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Entrepreneurship

Total questions: 13

Worksheet time: 7mins

Name
Class
Date
1.

An (a)   is a person who provides the initiative and accepts the risk involved in starting a business.

2.

Being an entrepreneur requires much more than big ideas. A true entrepreneur possesses a unique cocktail of skills and characteristics that enable them to beat the odds and go after their dreams full throttle. Which characteristic involves choosing a course of action?

a)

risk taker

b)

leader

c)

decisive

d)

creative

3.

There are four types of business ownership. Which type of business is owned and operated by one person?

a)

Corporation

b)

Partnership

c)

Proprietorship

d)

Limited Liability Corporation (LLC)

4.

Being an entrepreneur requires much more than big ideas. A true entrepreneur possesses a unique cocktail of skills and characteristics that enable them to beat the odds and go after their dreams full throttle. Which characteristic involves being a visionary and not a dreamer?

a)

realistic

b)

confident

c)

decisive

d)

leader

5.

Who is a self-made, web developer, and the founder of the social networking site Twitter in 2006?

a)

Tim Sweeney

b)

Phil Knight

c)

Jack Dorsey

d)

Jeff Beezos

6.

Who co-founded Blue Ribbon Sports (BRS) in 1964 with his track coach, Bill Bowerman.​ In 1972, BRS introduced a new brand of athletic footwear called Nike, which is a retail company.​

a)

Tim Sweeney

b)

Phil Knight

c)

Jack Dorsey

d)

Jeff Beezos

7.

There are four types of business ownership. Which type of business has the liability protection of a corporation and it exists as a separate entity much like a corporation. Members cannot be held personally liable for debts unless they have signed a personal guarantee.

a)

Limited Liability Corporation (LLC)

b)

Proprietorship

c)

Partnership

d)

Corporation

8.

It takes four days and $210 to establish a business as a legal unit in the US. ​

a)

True

b)

False

9.

Being an entrepreneur requires much more than big ideas. A true entrepreneur possesses a unique cocktail of skills and characteristics that enable them to beat the odds and go after their dreams full throttle. Which characteristic involves being self reliant?

a)

realistic

b)

decisive

c)

leader

d)

confident

10.

There are four types of business ownership. Which type of business is owned by stockholders/investors but operated by officers?

a)

Limited Liability Corporation (LLC)

b)

Proprietorship

c)

Partnership

d)

Corporation

11.

What is the selling of a product or service for a profit as means of producing livelihood?

(a)  

12.

A service business is a type of business where goods are manufactured and sold to customers.

a)

True

b)

False

13.

In Georgia, it is recommended that small-business owners apply for a business license that corresponds with any type of business. It takes 2 days and $210 to obtain a business license in Georgia.

a)

True

b)

False