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Basics of Entrepreneurship

Total questions: 22

Worksheet time: 12mins

Name
Class
Date
1.

An _________________ is someone that works for someone else but still uses an entrepreneurial mindset in that they are looking for ways to innovate within an existing company.

a)

Employee

b)

Entrepreneur

c)

Advocate

d)

Intrapreneur

2.

If you have an entrepreneurial attitude, you believe:


(Check all that apply).

a)

You can affect change

b)

Failure is learning

c)

It's not worth putting in effort to make a change

d)

Opportunities are everywhere

3.

By establishing trustworthiness and relatability when we give a pitch or presentation, we are believed to be more _______________ by the audience. (Hint: this is one of the SUCCESS pitch techniques).

a)

Trustworthy

b)

Legitimate

c)

Confident

d)

Credible

4.

______________ is the process of starting and operating your own business.

a)

Marketing

b)

Corporation

c)

Entrepreneurship

d)

Coffee Shop

5.

Someone that acts entrepreneurially would do each of the following:


(Check all that apply).

a)

Act as a leader

b)

Be adaptable in complicated situations

c)

Act on opportunities

d)

Decide to give up when the job gets tough

6.

When giving a pitch, we should be masters of ________________. We need to strip an idea down to its core and prioritize the information we are giving.

a)

Speaking

b)

Simplicity

c)

Solving Problems

d)

Strategy

7.

An advantage to this type of business is that it is generally easy to start because you start it by yourself, using skills and resources you have or can obtain easily.

a)

Business Ownership

b)

Sole Proprietorship

c)

LLC

d)

Franchise

8.

Entrepreneurs are important, but they do not play a key role in the domestic economy.

a)

True

b)

False

9.

You have four main options for becoming a business owner. Select the one that does not apply.

a)

Start a new business.

b)

Purchase a franchise.

c)

Sell your business.

d)

Take over a family business.

e)

Purchase an existing business that it not a franchise.

10.

When you buy one of these, you are bound by a legal agreement to sell a parent company's product or services.

a)

Existing business

b)

Coffee shop

c)

Nonfranchise

d)

Franchise

11.

There are four main forms of business ownership. They are:


(Select all that apply).

a)

LLC

b)

Corporation

c)

Partnership

d)

Entrepreneurship

e)

Sole Proprietorship

12.

Entrepreneurs are people who create, launch, organize and manage a new business, and they take the risk of business ownership.

a)

True

b)

False

13.

General and limited are types of _______________.

a)

Partnership

b)

LLC

c)

Sole Proprietorship

d)

Alliances

14.

This type of business is owned and operated by one person.

a)

Franchise

b)

Sole Proprietorship

c)

Partnership

d)

Corporation

15.

_________________________ is a type of business in which there is a legal agreement between two or more people to be jointly responsible for the success or failure of the business.

a)

Sole Proprietorship

b)

Locally Owned Business

c)

Partnership

d)

Corporation

16.

_______________ is the state of being responsible for something, especially by law.

a)

Legally bound

b)

Liability

c)

Legal structure

d)

Law

17.

In these types of business ownership, the company does not die if the owner(s) pass away.

a)

Franchise & Nonfranchise

b)

General & Limited Partnerships

c)

LLC & Corporation

d)

Sole Proprietorship & Entrepreneurship

18.

I should think of a _______ when I hear the word hybrid.

a)

Sole Proprietorship

b)

Partnership

c)

LLC

d)

Corporation

19.

This type of business ownership is known for potentially becoming too large to effectively manage.

a)

Stock

b)

Franchise

c)

Name Brand

d)

Corporation

20.

This is an example of concrete (SUCCESS pitch techniques).


A medium-sized butter popcorn contains 37 grams of saturated fat.

a)

True

b)

False

21.

People buy shares in this type of business.

a)

LLC

b)

Partnership

c)

Corporation

22.

Profits and losses are shared; usually divided according to time and money invested by each partner.

a)

LLC

b)

Intrapreneurs

c)

Partnership

d)

Corporation