Entrepreneurship Pre-test

The definition of an entrepreneur is a person who

• Provides entertainment to people in a variety of ways

• Is active in their community and encourages business owners.

• Works for a large company creating new products.

• Is willing to take a risk in the hunt for new adventures

What might be a motivation to become an entrepreneur?

• Lack of Responsibility

• Risk of financial ruin

• Being your own boss

• Doing paperwork

Which kind of business opportunity is like buying a business kit?

• Buying a franchise

• Buying and existing business

• Starting a new business from scratch

• Starting a small business in your garage

Which type of business is being described:  They may have equal responsibilities in the daily operations of the business or they may have an agreement where one has more responsibility than the others.

• Sole Proprietorship

• Partnership

• LLC

• Corporation

Which type of business is being described: A formal, legal structure that takes on its own identity. In legal terms, it has similar rights and responsibilities as a person has.

• Sole Proprietorship

• Partnership

• LLC

• Corporation

Which type of business is being described:  These tend to be very small businesses, often based in a home office – and they generally have few sales or much of the market-share.

• Sole Proprietorship

• Partnership

• LLC

• Corporation

Most businesses in the U.S. would be classified as a(n)

• Sole Proprietorship

• Partnership

• LLC

• Corporation

If a business wants to expand to a new country, but they may have to deal with additional factors such as tariffs or tax rates, which type of entrepreneurial risk is that?

• Financial Risk

• Strategic Risk

• Political Risk

• Competitive Risk

Which reward of entrepreneurship is being described: The entrepreneur has control over when they work and set their own boundaries.

• Fulfilling

• Control

• Work-life Autonomy

• Personal Growth

Which of these is not a characteristic of an entrepreneur

• risk taker

• fearful

• self-starter

• good communicator