AnswersVT-GA-EOC-Personal Finance Economics A ULHSTechnology and Economics

Technology and Economics — Unit test Answers

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1
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What is one purpose of writing a business plan before entering the market?

A
to prove that the new company will be successful
B
to show that the enterprise is realistically based
C
to have a useful tool when applying for funding
D
to differentiate the new company from the competition
2
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An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
3

What must an entrepreneur assume when starting a business?

A
that the correct location guarantees success
B
that every product has a customer who wants it
C
that clever market strategies may still fail to sell a product
D
that raising funds is the most difficult step in starting a business
4

What must an entrepreneur do after creating a business plan?

A
open the business
B
finance the business
C
file the right paperwork
D
identify an opportunity
5

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
6

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
they are willing to take fewer risks.
C
their products or services were unneeded.
D
they were unwilling to take financial responsibility.
7

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
personal fulfillment.
C
financial risk.
D
a flexible working environment.
8

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
9

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.

A
They both streamlined factory production.
B
They both became wealthy and successful.
C
They both helped better the lifestyles of others.
D
They both developed products that filled a human need or needs.
E
They both founded a company when they were very young.
10

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to spend time training employees.
C
They need to have sufficient income to pay loans.
D
They have to contribute both to the market and society.

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