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Unit 3 Test Review

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.

Our textbook describes 12 characteristics of successful entrepreneurs. Which is NOT one of them?

a)

Risk taking

b)

Self-demanding

c)

Dependent on others

d)

Enthusiastic

2.

A ___ is a new business undertaking that involves risk.

a)

small business

b)

entrepreneurship enterprise

c)

venture

d)

corporation

3.

What U.S government agency provides support to small businesses?

a)

U.S. Entrepreneurship Academy

b)

American Business Association (ABA)

c)

500 or Less Club

d)

Small Business Administration (SBA)

4.

Small businesses that use _____ have grown more than 45% faster than those that do not.

a)

bitcoin

b)

gold and silver

c)

the Internet (as a shopping option)

d)

international employees

5.

Which is NOT one of the rewards of being an entrepreneur? (per your text)

a)

Being the boss

b)

Taking off lots of time to raise a herd of alpacas

c)

Doing what you enjoy

d)

Having the opportunity to be creative

6.

What are most businesses in the U.S.?

a)

Sole proprietorships

b)

Partnerships

c)

Corporations

7.

What is one of the biggest obstacles in starting a business?

a)

Finding a physical location for your business

b)

Securing permits

c)

Obtaining financing

d)

Attracting customers

8.

What is a written description of a new business venture that describes all aspects of the business?

a)

Business Plan

b)

Marketing Plan

c)

Business Summary

d)

Business Guidelines

9.

Which statement expresses specific aspirations of a company (the major goals it will try to reach)?

a)

Goals and objectives statement

b)

Situational analysis

c)

Mission statement

d)

SWOT Analysis

10.

Which needs a charter from the state (where the main headquarters are located)?

a)

sole proprietors

b)

corporations

c)

partnership

11.

A ______ is a private business organization that is owned and controlled by the people who use its products, supplies or services.

a)

nonprofit organization

b)

cooperative

c)

franchise

d)

chain store

12.

Which type of business gathers raw products in their natural state?

a)

Wholesalers

b)

Manufacturer

c)

Producers

d)

Processors

13.

___ is the buying and reselling of goods that have already been produced

a)

Planning

b)

Marketing

c)

Production

d)

Procurement

14.

Which is NOT one of the four functions of management?

a)

Planning

b)

Organizing

c)

Writing

d)

Leading

e)

Controlling

15.

Who is responsible for the daily operations of a business?

a)

Operational manager

b)

CEO

c)

CFO

d)

V-President

16.

True or False: There is only one managerial structure, line authority.

a)

True

b)

False

17.

____ organization give authority to a number of different managers.

a)

Decentralized

b)

Centralized

18.

True or False: Managers are often blamed when things go wrong, even yf they did not cause the problem

a)

True

b)

False