PFL Review 4.23-4.24

Front

What is the primary role of an entrepreneur in business creation?

Back

Creating innovative business solutions and opportunities

Front

Which factor best describes how entrepreneurs primarily earn income?

Back

Through business profits and ownership returns

Front

When comparing self-employment to traditional employment, which statement is most accurate? Self-employed individuals always earn more than employees, Employees have more tax obligations than self-employed individuals, Self-employed individuals must handle their own benefits and tax obligations, Traditional employment offers more flexibility than self-employment

Back

Self-employed individuals must handle their own benefits and tax obligations

Front

Which federal agency provides support for small business creation?

Back

Small Business Administration (SBA)

Front

What is a key characteristic of a sole proprietorship?

Back

Complete personal liability for business debts

Front

Which business structure typically requires the most complex regulatory compliance? Options: Sole proprietorship, Partnership, Corporation, Independent contractor

Back

Corporation

Front

What is a primary advantage of purchasing a franchise?

Back

Lower initial investment costs

Front

Which risk is most commonly associated with starting a new business?

Back

Financial loss and personal debt

Front

In a partnership business structure, what is a key characteristic?

Back

Shared profits and losses between partners

Front

What resource typically provides the initial funding for most entrepreneurs?

Back

Personal savings and assets