(n)

• investor
• business broker
• role model
• entrepreneur

The seller of a franchise is called a(n)

• partner
• entrepreneur
• competitor
• franchisor

Money left over after all the expenses of running a business have been deducted from the income is called

• investment
• capital
• profit
• enterprise

The amount of money one puts into a business is called a(n)

• market
• profit
• investment
• capital

The point at which consumers buy all of a product that is supplied is called

• equilibrium
• capital
• profit
• investment

One of the risks of being in business for yourself is

• being your own boss
• uncertain income
• competition
• loss of prestige

The amount of a good or service that producers are willing to provide is called

• services
• supply
• inelastic
• volume

A/An___________ is a new business undertaking that involves risk.

• monopoly
• venture
• entrepreneur
• market structure

__________________ is the study of how people choose to allocate scarce resources to fulfill their unlimited wants.

• economics
• entrepreneurship
• free enterprise system
• monopoly

In a/an__________, people have an important right to make economic choices.

• entrepreneurship
• monopoly
• free society
• free enterprise system