WorksheetsEntrepreneurship - Whaddya' Know?
Total questions: 15
Worksheet time: 8mins
An entrepreneur:
has the final say in business decisions
creates and runs their own business
creates and runs their own business
all of the above
When businesses encourage employees to be creative within a company , the practice is called:
entrepreneurship
creating a vision
intrapreneurship
implementing a vision
What is probably the biggest reward of becoming an entrepreneur?
empowerment
fame
money
none of the above
A common standard that defines a non-manufacturing business as small is:
having fewer than 500 employee
having fewer than 250 employees
having fewer than 100 employees
having fewer than 50 employees
What percentage of business owners use their own money to start the business?
more than 75%
between 60-75%
40-59%
less than 39%
Which of the following is a problem a nation might attempt to solve through it's economic system:
limited supply of goods and services
democracy
entrepreneur's profit motive
all of the above
Profit is beneficial to entrepreneurs because:
profit builds wealth and financial independence
profit is the equilibrium quantity on a supply and demand curve
profit is a barrier to international trade
The economics of one unit is a calculation of:
the equilibrium quantity on a supply curve
how many items an entrepreneur has for sale
the profit or loss associated with one unit of sale
foreign demand for an entrepreneur's product
A nonprofit organization:
is not allowed to make a profit
must pay any profit it earns to pay its social mission
can use profit any way it sees fit
uses profit for the financial gain of its operators
A local economy is best described as:
the flow of goods and services within a community
the flow of goods and services in international trade
an economic system based on foreign exchange rates
an economic system dominated by nonprofit organizations
Which type of business ownership provides limited liability for the owner(s)?
corporation
general partnership
sole proprietorship
none of the above
Which of the following phrases best describes a wholesaling business:
a business that converts materials into products for sale
a business that sells products to final buyers
a business that performs services
a business that sells products to retailers
Which of the following statements about corporations is true?
corporations are easier to set up than sole proprietorships
a limited partnership is a type of corporation
corporations sell stock to raise money
a cooperative is a type of corporation
The Law of Demand is shown on a graph as a:
downward sloping curve
upward sloping curve
a horizontal line
a vertical line
On the Supply and Demand Curves, the x axis (horizontal axis) represents the:
price of the product
quantity of the product supplied
declining value of the asset
continuum of elasticity
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