Intro to Business Final Review

What is one advantage of entrepreneurship?

• Financial stability

• Flexibility and independence

• Guaranteed profit

• Limited workload

What is a disadvantage of entrepreneurship?

• High job security

• Low risk

• Financial instability

• Consistent income

Which of the following is an entrepreneurial characteristic?

• Dependence

• Inflexibility

• Risk-taking

• Unwillingness to learn

What type of business involves selling products directly to consumers?

• Manufacturing

• Wholesaling

• Service

• Retailing

Which business type sells products to retailers?

• Service

• Manufacturing

• Retailing

• Wholesaling

What type of business offers intangible products?

• Wholesaling

• Retailing

• Service

• Manufacturing

Which type of business converts raw materials into finished products?

• Service

• Retailing

• Manufacturing

• Wholesaling

What is an advantage of a sole proprietorship?

• Unlimited liability

• Ease of formation

• Difficulty in management

• Double taxation

What is a disadvantage of a sole proprietorship?

• Easy to form

• Limited resources

• Full control

• All profits go to owner

What is an advantage of a partnership?

• Limited liability

• Unlimited liability

• Shared resources

• Complete control by one person