Reference no: EM131004412

1. Enterprise, as a main component of business, requires which of the following?

2. In economics, what principle indicates the value placed on a product lessens as consumption increases?

3. Imagine Company A has a total profit of $40 million and that it invested $400 million in the course of a year. Company B has a total profit of $20 million and has invested $80 million over the course of the year. Which company has the greater profitability?

4. What was the original purpose of the limited liability company?

5. What defines a group of companies that have similar products and business activities?

6. Which of the following best describes a partnership?

7. What measures how efficient a company uses its capital and resources to generate returns for its investors?

8. Capital, land, enterprise, and labor are all costs associated with making and selling goods. What do they determine?

9. What is an obstacle that professionals avoid in a sole proprietorship?

10. Which term refers to the total money or assets of a business?

11. What are the three components that make up a business system?

12. Which of the following businesses is the best example of when to set up a limited liability company in order to control financial risk of the stockholder(s)?

13. If a company were to have a total sales revenue of $50 and a total operating cost of $37, what is the total profit?

14. What will most likely increase the demand for better quality goods and services?

15. If a business partnership grows, what is usually added over time?

16. What are the four productive resources that make a business possible?

17. What law shows that there is a direct relationship between the price of a product and the amount that is supplied in the market?

18. Which of the following is the best example of a business partnership?

19. What equation correctly shows how profit is calculated?

20. Which of the following best describes limited liability as it relates to a business?

21. Who assumes all liability for debt created in a sole proprietorship?

22. In general, the more a particular product is valued, the more it is demanded. Which is true in regard to this statement?

23. Which of the following is the best advantage of a joint-stock company?

24. This is the point at which the supply of the product just meets the demand for it.

25. What is the best way to raise funding for a joint-stock company?

26. Information technology, e-commerce, human resource management, and procurement are included in what type of value chain function in a business?

27. What law refers to the tendency of people to buy more of a product when the price is lower and less of it when its price is higher?

28. How does specialization assist a business in becoming more productive?

29. Which of the following best describes a joint-stock company structure?

30. What is defined as the absolute monetary difference between sales revenues and operating costs?

31. Which equation correctly shows how to calculate profitability?

32. Which of the following best describes a system through which goods or services are exchanged for capital with the aim of making a profit?