Entrepreneurship Unit Test

A written description of a new business venture that describes all aspects of the business is called a(n) _________.

• Business Plan

• Entrepreneurial Map

• Business Blueprint

• Business Pitch

What is an advantage of being an entrepreneur?

• You have to work long hours and be last to leave.

• You will enjoy 100% of profit and incur 100% of the losses.

• You can possibly earn large profits on your business.

• You have to ensure that all employees are content.

How would you summarize the concept of entrepreneurship?

• The process of starting a business of one's own

• The process of middle-management decision making

• The process of running a corporation

• The process of borrowing money to go into business.

Forming your own business by using all of your savings, borrowing money from the bank, and being personally liable for all risks.

• Partnership

• Corporation

• Sole Proprietorship

• Franchise

Which of the following is a common reason for the failure of a new business?

• Understanding and demonstrating your product

• Locating your business in a high-traffic area

• Controlling and monitoring operating expenses

• Inadequately developing your business plan

Why do most people choose to work for someone else?

• Because there is less risk when working for someone else.

• The need for a steady paycheck.

• Because it is easier to do so.

• All of the above.

The most common characteristics that successful entrepreneurs share is being

• Tech Savvy

• A risk taker

• Mechanically inclined

• All of the above

Common disadvantages of starting your own business are having

• Long and unpredictable work hours, no guaranteed paychecks, and stress.

• Slow pace of work and lack of freedom.

• No friends and a lack of excitement.

• None of the above

There has been an increase in the interest to start businesses by minorities, immigrants, women, and young adults.

• True

• False

A business owner is risking their

• Time

• Money

• Both time and money

• neither time and money