What is a disadvantage of being an entrepreneur?

You do not always receive a regular paycheck

You have more control over your work

You have a more flexible schedule

Your work schedule is always predictable

What does the S in S MART stand for?

Specific - a goal must be focused.

Sarcastic - a goal must say one thing and mean another.

Sample - a goal must be typical.

What does the M in S M ART stand for?

Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.

Maximum - there are no limits for goals

Memorable - a goal must be easily remembered

Mental - you have to be able to think about the goal.

What does the A in SM A RT stand for?

Attainable - a goal must have a roadmap of how to do it.

Admirable - a goal must impress people.

Artistic - a goal must be creative.

Academic - a goal must be scholarly and oriented towards learning.

Unlimited liability means?

The owner is personally liable to cover business debts and any costs the business can not cover

The owner(s) do not have to cover all business costs personally in the case of them being sued or going into debt

A corporation is not responsible for taking care of lawsuits

A sole Proprietorship will have enough money and coverage to pay any and all debts

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

The responsibility for the business is shared

The partners are not responsible for business debts

Which of the following best describes the term limited liability? If the business fails:

The owner only loses the amount invested in the business

Personal possessions of the owner can be taken to pay any debts

The owner is personally liable for all the debts of the business

There is no limit on the amount the owner has to pay to settle debts

Is it possible for a product idea to be successful even if it has already been done before?

Yes. The product just has to improve upon the original idea or take on a slightly different form.

Yes. The owner just needs to find a way to raise more capital than the other business owner so he can out compete him

No. It will not be successful because it has already been done.

No. This means there will not be enough demand for your product when you finally get started.

When coming up with a product, what is the number one characteristic it should have in order to give it the best chance of succeeding?

It has to be popular right away

What is a silent partner in a business relationship?

A person that only invests in a business and does not run any part of it.

The person that does not get any media attention but is responsible for the success of a business

The agreement between individuals on who does what for a business

A person that takes over the business after the original owner passes away

Capital is dfined as...

Anything of value the business owns

The money used to invest in a business

The money the business makes after considering all its costs

The total sales of the business expressed in dollar amount

Entrepreneurship- IBM

Authored by Andrew C

Other

9th - 10th Grade

CCSS covered

Used 17+ times

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32 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

ALL entrepreneurs have a college degree.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

proprietorship

partnership

limited liability company

corporation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

sole proprietorship

partnership

limited liability company

corporation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Business entity with two or more owners that share the company's profits and losses.

proprietorship

partnership

limited liability company

corporation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When private entrepreneurs purchase the rights to open and run a location of a larger company.

corporate model

franchise

partnership

private enterprise

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Entrepreneurship- IBM

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

ALL entrepreneurs have a college degree.

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

What is an entrepreneur?

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

Business entity with two or more owners that share the company's profits and losses.

When private entrepreneurs purchase the rights to open and run a location of a larger company.

Which type of business is typically traded on a stock exchange?

What is a disadvantage of being an entrepreneur?

Owners of stock in a company

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