Final Exam for Exploring Business & Entrepreneurship

Which is NOT a stage of the Entrepreneurial process?

• Discovery

• Harvesting

• Planning

• Actualization

Applying for loans and obtaining capital resources is part of which stage of the Entrepreneurial process?

• Discovery

• Resourcing

• Harvesting

• Concept Development

Which personal characteristic of a successful entrepreneur means Entrepreneurs are constantly looking for new ways to solve problems?

• risk taker

• persistent

• inquisitive

• creative

An individual who undertakes the risk associated with creating, organizing, and owning a business:

• Risk taker

• Entrepreneur

• Partnership

• Franchisee

Which skill needed by a successful entrepreneur means possessing the ability to read, write and speaking in an understandable, accurate and professional manner:

• Math skills

• Problem solving skills

• Human relations skills

• Communication skills

What is an advantage of a sole proprietorship?

• Easy to start

• Owner may lack business skills

• Difficulty in obtaining capital

• Owner pays for everything needed for the business

What is a disadvantage of a franchise?

• Easy to start

• Franchise must operate like every other franchise

• Franchisee can get assistance in operating the business

• Franchise can rely on good name and expertise of the parent company

Which is NOT a corporation?

• Nike

• Taco Bell

• Apple

• Sony

What is advantage of a partnership?

• Partners may not get along well

• Partners share skills and talents

• Partnership agreement needed to start

• Partners share unlimited liability

Which would be considered a want?

• water

• food

• technology

• shelter