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ENT PRETEST: TYPES OF BUSINESS OWNERSHIP

Total questions: 60

Worksheet time: 45mins

Name
Class
Date
1.
Only liable for up to the amount invested into the company, and has little to no voice in management.
a)
General Partner
b)
Proprietor
c)
Limited Partner
d)
Corporation
2.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
3.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
4.
This type of business is subject to many more laws and are more difficult to form.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
5.
Owned by one individual.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
6.

Which of the following is a disadvantage of franchise?

a)

assistance from a parent company

b)

name recognition

c)

shared advertising expenses

d)

must follow parent company business structure

7.

Which of the following is NOT a type of business ownership?

a)

partnership

b)

sole proprietorship

c)

entrepreneurship

d)

franchise

8.

Which of the following is a type of business which operates as a separate legal entity?

a)

corporation

b)

franchise

c)

partnership

d)

sole partnership

9.

A _____ is owned and operated by one individual; an example would be a plumber.

a)

franchise

b)

partnership

c)

sole propietorship

d)

corporation

10.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
11.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
12.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
13.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
14.
ALL entrepreneurs have a college degree.
a)
True
b)
False
15.
Entrepreneurs should have an emergency fund equal to:
a)
1 month of living expenses
b)
6-12 months of living expenses
c)
3 months of living expenses
d)
None of these
16.
What percentage of American workers are expected to be self-employed by 2020?
a)
10%
b)
20%
c)
30%
d)
40%
17.
How do many people become millionaires?
a)
They save aggressively.
b)
They avoid debt.
c)
The invest their money.
d)
All of these
18.
Entrepreneurs only pay taxes to the IRS once a year.
a)
True
b)
False
19.

Why is it important for an entrepreneur to have problem solving skills?

a)

They can find solutions and turn such problems into opportunities. Problem solving relates to all aspects of business.

b)

So they can identify problems quickly and make the necessary changes.

c)

They are able to see where things go wrong.

d)

They need to be able to find solutions quickly.

20.

Select disadvantages of a sole proprietorship

i. Easy to set up

ii. Not regarded as a separate legal entity

iii. More responsibilities

iv. Owner keeps all the profit

v. Liability is unlimited

a)

i, iii and iv

b)

ii, iii and iv

c)

ii, iii and v

d)

ii and iii only

21.

Identify disadvantages of a partnership except

a)

Decision making must be shared among partners

b)

General partners are subject to unlimited liability

c)

Profits are shared among partners

d)

Multiple partners bring additional funds to the business

22.

Identify a successful sole proprietor must exhibit all of the following except

a)

Leadership skills

b)

Be fully responsible for the firm’s performance

c)

Be willing to work 40 hours per week

d)

Organization skills

23.

What type of business that most entrepreneurs start

a)

Partnership

b)

Corporation

c)

Sole Proprietorship

d)

Private limited company

24.

Which of the following is NOT a type of business ownership

a)

Partnership

b)

Sole Proprietorship

c)

Entrepreneurship

d)

Franchise

25.
To physically show how something is done
a)
Describe
b)
Demonstrate
c)
Tell
d)
Show
26.
To combine ideas with others to produce or create something
a)
Collaborate
b)
Work alone
c)
Produce
d)
Create
27.
The loss of potential gain from other alternatives when one alternative is chosen.
a)
Opportunity Cost
b)
Entrepreneur
c)
Inventor
d)
Failure
28.
A symbol or other design adopted by an organization to identify its products, uniform, vehicles, etc.
a)
Logo
b)
Copyright
c)
Trademark
d)
Slogan
29.
To form a mental image
a)
Visualize
b)
Demonstrate
c)
Describe
d)
Produce
30.
To explain the meaning of something
a)
Interpret
b)
Demonstrate
c)
Produce
d)
Show
31.
A quote (a passage, book, or author) as evidence for or justification of an argument or statement, especially in a scholarly work. Giving credit where due.
a)
Cite
b)
Copyright
c)
Trademark
d)
Share
32.

Why do we need Entrepreneurship?

a)

Create new businesses and raise taxes

b)

To make people happy

c)

To take down big box stores

d)

Create social change and community development

33.

When investigating trends, it is important to look at current and global trends.

a)

True

b)

False

34.

Why do people want to become entrepreneurs?

a)

Make a guaranteed amount of money

b)

To be their own boss and make decsions

c)

To work longer hours

d)

To show off how talented they are

35.

