Entrepreneurship Vocabulary Quiz

Which of the following is a common component of a business plan?

• Marketing strategy

• Employee vacation schedule

• Office paint color

• Personal hobbies

What is the term for a business owned and operated by one individual?

• Corporation

• Sole proprietorship

• Partnership

• Franchise

Which trait is most commonly associated with an entrepreneurial mindset?

• Risk-taking

• Laziness

• Indecisiveness

• Pessimism

Which section of a business plan describes the products or services offered?

• Executive summary

• Product/service description

• Financial projections

• Appendix

A partnership is best described as:

• A business owned by shareholders

• A business owned by two or more people

• A business owned by the government

• A business with no legal owner

If an entrepreneur wants to estimate how much money their business will make in the next year, which business plan component should they focus on?

• Financial projections

• Market analysis

• Company description

• Organizational structure

Which type of business ownership provides the least personal liability protection for the owner?

• Corporation

• Sole proprietorship

• Limited liability company (LLC)

• Cooperative

An entrepreneur who is always looking for new opportunities and ways to improve their business is demonstrating which trait?

• Innovation

• Procrastination

• Stubbornness

• Conformity

If a business owner wants to attract investors, which part of the business plan should be especially strong and convincing?

• Executive summary

• Appendix

• Employee handbook

• Office layout

A franchise is an example of which type of business ownership?

• Government agency

• Business format ownership

• Nonprofit organization

• Cooperative