Intro to Biz Final Review

A person who recognizes a business opportunity and organizes, manages, and assumes the risk of starting and operating a business.

• Risk taker

• Employee

• Manager

• Entrepreneur

Which of the following is NOT likely a characteristic of a successful entrepreneur?

• Hard working

• Goal oriented

• Enjoys being told what to do

• Independent

Which of the following is a reward of entrepreneurship?

• Being your own boss

• Guaranteed success

• Being responsible for all the decisions

• Unlimited resources

Which of the following is a challenge of entrepreneurship?

• Doing what you enjoy

• Securing funds for the business

• Getting along with your partner

• Following franchisor requirements

This type of business takes raw materials and turns them into a finished good. For example, a company that takes wood and produces furniture.

• Retailing

• Wholesaling

• Manufacturing

• Service

This type of business provides an intangible product, such as legal advice.

• Retailing

• Wholesaling

• Manufacturing

• Service

This type of business sells directly to the final consumer, such as a grocery store.

• Retailing

• Wholesaling

• Manufacturing

• Service

A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.

• Sole proprietorship

• Partnership

• Franchise

• Corporation

A business owned and operated by a single individual.

• Sole proprietorship

• Partnership

• Franchise

• Corporation

An entity with the legal authority to act as a single person. Owned by shareholders.

• Sole proprietorship

• Partnership

• Franchise

• Corporation