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Entrepreneurship Spring Final

Total questions: 44

Worksheet time: 23mins

Name
Class
Date
1.
Starting and owning a person's own business
a)
corporation
b)
entrepreneurship
c)
sole proprietorship
d)
partnership
2.
The right to sell a company's products in a specified area.
a)
sole proprietorship
b)
corporation
c)
franchise
d)
retail business
3.
A business owned by two or more people.
a)
Sole proprietorship
b)
corporation
c)
Entrepreneurship
d)
Partnership
4.
A business owned by one person.
a)
Corporation
b)
Franchise
c)
Partnership
d)
Sole Proprietorship
5.
A business that can legally act as a single person, even though many people may own it.
a)
Corporation
b)
Entrepreneurship
c)
Franchise
d)
Partnership
6.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
7.
Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.
a)
True
b)
False
8.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
9.
A sole proprietorship is the most difficult type of business to start.
a)
True
b)
False
10.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
11.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
12.
ALL entrepreneurs have a college degree.
a)
True
b)
False
13.

Which of the following is a competitive advantage?

a)

superior customer service and product quality

b)

retail

c)

advertising

d)

improving an existing product/service

14.

A trend is a measurable pattern over time while a fad is only popular for a brief period of time

a)

True

b)

False

15.

In a sole proprietorship, the owner’s personal assets are at risk if the business is not successful.

a)

True

b)

False

16.

What is something you already own (positive cash value)?

a)

asset

b)

liability

17.

What is debts you owe (negative cash value)?

a)

assets

b)

liabilities

18.

MONEY IN A SAVINGS ACCOUNT

a)

asset

b)

liability

19.

RENT

a)

asset

b)

liability

20.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

21.

P&L Statement is also known as

a)

Balance Sheet

b)

Statement of Cash Flow

c)

Income statement

22.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

23.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

24.

What is the name of amazon founder?

a)

Jeff Bezos

b)

Steve Jobs

c)

Bill Gates

d)

Satya Nadela

25.

What was the aim/purpose of Amazon at the beginning?

a)

To become a mercado libre

b)

To be an online bookstore

c)

To be a succesful e-commerce

d)

To sell lolipops

26.
Ray Kroc began his career in the restaurant industry as a:
a)
chief executive officer
b)
salesman
27.
The McDonald brothers perfected
a)
the speedy system of using carhops to deliver food. 
b)
the speedy service system for delivery of food quickly.
28.
What does the franchisor provide for those purchasing the franchise?
a)
advice
b)
training
c)
advertising
d)
all of these are provided 
29.
One of the most important physical elements of a retail business is:
a)
the location
b)
the vendors  
30.

Which of the following is an entrepreneurial requirement?

a)

flexibility in order to successfully complete a variety of activities

b)

a Master's Degree

c)

start work at sunrise

d)

be a Harvard graduate

31.

Which of the following is a competitive advantage?

a)

superior customer service and product quality

b)

retail

c)

advertising

d)

improving an existing product/service

32.

Entrepreneurs do not pay taxes to the IRS.

a)

True

b)

False

33.
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
34.

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

35.
These are all characteristics of an entrepreneur, EXCEPT...
a)
Flexible
b)
Confidence
c)
Innovative
d)
Lazy
36.

What is "integrity"?

a)

the quality of being honest and having strong moral principles; moral uprightness

b)

doing what you want when you want

c)

awareness of oneself

d)

a person who is helpful, caring and nice

37.
A leader motivates others toward a:
a)
Common goal
b)
High salary
c)
Leadership style
d)
Leadership skill
38.

What does Elon Musk's Space X company do?

a)

Designs, manufactures, and launches advanced rockets and spacecraft.

b)

Sells office supplies

39.
a)

Warren Buffet

b)

Bill Gates

c)

Steve Jobs

d)

Steve Wozniak

40.

a)

Bill Gates

b)

Paul Tran

c)

Steve Jobs

d)

Steve Wozniak

41.

a)

Steve Jobs

b)

Mark Zuckerberg

c)

Steve Wozniak

d)

Bill Gates

42.

a)

Phil Knight

b)

Elon Musk

c)

Jeff Bezos

d)

Phil McGraw

43.

a)

Henry Ford

b)

Ray Kroc

c)

Walt Disney

d)

Phil Knight

44.

a)

Ray Kroc

b)

Henry Ford

c)

Phil Knight

d)

John Rockefeller

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