Business Organizations Review

An entrepreneur takes on ________ ___________ to start a business

• the world

• financial risk

• social media

• market research

How has the "gig" economy allowed for entrepreneurs to flourish?

• provides stable, consistent jobs

• often pays for health and life insurance

• can obtain short-term contracts without long-term costs

• there are no taxes paid on income in the gig economy

Why might an individual choose standard employment opportunities, rather than choosing to become an entrepreneur?

• they desire a steady job with decent wages and access to health insurance

• they don't have a family to think about and can take risks

• they see the increased chance for profit in standard employment

• they enjoy setting their own hours and work place culture

MARK ALL THAT APPLY: What are the characteristics of an entrepreneur?

• risk averse

• willingness to take risks

• craves stability

• problem solving

• ambition

Which of the following is NOT a risk for becoming an entrepreneur?

• long hours with minimal initial payoffs

• steady employment with one company

• risk of failure

• difficulty raising money to finance business

MARK ALL THAT APPLY: Which of the following are benefits of starting your own business?

• unlimited potential to make money

• set own hours and expectations

• constant fear of financial insecurity

• can do what you love

Which of the following is NOT a type of general business organization

• Non-Governmental Organization

• Sole Proprietorship

• Corporation

• Partnership

What is the most common form of business organization?

• Initial Public Offering (IPO)

• Sole Proprietorship

• Corporation

• Partnership

Which is LEAST likely to be a benefit of running a sole proprietorship?

• full decision-making power

• fewer restrictions

• full profits and individual taxation

• unlimited liability

Why might a sole proprietorship be better suited to reacting to changes in the market?

• they have a board of directors with wealth and experience

• only one person, the owner, makes the decision

• forced to consult first with the shareholder

• must deliberate actions with general partners