Entrepreneurship Pre-Test

An amount that reduces a business's revenue, or individual’s income, which in turn reduces the taxes owed.

• Entrepreneur

• Tax Deduction

• Inflation

• Solopreneur

An employee who is hired for a specific job at a specific rate of pay, but is not considered a permanent employee, is called:

• tax deduction

• intrapreneur

• contract employee

• solopreneur

A labor market involving temporary, flexible, freelance jobs, often using technology to connect workers with those who are hiring, is called:

• small business owner

• contract worker

• gig economy

• solopreneur

A company that is operated out of someone's residence.

• Self-employed

• Home-based business

• Limited Liability Corporation

• Corporation

An person who owns a small business.

• Entrepreneur

• Solopreneur

• Partner

• Small Business Owner

What type of business has one owner, is easy to get started, where the owner has complete control, and where the owner is personally and fully responsible (liable) for any debts and any other damages that might be caused by the business.

• Limited Partnership

• Sole Proprietorship

• Limited Liability Company

• S Corp

What type of business has multiple owners, benefits from individuals combining resources, but whose liability isn’t limited to the amount of their investment?

• General Partnership

• S Corp

• Limited Liability Company

• C Corp

The type of business ownership where one or more partners have decision-making abilities and unlimited liability, and, where one or more partners have no decision-making abilities and have limited liability.

• C Corp

• General Partnership

• Limited Partnership

• Limited Liability Company

This type of business ownership sells shares to the general public and reports its financial information to the public.

• Non-Profit Corporation

• S Corp

• Franchise

• C Corp

This type of business ownership allows the company to operate using someone else’s brand name, training program, systems and processes, and operational guidelines, by paying an up-front fee and on-going royalty.

• Joint Venture

• Licensing

• Business Format Franchise

• Product Trade Name Franchise