AnswersAcademy - Economics and Personal FinanceUnit Test

Unit Test Answers

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1
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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.
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

The main advantage that corporations have is

A
limiting liability for owners and stockholders.
B
giving many owners a say in business decisions.
C
being inexpensive and easy to establish.
D
requiring fewer state and federal regulations.
4

An entrepreneur is someone who

A
starts and runs a business.
B
is an employee of a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
5

What is the definition of collective bargaining?

A
ongoing salary negotiations between an employee and a factory owner
B
an agreement among a group of factory owners to raise worker wages
C
a written set of guidelines about legal and illegal workplace conditions
D
labor union and employer negotiations about wages and other issues
6

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.
7

What is one benefit for US workers who have a college degree rather than a high school diploma?

A
More than 80 percent of jobs require a college degree.
B
Those with a college degree report higher job satisfaction.
C
Most workers with a college degree are immune to layoffs.
D
Those with a college degree earn nearly twice as much as those without college.
8

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
9

Cooperatives save members money by

p
purchasing supplies and services as a group.
s
securing financing from banks as a group.
c
charging more to sell their products as a group.
s
sharing all profits democratically as a group.
10

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.
11

One argument in favor of labor unions is that they

h
help create many new jobs.
s
support both owners and workers.
g
give workers job security.
e
eliminate unqualified workers.
12

The graph shows labor union membership.

Question illustration
A
in 1945 and 1955
B
in 1960 and 1970
C
in 1930 and 1950
D
in 1965 and 1970
13

What led to Henry Ford’s success as an entrepreneur?

A
His personal wealth.
B
His innovative production methods.
C
His commitment to improving labor laws.
D
His desire to pay high wages.
14

The most common business organizations in the United States are

p
partnerships.
s
sole proprietorships.
c
corporations.
f
franchises.
15

What was the status of US workplace safety laws in 1900?

A
A few states had tried to pass safety laws, but they had no public support.
M
Most states had passed some safety laws, but enforcement varied.
M
Most states opposed safety laws, but workers began to demand them.
A
All states had safety laws, but no one bothered to enforce them.
16

Health care, business, retail, and education are examples of ________ industries.

s
service
e
entertainment
m
manufacturing
c
construction
17

Franchises are attractive to business owners because

t
they have a proven business model.
t
they are typically inexpensive to buy.
t
they get to keep all profits.
t
they come with very little risk.
18

What is the definition of minimum wage?

t
the lowest hourly pay that workers can receive
t
the average pay for qualified workers
t
the starting salary for all new employees
t
the required pay when an employee is injured
19

How are Bill Gates and Henry Ford similar? Check all that apply.

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.
20

What is one way for an entrepreneur to decrease risk?

A
by mimicking popular products
B
by maintaining personal flexibility
C
by creating a strong business strategy
D
by developing reliable sources for materials

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