SOPHIA PATHWAYS
Introduction to Business
Milestone 1
19 questions were answered correctly.
1-Which of the following is a disadvantage of a sole proprietorship?
● May have a more complicated tax structure
● May have difficulty raising money for business operations
● May have problems resulting from frozen investments
● May have issues with government regulations
CONCEPT
Non-Corporate Business
2-Which of the following is true regarding a mixed market economy?
● Central government authority owns and operates certain types of businesses.
● Prices and production of goods are determined by a central planning authority.
● Some pricing fluctuates while other pricing is controlled by the government
● Prices and production of goods are based on supply and demand.
CONCEPT
Economic Systems
Raul owned a small graphic design business. He used 3-D software and computers to create
animations for his clients.
3-Which factor of production do the computers represent?
, ● Human resource
● Information resource
● Physical resource
● Capital
CONCEPT
Economic Systems
A toy company created a new truck to offer to consumers.
4-Based on the graph shown above, which of the following is the equilibrium quantity and
price at which the company should sell the truck?
● 200 trucks at $4 per truck
● 300 trucks at $6 per truck
● 400 trucks at $8 per truck
● 400 trucks at $4 per truck
● 200 trucks at $8 per truck
CONCEPT
Supply and Demand Economics
5-Which of the following should guide ethical behavior in a business?
● Cultural standards
● Scientific theories
● Personal goals
● Moral judgments
CONCEPT
Ethics as a Lifestyle
6-Which of the following describes an entrepreneur rather than a small business owner?
Introduction to Business
Milestone 1
19 questions were answered correctly.
1-Which of the following is a disadvantage of a sole proprietorship?
● May have a more complicated tax structure
● May have difficulty raising money for business operations
● May have problems resulting from frozen investments
● May have issues with government regulations
CONCEPT
Non-Corporate Business
2-Which of the following is true regarding a mixed market economy?
● Central government authority owns and operates certain types of businesses.
● Prices and production of goods are determined by a central planning authority.
● Some pricing fluctuates while other pricing is controlled by the government
● Prices and production of goods are based on supply and demand.
CONCEPT
Economic Systems
Raul owned a small graphic design business. He used 3-D software and computers to create
animations for his clients.
3-Which factor of production do the computers represent?
, ● Human resource
● Information resource
● Physical resource
● Capital
CONCEPT
Economic Systems
A toy company created a new truck to offer to consumers.
4-Based on the graph shown above, which of the following is the equilibrium quantity and
price at which the company should sell the truck?
● 200 trucks at $4 per truck
● 300 trucks at $6 per truck
● 400 trucks at $8 per truck
● 400 trucks at $4 per truck
● 200 trucks at $8 per truck
CONCEPT
Supply and Demand Economics
5-Which of the following should guide ethical behavior in a business?
● Cultural standards
● Scientific theories
● Personal goals
● Moral judgments
CONCEPT
Ethics as a Lifestyle
6-Which of the following describes an entrepreneur rather than a small business owner?
