SDC- Challenge Exam Entrepreneurship

A form of business ownership with a single owner who usually actively manages the company is a _________________________.

• Sole proprietorship

• Partnership

• Corporation

• Limited liability company

A voluntary agreement under which tow or more people act as co-owners of a business for profit is called a ________________________.

• Sole proprietorship

• Corporation

• Partnership

• Limited liability company

A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners is called a ______________________.

• Sole proprietorship

• Partnership

• Corporation

• General partnership

A form of business ownership that offers both limited liability to its owners and flexible tax treatment is called _____________________.

• Corporation

• Partnership

• Limited Liability Company

• General partnership

A licensing arrangement under which a franchisor allows franchisees to use its name, trademark , products, business methods, and other property in exchange for monetary payments and other considerations is called a _______________________.

• Corporation

• Partnership

• Franchise

• Monopoly

People who risk their time, money, and other resources to start and manage a business are called _____________________.

• Entrepreneurs

• Managers

• Stockholders

• Employees

An agency of the federal government designed to maintain and strengthen the nation's economy by aiding, counseling, assisting, and protecting the interests of small businesses is called ______________________.

• Service of Retired Executives

• Banks

• Small Business Administration

Local offices affiliated with the SBA that provide free comprehensive business counseling for small business owners from qualified volunteers are called _______________________.

• Franchisee

• Business center

• Small business development centers

A formal document that describes a business concept, outlines core objectives, and details strategies and timelines for achieving objectives is called _______________________.

• Financial statement

• Master budget

• Statement of cash flows

• Business plan

Which of the following is an example of items that would be included in a business plan? Check all that apply.

• Mission/Vision statements

• Marketing plan including target market

• Operating procedures

• Competition

• Financial planning