Entrepreneurship and Small Business Test

_____________________ is a business started by someone who notices a need for a product or service.

• entrepreneurship
• small business

Which of these is a disadvantage of entrepreneurship? (check all that apply)

• giving up the security of a regular paycheck
• work schedule is never predictable
• all the decisions of the business must be made by you

Which of these is an advantage of entrepreneurship? (check all that apply)

• you are your own boss
• you can work whenever you want, wherever you want and however you want
• there is a lot of adventure

A _______ ______________is an independently owned business that usually has the owner as its manager.

• entrepreneurship
• small business

What category defines most businesses in the US?

• small businesses
• corporations

Which of these is NOT a characteristic of a small business?

• serves a limited geographic area
• Is dominant in its industry
• employs fewer than 500 people

Which of these are an advantage of owning a small business? (check all that apply)

• you are your own boss
• you can quickly respond to your customers’ needs
• They are easy to form

Which of these are a disadvantage of owning a small business? (check all that apply)

• work long hours
• make all the decisions

True or False: It is important for small business owners to be aware of change and adapt quickly

• True
• False

A ______________ is a contractual agreement to use the name and sell the product or services of a company.

• small business
• franchise