Exam2

The act of assuming the risk of organizing productive resources to produce goods and services.

• business
• critical thinking
• entrepreneurship
• risk management

Which one of these is NOT a characteristic of an entrepreneur?

• risk taker
• idea person
• generalist
• specialist

Business entity that is easy to start and has a single owner.

• proprietorship
• partnership
• limited liability company
• corporation

A person who organizes and runs his or her own business

• President
• entrepreneur
• employee
• entrepreneurship

Which is NOT a trait of an Entrepreneur?

• Goal-Oriented
• Lazy
• Self-Confident
• Creative

Which of the following is a service business?

• Giant Grocery Store

• Beauty Salon

• Home Depot

• Food Lion

Which of the following items is part of the Operating Plan?

• market analysis

• hours of operation

• product plan

Which approach is one of the main ways used to generate a new business idea

• traditional

• standard

• any

Which statement about entrepreneurs is TRUE?

• Entrepreneurs work fewer hours than regular employees.

• Entrepreneurs can count on having a regular income

• Entrepreneurs are comfortable taking risks.

A business plan will help an entrepreneur do all of the following EXCEPT:

• guarantee the success of the business

• set goals and objectives

• define the business