Owning a Business

Some of the most common reasons for starting a new business are:

(choose all that apply)

• To increase earnings

• Provide a needed service

• Become your own boss

• All of the above.

True or False

Successful entrepreneurs have high work standards

• True

• False

____________ is critical in order to have a clear understanding of the operations to exercise control over operations and quality.

Capital is

• operating/trade/compensation or indemnity, or even a refund of an expense you've paid.

• money it has available to pay for its day-to-day operations and to fund its future growth

• profit from interest payments, dividends, capital gains, and any other profits

• n asset or item accrued with the goal of generating income or recognition.

Which answer below is NOT a personality trait of an entrepreneur?

• Are trustworthy people with integrity

• Enjoy a challenge

• Enjoy working and sharing ideas with people at all levels

• Introduce a new and creative idea

True or False

An entrepreneur must have at least a sound basic knowledge of all aspects of his or her business.

• True

• False

Income is

• a gain or recurrent benefit usually measured in money that derives from capital or labo

• an asset or item accrued with the goal of generating income or recognition.

• anything that confers value or benefit to its owners

• money or wealth needed to produce goods and services

Entrepreneurs must constantly check on _______ ________

Entrepreneurs must be able to plan ahead in order to avoid ___________ crises.

Choose ALL that apply

Entrepreneurs must be able to respond promptly to changes in:

• Federal Government

• State Government

• Local Government

• Municipal Government