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Chapter Quiz
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1
A business is any person, partnership, or corporation that seeks to provide goods and/or services to others at a profit.
A)True
B)False
2
Increased productivity and efficiency may eliminate many jobs in one industry and create new jobs in a different industry.
A)True
B)False
3
A policy of empowerment empowers managers to make decisions quickly for their front line employees.
A)True
B)False
4
If you are looking for job diversity, flexibility, and the chance to develop a broad set of skills, the choice may be to work for a large firm.
A)True
B)False
5
A nonprofit organization is an organization whose goals do not include making a personal profit for its owners or organizers.
A)True
B)False
6
A(n) ____________ is a person who owns and operates his or her own business.
A)manager
B)entrepreneur
C)private investor
D)stakeholder
7
Which of the following is an example of a service?
A)air travel
B)groceries
C)a book
D)a computer
8
In the 1800s economic development in the U.S. began with the __________ industry.
A)manufacturing
B)agricultural
C)service
D)production
9
The money gained from taking a business venture risk is called ____________.
A)CPM.
B)ROI.
C)PMI.
D)APR.
10
The factors of production include which of the following?
A)entrepreneurship
B)knowledge
C)land
D)all of the above





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