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Unit 1: Entrepreneurship Voc

Total questions: 36

Worksheet time: 28mins

Name
Class
Date
1.

Building, Equipment, Toots, and other goods needed to produce a product or the money used to buy these items

a)

Capital

b)

Competition

c)

Demand

d)

Economics

2.

The rivalry among businesses for consumer dollars

a)

Competition

b)

Capital

c)

Scarcity

d)

Services

3.

A Business that is registered by a state and operates apart from its owners. It issues shares of stock.

a)

Sole Prop.

b)

Partnership

c)

Corporation

d)

Entrepreneur

4.

an individual who undertakes the creations, organization and ownership of a business

a)

Entrepreneur

b)

Sole Proprietorship

c)

Stockholders

d)

Corporation

5.

a new business undertaking that involves risk

a)

Investment

b)

Venture

c)

Supply

d)

Competition

6.

The process of recognizing an opportunity, testing it in the market and gathering resources necessary to go into business

a)

Entrepreneurship

b)

Free Enterprise System

c)

Partnership

d)

Stock

7.

The study of how people allocate scare resources to fulfill their unlimited wants

a)

Economics

b)

Business Management

c)

Marketing

d)

Stock Market

8.

An economic system in which people have important rights to make economic choices of what products to buy, to own private property and to choose to start a business and compete with other businesses

a)

Free Enterprise System

b)

Entrepreneurship

c)

Gross Domestic Product

d)

All of the above.

9.

the rivalry among businesses for consumer dollars

a)

Competition

b)

Scarcity

c)

Profit

d)

Services

10.

the amount of money a person puts into his or her business as capital

a)

Investment

b)

Capital

c)

Unlimited Liability

d)

Limited Partnership

11.

Tangible (or physical) products of our economic system that satisfy consumers' wants and needs

a)

Goods

b)

Goodwill

c)

Profit

d)

Want

12.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
13.
Association of two or more people to co-own a business for profit.
a)
corporation
b)
partnership
c)
sole proprietorship
14.
Company owned by one person
a)
partnership
b)
sole proprietorship
c)
corporation
15.
Partners who are liable only to the extent of their investment.
a)
nominal partners
b)
limited partners
c)
general partners
d)
dormant partners
16.
the owner of one or more shares of stock
a)
charter
b)
corporation
c)
proprietor
d)
stockholder
17.
a business owned by one person
a)
charter
b)
corporation
c)
partnership
d)
proprietorship
18.
Which one is a want?
a)
Food
b)
Water
c)
Bike
d)
Concert ticket
19.
Which one is a need?
a)
A bike with 25 gears
b)
A bike to get to college
c)
Top of the range bike to get to college
20.
Which do you need?
a)
Fuel for car to get to work
b)
Gas for cooking and heating at home
c)
Electric for home
d)
All of the above
21.
You need?
a)
A credit card
b)
Bank account
c)
Loan
d)
Hire purchase
22.
What is an income?
a)
Money you spend.
b)
Money you loan.
c)
The money you make after a pay period.
d)
Money that is loaned to you.
23.
A _____ is something that is necessary for humans to live a healthy life an example could be food, water, medical, housing, clothing
a)
Need 
b)
Want
24.
A ______ is something that is desired e.g. computer, holiday, car, cell phone
a)
Need 
b)
Want
25.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
26.
  2. Which of the following is an example of a want?   
a)
A.) water
b)
B.) clothing
c)
C.) McDonalds 
d)
D.) Shelter 
27.
1. Which of the following is an example of a need? 
a)
A.) marker 
b)
B.) food 
c)
C.) jewelry 
d)
D.) cups 
28.
3. What is a synonym for scarcity? 
a)
A.) plenty 
b)
B.) several 
c)
C.) few 
d)
D.) abundance
29.

The Favor or loyalty a business acquires by its good reputation

a)

Goodwill

b)

Goods

c)

Wants

d)

Promotion

30.

A new way of doing things;a new idea, method or device

a)

Innovation

b)

Investment

c)

Promotion

d)

Advertising

31.

define who you are, shape your attitudes and your choices

a)

Values

b)

Advantage

c)

Justice

d)

Goal

32.
An entrepreneur is someone 
a)
Someone who works for a new business
b)
Someone who starts a new business
c)
Someone who takes over an existing business
d)
Someone who does not want to work
33.
Most entrepreneurs start what type of business?
a)
Partnership
b)
Corporation
c)
Sole Proprietorship
34.
An entrepreneur can own an online business...
a)
False - entrepreneurs can only create business in person
b)
True - there are companies online as well as in person
35.
One benefit of starting a corporation is...
a)
You are the only one responsible
b)
There is limited liability
c)
You have to come up with ALL of the start money
36.

a company that conducts business by means of the Internet. Ex. Amazon, E-Bay, Game Stop Online

a)

Online Businesses

b)

Global Business

c)

Mall Store

d)

Local Shop

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