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WorksheetsEntrepreneurship Exam
Total questions: 25
Worksheet time: 1hrs 12mins
Name
Class
Date
1.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
2.
Business entity with two or more owners that share the company's profits and losses.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
3.
When private entrepreneurs purchase the rights to open and run a location of a larger company.
a)
corporate model
b)
franchise
c)
partnership
d)
private enterprise
4.
Process of examining the advantages and disadvantages of each available choice and then making a decision.
a)
cause and effect
b)
cost/benefit analysis
c)
marketing plan
d)
correlation analysis
5.
Owners of stock in a company
a)
partnership
b)
sole proprietorship
c)
stockholders
d)
corporation
6.
Entrepreneurs cannot own franchises.
a)
True
b)
False
7.
A sole proprietorship is the most difficult type of business to start.
a)
True
b)
False
8.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
9.
Which of the following is a retail business?
a)
Barber
b)
Auto Body Shop
c)
Lawn mowing business
d)
Car dealer
10.
Stockholders elect a board of directors.
a)
True
b)
False
11.
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
12.
A new business's ability to start, grow and succeed are affected by all of the following variables EXCEPT:
a)
Planning and management
b)
Favorable taxes and good markets
c)
New business incentives
d)
The global market
13.
Before you can determine if a new venture is feasible, you must prepare
a)
taxes
b)
franchising agreement
c)
business plan
d)
the office
14.
Business plans help lower the risk of starting a business.
a)
true
b)
false
15.
The main purpose of a business pitch is to tell investors important details so they don't need to read the business plan.
a)
true
b)
false
16.
Which is not a type of business?
a)
Wholesaler
b)
Retailer
c)
Proprietorship
d)
Service
17.
Which type of business does this image represent?
a)
Wholesale
b)
Retail
c)
Service
d)
Manufacturing
18.
Portillo's is an example of which type of ownership?
a)
Franchise
b)
Chain
c)
Joint Venture
d)
Corporation
19.
Shark Tank is an example of which type of financing?
a)
Venture Capitalist
b)
Crowdfunding
c)
Loan
d)
Donation
20.
Someone who takes a risk in starting a business to earn a profit
a)
Entrepreneur
b)
Entrepreneurship
c)
Leader
d)
Manager
21.
What is Not an advantage of entrepreneurship?
a)
You are your own boss
b)
Unpredicted work schedules
c)
Make your own decisions
d)
Profit comes to you
22.
the name, symbol, or design used to identify your product
a)
feature
b)
brand
c)
package
d)
label
23.
The 2 types of pricing strategies for a SERVICE business are time-based pricing and bundled pricing.
a)
true
b)
false
24.
Taking action to prevent or reduce thepossibility of loss to your business.
a)
risk
b)
risk management
c)
insuring
d)
all of the above
25.
The profile of an entrepreneur includes ________.
a)
a desire for responsibility and moderate risk
b)
confidence in the ability to succeed and determination
c)
a high level of energy, a desire for immediate feedback and a future orientation
d)
All the above
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