Unit 4: Entrepreneurship Reviw

What is an entrepreneur?

• A person who manages a business for someone else

• A person who invests in stocks

• A person who starts and manages a business, taking on financial risks

• A person who works for a nonprofit organization

What is the primary purpose of a business plan?

• To track employee schedules

• To outline a company's goals and strategy

• To manage daily operations

• To calculate taxes owed

Which of the following best describes a start-up?

• A well-established company

• A newly established business

• A franchise of a large corporation

• A government-run organization

What does a value proposition do?

• States the business name

• Explains the benefits of a product to customers

• Describes the company’s structure

• Details the cost of products

What is the target market?

• The legal requirements for a business

• A company's competitors

• A specific group of consumers aimed by a business

• A list of potential investors

Which legal structure offers no distinction between the owner and the business?

• Corporation

• Limited Liability Company (LLC)

• Partnership

• Sole Proprietorship

A partnership is owned by:

• One person

• Two or more individuals

• The government

• A corporation

What is one key benefit of a Limited Liability Company (LLC)?

• Easier to transfer ownership

• Offers personal liability protection

• Subject to double taxation

• Limited access to capital

Which type of corporation passes income through to shareholders to avoid double taxation?

• C-Corporation

• S-Corporation

• B-Corporation

• Nonprofit Corporation

Which funding option involves raising small amounts from a large group of people, usually online?

• Bank loan

• Crowdfunding

• Venture Capital

• Angel Investing