Final Test Answers

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21
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What is the opportunity cost of an investment?

A
The combined values of the other opportunities available
B
The value of the next most valuable opportunity
C
The marginal benefit of the investment
D
The volatility of the investment
22
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Which of the following is a variable cost for a company that makes bread?

A
The rent for a warehouse
B
Bread ingredients
C
An oven
D
A salaried worker
23

Which of the following business ownership structures is the simplest and easiest to set up?

A
A partnership
B
An LLC
C
A sole proprietorship
D
A C corporation
24

In a company's SWOT analysis, which of the following is an example of a threat?

A
The company makes a low quality product.
B
The company's employees have bad morale.
C
There are many competitors in the market.
D
The market is not very saturated.
25

Which of the following is regulated by the FLSA?

A
Affirmative action
B
Health and safety procedures
C
Labeling of food products
D
Minimum wage
26

In a contract, what is consideration?

A
Exchanging things of value
B
Breaching the contract
C
A business tort
D
The minimum age for the contract
27

Which two factors and their interaction regulate the market economy?

A
Goods and services
B
Producers and consumers
C
Product-based and service-based businesses
D
Public and private sectors
28

If you plan to take money out of the bank frequently, what type of account should you get?

A
A savings account
B
A checking account
C
An interest account
D
An investment account
29

The spoken version of your company's purpose is called _____________.

A
An elevator pitch
B
A vision statement
C
Your values
D
Differentiation

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