Intro to Business-Unit 1 Test Review

Front

What does an individual have to do in order to be considered a consumer of a business? Options: buy at least one item from the business, interact with the business and have the potential to buy, see an advertisement for the business, visit a business and have a loyalty card

Back

interact with the business and have the potential to buy

Front

Can you patent an idea?

Back

Yes, you can legally protect intellectual property with a patent if it is originally yours.

Front

What is the main trait of the American Industrial Revolution? Options:
invention of factories,
creation of canal systems,
advancement of machinery,
people moving to rural neighborhoods

Back

advancement of machinery

Front

Which of the following is a requirement to be considered an entrepreneur?
have a patent,
run a corporation,
found a new start-up business,
own a business

Back

own a business

Front

What is the difference between an entrepreneur and a founder?

Back

A founder creates a startup, while an entrepreneur owns any business.

Front

When is it too late to write a business plan for a business?

Back

it is always smart to write and edit a business plan

Front

Which of the following happens when someone invests in your business?
Options:
They take some of the profits of your business.
They take full ownership of your business.
They loan money to your business you need to pay back.
They become the new founder of your business.

Back

They take some of the profits of your business.