Opening a franchise is less risky than starting a business from scratch.

a)

True

b)

False

36.

Entrepreneurs look for new ways to solve old problems. Which of the following characteristics is this an example of?

a)

Independent

b)

Responsible

c)

Creative

d)

Self-confident

37.

When a business is owned and operated by one person, it is known as a

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Virtual Business

38.

Which of the following are challenges of entrepreneurship?

a)

Getting start-up funds

b)

Insecure about making the right decisions

c)

Work long hours

d)

Face uncertain income levels

39.

The best pitches are the ones that make your audience the heroes of the _____________.

a)

story

b)

business

c)

competition

d)

market

40.
Which of the following is the definition for Partnership?
a)
business investment that involves renting or leasing another successful business model
b)
unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States
c)
unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm
d)
form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued
41.
Which of the following is an advantage of a sole proprietorship
a)
easy to start up
b)
Decisions do not require the approval of a co-owner, boss, or other "higher-up
c)
the owner can keep the profits of successful management without having to share them with other owners. 
d)
All the other options
42.
The people who make the major policy and financial decisions in a corporation are the 
a)
investors
b)
board of directors
c)
managers
d)
owners
43.
A(n) ______ is a short, specific written declaration of the reason a business exists and what it wants to achieve.
a)
statement of intent
b)
affirmation of purpose
c)
mission statement
d)
declaration of principle
44.
What is start up capital?
a)
Finance needed before starting trading.
b)
Finance paid after trading.
c)
Finance paid to banks.
45.
Profit is important to businesses because:
a)
it improves businesses, cash balances
b)
it can be used to measure business size
c)
it is a measure of businesses, success
d)
businesses need to pay taxes to the government
46.

Which presentation type is used to present new information or skills?

a)

A. Imperative

b)

B. Persuasive

c)

C. Qualitative

d)

D. Informational/Educational

47.

What information is included in a standard PowerPoint slide?

a)

A. Title and content

b)

B. Content and notes

c)

C. Templates and notes

d)

D. All of the above

48.

When creating a PowerPoint, how is the Notes section used?

a)

A. To avoid starting from a blank presentation

b)

B. To insert images

c)

C. To make comments as related to the corresponding slide

d)

D. To animations and effects

49.
Making eye contact is a form of body language.
a)
TRUE
b)
FALSE
50.
When you speak, your listener gets messages from...
a)
What you say and your vocabulary
b)
How you look and your words
c)
What you say, how you act, and your accent
d)
What you say, how you act, and how you look
51.
The position in which someone holds their body when standing or sitting
a)
monotone
b)
gestures
c)
movement
d)
posture
52.

Mr. Ling is responsible for updating the company's social media sites. He should do all of the following EXCEPT...

a)

Proofread for content, grammar, spelling, capitalization, and punctuation mistakes.

b)

Credit the sources of any statistics, photographs, or quotes.

c)

Use a highly controversial even or idea to grab the viewer's attention.

d)

Ensure no confidential information is revealed.

53.

Marcus is in a face-to-face interview. Which is an example of positive nonverbal communication?

a)

Looking around the room.

b)

Talking about why he is the best candidate for the job.

c)

Sitting up straight and making eye contact.

d)

Reading his resume' out loud.

54.
Who can own a small business?
a)
Only a college graduate
b)
Anyone
c)
Only someone with a lot of money
d)
Only smart people
55.
What are some of the challenges small businesses face (barriers to entry) in starting?
a)
Startup Funding
b)
Government Regulations
c)
Fear of Failure
d)
All of These
56.
What does it take to start a small business
a)
A lot of money
b)
A lot of time
c)
A passion for something
d)
A lawyer
57.

He'll need several more years to pay off the rest of the ....

a)

assets

b)

interest

c)

loan

58.

Investors were unhappy about the ...

a)

lender

b)

fire

c)

risk

59.
A co-worker, Stacy, also runs a small business in her home. Several times a month she collects paper clips, post-it-notes, and other office supplies from the office to take to her home business. What action that Stacy could take represents an ethical decision?
a)
Stop taking the office supplies home for any reason
b)
Stop taking the office supplies home except once a month
c)
Take the office supplies home only if there are plenty of supplies at work
d)
Take the supplies home as long as they are in open packages
60.

Most companies begin the process of establishing organizational ethics programs by developing:

a)

Ethics Training Programs

b)

Codes Of Conduct

c)

Ethics Enforcement Mechanisms

d)

Hidden Agendas

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