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Entrepreneurship Final Review 1

Total questions: 22

Worksheet time: 11mins

Name
Class
Date
1.
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
2.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
3.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
4.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
5.
ALL entrepreneurs have a college degree.
a)
True
b)
False
6.

Entrepreneurs have to find their own health insurance and plan for retirement.

a)

True

b)

False

7.

Entrepreneurs do not pay taxes to the IRS.

a)

True

b)

False

8.

Which is a common characteristic of an entrepreneur?

a)

organized

b)

vindictive

c)

impressionable

d)

irresponsible

9.
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
10.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
11.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
12.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

13.
Which type of business does this image represent? 
a)
Wholesale
b)
Retail
c)
Service
d)
Manufacturing
14.

What are the four P's of marketing

a)

product, produce, production, price

b)

person, place, produce, practice

c)

promotion, product, practice, price

d)

promotion, place, price, product

15.

What information should NOT be included in a business plan?

a)

Your financing needs

b)

Your basic business concept

c)

Your marketing plan

d)

Your assets and liabilities

16.

Something that a business does for a customer in exchange for money

a)

Greets the customer

b)

Shows products

c)

Service

d)

Answers questions

17.

A small business is one that has fewer than ________ employees

a)

10

b)

50

c)

100

d)

10000

18.

More than half of all business started in the U.S. fail each year.

a)

True

b)

False

19.

All Entrepreneurs want their businesses to become big?

a)

True

b)

False

20.

Anyone can become an entrepreneur.

a)

True

b)

False

21.

Before starting your own business weigh the ___________ vs __________.

a)

positive and negative

b)

Cash vs. Charge

c)

Risk vs. Reward

d)

Happiness vs. unhappiness

22.

A company that runs entirely on the internet

a)

Small business

b)

Corporation

c)

Dot-com

d)

Partnership