Business Structures + Mastery Test UPDATED ACTUAL Exam Questions and CORRECT Answers
4 views 0 purchase
Module
Business Structures
Institution
Business Structures
Business Structures + Mastery Test
UPDATED ACTUAL Exam Questions and
CORRECT Answers
As you read these two scenarios, think about the possibilities that exist when starting a
business and the choices that must be made. Then answer the question that follows.
Scenario 1
Kristina wants to expa...
Business Structures + Mastery Test
UPDATED ACTUAL Exam Questions and
CORRECT Answers
As you read these two scenarios, think about the possibilities that exist when starting a
business and the choices that must be made. Then answer the question that follows.
Scenario 1
Kristina wants to expand her custom furniture business. She's been building furniture in her
basement for a few years now. She started out selling only to friends and family and then
began to sell online. Now she's getting so many orders that she can barely keep up with them
all. She knows that to expand, she need - CORRECT ANSWER✔✔- Several factors are
driving Kristina's and Andrew's business decisions. Here are a few:
-tax rates
-availability of labor
-distance to a major airport
-access to highways
-transportation infrastructure
Select the correct answer from each drop-down menu.
In a market economy, _______ brings more, higher-quality products and lower _______ for
consumers. In a market economy, the incentive of the producer is to make a _______. The
potential for profit and limited government intervention are what make _______ thrive in a
market-based economy.
Legally protected _______ ensure that people have collateral, enabling them to take out
loans. - CORRECT ANSWER✔✔- -competition
-prices
-profit
-entrepreneurs
-property rights
Drag the tiles to the correct boxes to complete the pairs
, Match each phrase with the scenario that illustrates it. - CORRECT ANSWER✔✔- The
computer accessories that Javier is making: profit motive
Susan uses her office building: property rights
While nervous that foreign companies: international competition
Because people bought the new food item: consumer sovereignty
Sam realized that his business: wealth creation
Read this scenario, and then answer the question that follows.
Richard is excited to start his trucking business. After taking out a loan, he decides to buy 10
used trucks and to hire drivers who live in his small town, which is 100 miles from the
nearest big city.
What potential economic consequences has Richard not taken into consideration while
making his decision? - CORRECT ANSWER✔✔- Richard needs to consider these points:
-If the town is 100 miles from the nearest big city, are enough goods that need to be trucked
being produced in the area?
-Used trucks may incur expenses in the form of maintenance and repairs. Will the business
have enough revenue to support these costs?
-How much money will need to be invested in fuel for the trucks?
-Will he find enough drivers with sufficient skills to drive trucks in his small town?
Question 1
You think you've found the computer that you would like to buy. You've done your research,
and the cheapest computer you have found that meets your needs costs $1,100. The price
includes the computer, printer, software, and sales tax. Use this information to answer the
following questions about the costs and benefits of your purchase.
Part A
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.37. You're not tied to anything after your purchase.
