Finance Entrepreneurship

An entrepreneur can be described as

• Someone who works for a new business

• Someone who starts a new business

• Someone who takes over an existing business

An entrepreneur must know...

• Only the parts of the business they like

• Everything except business management

• All parts of business: management, finance, marketing, etc.

What percentage of new businesses fail by year 5? (Bureau of Labor Statistics)

• 25%

• 30%

• 40%

• 50%

Which of the following countries has the largest number of start-up companies?

• USA

• Peru

• Brazil

• UK

Which country has the world's largest economy (measured in Gross Domestic Product)?

• China

• United States

• India

• Russia

A business owned by one person.

• partnership

• sole-proprietorship

• corporation

This type of organization is a legal entity separate from its owners (protecting one's personal assets).

• Sole proprietorship

• Corporation

Which legal structure would an individual wishing to start-up a small business choose because it is quick, easy and inexpensive to set up?

• Sole-proprietorship

• Partnership

• Corporation

A budget _________________________.

• Lets you know how much money you have coming in and where it's going

• Is only for the rich

Which of the following are considered NEEDs? (You can choose more than one.)

• Airpods

• Shelter

• Food

• Playstation 5