Unit 1: Entrepreneurship

A person who works in a business owned by someone else

• employer

• entrepreneur
• owner
• employee

These are all characteristics of a entrepreneur, except

• Flexible
• Confidence
• Innovative
• Lazy

The chance of danger or loss

• Risk
• Options
• Reward
• Benefit

A person who organizes and runs his or her own business

• President
• entrepreneur
• employee
• entrepreneurship

All of the following are disadvantages of entrepreneurship, except

• Risk (potential business failure)

• Financial insecurity (no stable paycheck)

• Family time

• Long hours and hard work

All of the following are advantages of entrepreneurship, except

• isolation

• independence (make own rules)

• control (no limit on wealth or growth)

• personal satisfaction (doing work you enjoy)

What are taxes?

• Payments received in your paycheck

• Mandatory payments made to the government

• Optional payments made to the government

• Payments received yearly from the government

Which of the following is a fixed expense?

• gas

• groceries

• electricity

• car insurance

Which of the following is a variable expense?

• phone bill

• insurance

• groceries

• car payment

Tyler and Mya own a Pet Store. This type of ownership is known as

• corporation

• sole proprietorship

• partnership

• franchise