College & Careers: Ch 4 Review- Entrepreneurship

The legal right to sell a company's goods & services in a particular area

• franchise
• lease
• income
• goodwill

A person who organizes and then runs his/her own business

• entrepreneur
• corporation
• lease
• none of these

One of the most valuable assets that a business has

• goodwill
• income statement
• lease
• gross profit

A business that legally operates apart from the owner(s)

• corporation
• revenue
• lease
• goodwill

The difference between the cost of goods & their selling price

• revenue
• gross profit
• net profit
• none of these

A contract to use something for a specific period of time

• lease
• corporation
• revenue
• franchise

income from sales

• revenue
• gross profit
• lease
• franchise

a summary that shows how much a business has taken in and spent during the month

• income statement
• lease
• corporation
• net income

Which of these is NOT an advantage of entrepreneurship?

• you are in charge
• great job satisfaction
• financial risk
• good income

Entrepreneurs tend to 

• work long hours
• face less competition
• be dissatisfied with their businesses
• delegate responsibility to their employees