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WorksheetsEntrepreneurship
Total questions: 34
Worksheet time: 17mins
Name
Class
Date
1.
An entrepreneur
a)
has the final say in business decisions.
b)
may employ anyone else.
c)
is responsible for the success or failure of the business.
d)
all of the above.
2.
Which of the following is not a risk for an entrepreneur?
a)
potential business failure
b)
financial stability
c)
financial insecurity
d)
long hours and hard work
3.
A natural ability to do a particular type of work or activity well is called
a)
a skill
b)
an attitude
c)
an aptitude
d)
self-esteem
4.
When a business encourages employees to be creative within in the company, the practice is called
a)
entrepreneurship
b)
creating a vision
c)
implementing a mission
d)
intrapreneurship
5.
What is a dot-com company?
a)
a small company
b)
a company that runs most or all of its business from the internet
c)
a company that adopts business practices aimed at protecting or improving the environment
d)
a foreign company
6.
What is possibly the biggest reward of becoming an entrepreneur?
a)
empowerment
b)
fame
c)
money
d)
none of the above
7.
As an entrepreneur, the amount of money you received from your company
a)
is constant, like a paycheck for any other employee
b)
is typically less than for an employee
c)
is typically more than for an employee
d)
may go up or down, depending on the business
8.
As an entrepreneur the amount of time you spend working is typically
a)
constant - 35 to 40 hours a week, just like an employee
b)
a little less than for an employee
c)
more than for an employee, particularly during initial startup
d)
significantly less than for an employee - around 20 hours a week
9.
What percentage of business owners use their own money to start the business?
a)
more than 75 percent
b)
more than 60 percent but less than 75 percent
c)
more than 40 percent but less than 60 percent
d)
less than 40 percent
10.
An experienced person who volunteers to provide free guidance, tutoring and suggestions to younger individuals is called a(n)
a)
mentor
b)
intrapreneur
c)
entrepreneur
d)
employee
11.
Which of the following is a problem a nation might attempt to solve through its economic system?
a)
limited supply of good and sevices
b)
democracy
c)
entrepreneurs profit motive
d)
all of the above
12.
The equilibrium price is
a)
the price set by the government
b)
the price at which supply equals demand
c)
the price at which exports equal imports
d)
the price set by the foreign exchange rate
13.
Profit is beneficial to entrepreneurs because
a)
profit builds wealth and financial independence
b)
profit is the equilibrium quantity on a supply and demand curve
c)
profit is a barrier to international trade
d)
profit is the answer to one of the fundamental questions of economics
14.
A market economy is also called
a)
socialism
b)
capitalism
c)
free enterprise system
d)
b and c
15.
The profit motive is
a)
the money left over after expenses are subtracted from sales
b)
the economics of one unit
c)
a reason entrepreneurs take on business risks
d)
profit calculated as a percentage of expenses
16.
Which of the following statements about competition is false?
a)
competition motivates entrepreneurs to introduce new products to consumers
b)
competition between suppliers drives prices upward
c)
competition between consumers benefits suppliers
d)
competition occurs between suppliers and between consumers
17.
Importing and exporting are activities primarily associated with
a)
nonprofit organizations
b)
the profit motive
c)
the economics of one unit
d)
the global economy
18.
The economics of one unit is a calculation of
a)
the equilibrium quantity on a supply curve
b)
how many items an entrepreneur has for sale
c)
the profit or loss associated with a unit of sale
d)
foreign demand for an entrepreneur's product
19.
The United States economy is best described as
a)
a pure market economy in which the government plays no role
b)
a pure command economy in which the government controls all
c)
a mixed economy in which suppliers and consumers play the primary role
d)
a socialist economy in which suppliers and consumers play the primary role
20.
Which of the following challenges poses a business risk to entrepreneurs who want to conduct international trade?
a)
trade barriers
b)
cultural diferences
c)
tariffs
d)
all of the above
21.
A nonprofit organization
a)
is not allowed to make a profit
b)
must use any profit it earns to further is social mission
c)
can use profit any way it sees fit
d)
uses profit for the financial gain of its operators
22.
A local economy is best described as
a)
the flow of goods and services within a community
b)
the flow of goods an services in international trade
c)
an economic system based on foreign exchange rates
d)
an economic system dominated by nonprofit organizations
23.
Which type of business ownership provides limited liability for the owner(s)?
a)
corporation
b)
sole proprietorship
c)
general partnership
d)
all of the above
24.
One advantage of a general partnership over a sole proprietorship is a general partnership
a)
provides limited liability
b)
is a corporation
c)
provides unlimited liability
d)
can rely on more than one person for financial backing.
25.
Which of the following phrases best describes a wholesaling business?
a)
a business that converts materials into products for sale
b)
a business that sells products to the final buyers
c)
a business that performs services
d)
a business that sells products to retailers
26.
Most businesses in the United States are
a)
corporations
b)
partnerships
c)
sole proprietorships
d)
cooperatives
27.
Over the past fifty years the American economy has changed in what way?
a)
manufacturing has replaced retailing as the most dominant industry
b)
service businesses have become far less important to the economy
c)
wholesaling has become the dominant industry
d)
service and trade businesses have become the dominant industries
28.
Which of the following statements about corporations is true?
a)
corporations are easier to set up than sole proprietorships
b)
a limited partnership is a type of corporation
c)
corporations sell stock to raise money
d)
a cooperative is a type of corporation
29.
The businesses predicted to undergo the most growth in the coming decade are
a)
primarily service business
b)
primarily manufacturing businesses
c)
businesses that convert materials into procucts
d)
businesses that sell retail products to wholesalers
30.
A business owner with unlimited liability
a)
could have to sacrifice personal money and possessions to pay business debt
b)
is not personally responsible for the debts of the business
c)
is a shareholder of a corporation
d)
would not have to sacrifice personal money and possessions to pay business debt
31.
The purpose of a cooperative is
a)
to earn profits for management
b)
to benefit is members
c)
to provide unlimited liability to its members
d)
to pay dividends to investors
32.
One advantage of a corporation as compared to a sole proprietorship is
a)
a corporation is easier to set up and requires less paperwork
b)
a corporation provides limited liability for its owners
c)
a corporation has fewer shareholders
d)
a corporation has a partnership agreement
33.
A nonprofit corporation
a)
provides unlimited liability to its members
b)
provides limited liability to its members
c)
is set up to make profits of its investors
d)
is set up to pay dividends to its shareholders
34.
The special permit that allow retailers to purchase good tax-free from wholesalers and collect sales tax from final buyers is called a
a)
reseller's permit
b)
retailing permit
c)
tax permit
d)
wholesale permit
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