Entrepreneurship Pathway
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What are the functions of management? | Planning, organizing, leading, and controlling
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| The P&L Account begins and end with? | Begins: total sales (=revenue) generated during a month, quarter or year. Ends: earnings (= profit / the bottom line)
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| The basic equation that has to balance is? | Assets = Liabilities + Shareholders´ equity
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| Name the 2 branches of economics and what they do? | • Macroeconomics
studies the operation of a nation's economy as a whole
• Microeconomics
studies the behavior of people and organizations in a particular market
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| What are the advantages and disadvantages of socialism? | Advantages: creates more social equity. workers receive more education, health care, fewer work hours, longer vacations
Disadvantages: lowers incentive to start a business or to work hard higher unemployment rate and slower growth rate
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| What is the difference between socialism and communism? | lowers incentive to start a business or to work hard higher unemployment rate and slower growth rate
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| True or False? The 4 phases of business cycles are: economic boom, recession, depression, and recovery. If false, tell what the 4 phases are. | True
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| Who decides to produce under capitalism? | business decide what to produce, how much to pay workers, how much to charge for goods and services
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| What are the basic rights under capitalism? | Right to Private Property, Right to own a business and to keep that business profit after taxes, freedom of competition, and right to freedom of choice
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| How does the free market work? | buyers and sellers negotiate prices for goods and services influence the decisions about what gets produced and in what quantities.
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Created by:
miracle45
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