Business Plan Essay Example

.
Successful firms generate long-term profits by delivering unsurpassed value to their customers.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): True

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2.
A firm will experience a loss when its revenue is less than its expenses.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): True

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3.
Business will incur a profit when expenses are higher than revenue.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): False

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4.
Profit is the money that a business earns in revenue, minus investments, and the cost of salaries.
A) True
B) False
Points Earned: 0.0/2.0
Correct Answer(s): False

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5.
Entrepreneurs are motivated to risk time, money, and other resources in an effort to gain a profit for themselves. However, their efforts yield benefits to many others in society in addition to their personal profits.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): True

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6.
The production era is also referred to as the era of mass production.
A) True
B) False
Points Earned: 0.0/2.0
Correct Answer(s): False

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7.
The four factors of production are natural resources, capital, money, and entrepreneurship.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): False

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8.
An economy is both a social and a financial system.
A) True
B) False
Points Earned: 0.0/2.0
Correct Answer(s): False

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9.
An economic system is a structure for measuring gross domestic product.
A) True
B) False
Points Earned: 0.0/2.0
Correct Answer(s): False

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10.
Economists forecast business needs based on a deep understanding of past choices.
A) True
B) False
Points Earned: 2.0/2.0
Correct Answer(s): True

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