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WorksheetsChapter 24 - Starting a Business
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
Which of the following are characteristics of successful entrepreneurs?
a)
Creative, work hard, self-confident
b)
Goal-oriented, will to work while others play, highly motivated to succeed
c)
Strong desire to have control, high energy levels
d)
All of the Answers
2.
The 3 basic ways to start a business are to?
a)
analyze the competition, buy a building, or join a professional association
b)
buy an existing business, buy a franchise, start a business from scratch
c)
work for parents, get ideas from friends, join chamber of commerce
d)
All of the Answers
3.
Which of the following are the 3 forms of business ownership?
a)
Chain, Franchise, Independent
b)
Commercial, Institutional, within a business
c)
Corporation, Partnership, Sole Proprietorship
d)
Hotel. Motel, Bed & Breakfast
4.
The purpose of a business plan is to?
a)
describe how a business will operate
b)
guide development of the business
c)
obtain a loan
d)
All of the Answers
5.
Market segmentation is NOT important when planning a new business
a)
True
b)
False
6.
An advantage of entrepreneurship is that you determine your work schedule
a)
True
b)
False
7.
An advantage of entrepreneurship is that income is often irregular
a)
True
b)
False
8.
Entrepreneurship sometimes experiences large financial losses
a)
True
b)
False
9.
The sole proprietorship structure of ownership has minimal government regulations
a)
True
b)
False
10.
One of the advantages of the corporate structure of ownership is limited liability
a)
True
b)
False
11.
Partnerships have the potential for conflict among the partners
a)
True
b)
False
12.
The executive summary of a business plan is the 1st thing to be written
a)
True
b)
False
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