Entrepreneurship Semester 1 Exam Review

Quiz
•
Other
•
10th Grade
•
Medium
Lachandra Brooks
Used 1+ times
FREE Resource
50 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one characteristic that distinguishes an entrepreneur from a regular employee?
Prefers routine tasks
Avoids taking risks
Seeks to innovate and create
Follows established procedures
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of business ownership offers the owner complete control but also full liability?
Corporation
Partnership
Sole Proprietorship
Franchise
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics, what is defined as the income received from selling goods and services?
Costs
Revenue
Profit
Investment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key advantage of forming a corporation?
Simple to establish
Limited liability for owners
Minimal paperwork
Complete privacy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a service?
A smartphone
A haircut
A pair of shoes
A book
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What term describes making changes to an existing product to improve it?
Invention
Innovation
Production
Modification
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a non-profit corporation?
To generate profit for shareholders
To accomplish a specific mission other than making a profit
To expand globally
To pay dividends to investors
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