Entrepreneurship & Small Business Domain 1Quiz

Which legal structure is best for international business even with being double-taxed?

• LLC

• Non-profit

• C-Corp

• S-Corp

Who is responsible for the company's finances and manages cash flow?

• Founder

• COO

• CFO

• CEO

What is the first stage in the business life cycle?

• Success stage

• Take-off stage

• Survival stage

• Existence stage

Which characteristic of an entrepreneur involves adapting to change, loss, and disappointment?

• Risk tolerance

• Grit

• Collaboration

• Growth mindset

What is a business opportunity?

• An investment that lets a buyer start a business

• A licensing agreement

• A type of franchise

• A network marketing strategy

What is the main advantage of a franchise?

• Higher start-up costs

• Lower risk to start

• No stipulations on where it can be opened

• No ongoing support and training

What is the main concept of network marketing?

• Paying a fee to use another company's trademark

• Recruiting other marketers to create a distribution network

• Selling and leasing products to start a business

• Preventing unethical behavior from a business or community

What is the main risk faced by entrepreneurs?

• Social

• Economic

• Technological

• Environmental

What does a business plan include?

• Financial plan and executive summary

• Organizational structure and financial plan

• Executive summary and marketing plan

• Marketing plan and organizational structure

What does a pitch deck typically present to investors?

• A detailed business plan

• A brief overview of the business plan

• A one-page document

• A lean canvas