Entrepreneurship Final Exam Study Guide 1

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

• business
• critical thinking
• entrepreneurship
• risk management

Who created Facebook?

• Mark Zuckerberg
• Elon Musk
• JK Rowling
• Walt Disney

Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.

• proprietorship
• partnership
• limited liability company
• corporation

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these

Which is NOT a common characteristic of an entrepreneur?

• risk-taker
• creative
• organized
• irresponsible

An entrepreneur is someone who works for themselves.

• True
• False

Most entrepreneurs work long hours, but they create their own schedule.

• True
• False

Which is a characteristic of a successful entrepreneur?

• Motivated

• Takes very little risk

• Passionate

• Hard-working

A target market is

• a group of investors willing to put capital into a business

• a generational group of individuals

• a group of consumers at which a product/service is aimed

• an industry willing to sell and market your product

Which type of business does this image represent? 

• Wholesale
• Retail
• Service
• Manufacturing