ME_Unit 1_Quiz Review

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

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

• proprietorship
• partnership
• limited liability company
• corporation

A business that performs tasks for customers.

• retail business
• service business
• franchise
• corporation

A business owned by two or more people.

• Sole proprietorship
• corporation
• Entrepreneurship
• Partnership

A business owned by one person.

• Corporation
• Franchise
• Partnership
• Sole Proprietorship

A business that can legally act as a single person, even though many people may own it.

• Corporation
• Entrepreneurship
• Franchise
• Partnership

All of the following are economic indicators EXCEPT

• Income Taxes

• the GDP

• Retail Sales

• The Stock Market

All the following are reasons a person might choose to work from home EXCEPT

• The desire for more flexible hours

• The opportunity to socialize with coworkers

• The fact that long commutes can be avoided

• The desire to have a better work/life balance

By definition, a small business

• has only one location.

• has only one employee.

• must have at least three employees.

• has fewer than 500 employees.