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Entrepreneurship Unit Review

Total questions: 42

Worksheet time: 31mins

Name
Class
Date
1.
This type of business is owned by one person.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
2.
This type of business is owned by two or more people.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
3.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
4.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
5.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
6.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
7.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
8.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
9.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
10.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
11.
Advantages of this type of business include: selling stock to raise money, limited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
12.
Disadvantages of this type of business include: company is taxed on profits, regulated by the government, and hard to start.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
13.
Advantages of this type of business include: easy to start, and you can rely on a good company name and expertise.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
14.

Disadvantages of this type of business include: parent company is strict, you are limited in what you sell, and you must operate like every other franchise.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

15.

Which of the following is a type of business which operates as a separate legal entity?

a)

corporation

b)

franchise

c)

partnership

d)

sole partnership

16.

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

a)

sole partnership

b)

limited partnership

c)

general partnership

d)

franchise partnership

17.

A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.

a)

franchise

b)

partnership

c)

sold prprietorship

d)

corporation

18.

A _____ is a legal agreement between two or more people, and is the least common form of business.

a)

franchise

b)

partnership

c)

sole prorietorship

d)

corporation

19.

It details how the proposed business will sell its product to the target consumer.

a)

Marketing Plan

b)

Financial Plan

c)

Organizational Plan

d)

Introduction

20.

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.

21.

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.

22.

Complete the sentence: A business plan...

a)

is useful once your business is operational but not much help during the startup phase

b)

is not usually needed once the business is up and running

c)

can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

23.
Looks at likely risks to the business
a)
Contingency Plan
b)
Management Team Plan
c)
Marketing Plan
d)
Industry Overview
24.
An analysis of the business’s advantage over its competitors
a)
Growth Plan
b)
Competitive Analysis
c)
Contingency Plan
d)
Market Analysis
25.
A part of the business processes that result in the production and delivery of the product or service
a)
Competitive Analysis
b)
Company Description
c)
Operational Plan
d)
Organizational Plan
26.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
27.
Looks at how the business will expand in the future
a)
Growth Plan
b)
Product and Service Plan
c)
Contingency Plan
d)
Company Description
28.
A potential business owner’s qualifications and those of any partners
a)
Company Description
b)
Management Team Plan
c)
Growth Plan
d)
Executive Summary
29.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
30.
A description that provides an outline of a business
a)
Executive Summary
b)
Company Description
c)
Contingency Plan
d)
Mission Statement
31.
A description of the product or service to be offered
a)
Operational Plan
b)
Marketing Plan
c)
Product and Service Plan
d)
Industry Overview
32.
Who will run the company as well as management’s philosophy
a)
Organizational Plan
b)
Operational Plan
c)
Executive Summary
d)
Company Description
33.
Research of the potential business’s industry
a)
Market Analysis
b)
Industry Overview
c)
Contingency Plan
d)
Marketing Plan
34.
Research of the potential customer’s profile
a)
Market Analysis
b)
Marketing Plan
c)
Mission Statement
d)
Growth Plan
35.
A plan presenting financial forecasts for the business
a)
Loan Proposal
b)
Financial Plan
c)
Business Loan Plan
d)
Investor Plan
36.
The specific aspirations of a company, the major goals it will try to reach.
a)
Vision Statement
b)
Company Description
c)
Mission Statement
d)
Executive Summary
37.

Which of the following would be interested in seeing the business plan of a new company?

a)

Customers

b)

Potential investors

c)

The owners of the company

d)

Banks/ potential lenders

e)

Local council

38.
Not afraid to do new things  is what characteristic?
a)
Risk Taker
b)
Human Relations Skills
c)
Problem-solving & Decision-making Skills
d)
Independent
39.
Not giving up; keep trying is what characteristic?
a)
Persistent
b)
Responsible
c)
Self-Confident
d)
Creative
40.
An individual who undertakes the risk associated with creating, organizing, and owning a business is?
a)
a farmer
b)
a trained salesperson
c)
an entrepreneur
d)
Mathematician
41.
Looking at new ways of  doing things, developing  solutions to problems is what characteristic?                                                                                                                        
a)
Goal-Oriented
b)
Creative
c)
Independent
d)
Responsible
42.
focused on developing a plan and  achieving your goals is what characteristic?                                                                                                                                                  
a)
Math Skills
b)
Goal-oriented
c)
inquisitive
d)
Technical Skills

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