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WorksheetsCollege & Careers: Ch 4 Review- Entrepreneurship
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
The legal right to sell a company's goods & services in a particular area
a)
franchise
b)
lease
c)
income
d)
goodwill
2.
A person who organizes and then runs his/her own business
a)
entrepreneur
b)
corporation
c)
lease
d)
none of these
3.
One of the most valuable assets that a business has
a)
goodwill
b)
income statement
c)
lease
d)
gross profit
4.
A business that legally operates apart from the owner(s)
a)
corporation
b)
revenue
c)
lease
d)
goodwill
5.
The difference between the cost of goods & their selling price
a)
revenue
b)
gross profit
c)
net profit
d)
none of these
6.
A contract to use something for a specific period of time
a)
lease
b)
corporation
c)
revenue
d)
franchise
7.
income from sales
a)
revenue
b)
gross profit
c)
lease
d)
franchise
8.
a summary that shows how much a business has taken in and spent during the month
a)
income statement
b)
lease
c)
corporation
d)
net income
9.
Which of these is NOT an advantage of entrepreneurship?
a)
you are in charge
b)
great job satisfaction
c)
financial risk
d)
good income
10.
Entrepreneurs tend to
a)
work long hours
b)
face less competition
c)
be dissatisfied with their businesses
d)
delegate responsibility to their employees
11.
The expenses involved in going into business, such as buying equipment & renting space, are examples of
a)
market expenses
b)
operating expenses
c)
financial liability
d)
start-up costs
12.
Which describes an advantage of buying an existing business?
a)
it often saves money on start-up costs
b)
it offers more personal satisfaction
c)
you usually have less competition
d)
your market outlook is assured
13.
Buying a franchise might be a good decision for someone who
a)
likes to work along without many rules and regulations
b)
has limited business experience
c)
wants to create a new product or service
d)
doesn't want to work long hours
14.
One of the owners in a corporation is called a
a)
shareholder
b)
sole proprietor
c)
partner
d)
none of these
15.
In a partnership, all partners are __, or legally responsible for all the debts of the business.
a)
liable
b)
persistent
c)
goodwill
d)
available
16.
Most businesses begin as a
a)
sole proprietorship
b)
corporation
c)
partnership
d)
franchise
17.
If you buy a successful business, you might be able to build on the existing loyalty, or _____ of that business.
a)
goodwill
b)
liability
c)
revenue
d)
net profit
18.
Entrepreneurs are inquisitive, responsible and
a)
persistent
b)
silly
c)
unorganized
d)
all of these
19.
when taking over a family business, you want to be sure it has a good ________, or potential future sales.
a)
market outlook
b)
sole proprietorship
c)
revenue
d)
goodwill
20.
The form of ownership in which the business owner has the least responsibility for debts is a
a)
corporation
b)
sole proprietorship
c)
partnership
d)
all of these
21.
An income statement includes _____ and expenses.
a)
Revenues
b)
marketing forecasts
c)
opinion surveys
d)
all of these
22.
When you subtract operating expenses from gross profit you have
a)
net profit
b)
liability
c)
revenue
d)
none of these
23.
Location would be especially important factor in the success of a
a)
web site developer
b)
manufacturing plant
c)
telemarketing business
d)
fast-food restaurant
24.
One characteristic of a corporation is that
a)
all owners are legally responsible for any debts incurred
b)
the founder has total control
c)
start-up costs are lower
d)
legally it operates apart from the owner
25.
One advantage of a sole proprietorship is that
a)
the owner has total control
b)
there is little financial risk
c)
start-up costs are lower
d)
goodwill is already established
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