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WorksheetsManagement Business Information
Total questions: 20
Worksheet time: 20mins
Which of the following is a benefit of being an entrepreneur?
You have to work with other people when making a decision.
You can make decisions on your own.
You must allow your employees to vote on decisions.
What do we call someone who starts, owns and operates a small business?
a competitor
an entrepreneur
a sole proprietor
a businessman
If you are the proprietor of a business, how much of the business do you own?
50%
85%
100%
If you are an entrepreneur new to an industry, you may need advice about the best choices to make. Which scenario puts you at a disadvantage?
Having many colleagues in the business who can advise you on tactics as you start your business
Joining industry associations where you can talk to people who have also started small businesses
Spending so much time managing the business that you do not have time to learn about the business
What is one disadvantage to owning and operating a small business?
100% profit
making all decisions
100% liability
you assume partial risk
Which of the following is a disadvantage of being an entrepreneur?
When faced with a tough problem, you have no co-owners to consult with.
When making a decision, you don't have to wait on other people to agree.
You own 100% of your profits.
An entrepreneur is someone who______.
starts a business for someone else
gets promoted to manager of a business.
starts their own business.
Why should one consider a partnership when starting a business?
In a partership, you would enjoy 100% profit.
There would be very little sharing of ideas if you took on a partner.
You would be able to share the liability with someone else.
Which of the following is a drawback of being in a partnership?
If your business runs into trouble, you will have partners to help you.
You can't make a big decision unless your partners agree.
You can make decisions on your own.
What is one reason that a partnership may make more sense than going into business alone?
divided equity
expanded access to capital
partner strife
The partners of a business disagree on a forward-thinking strategy to improve a specific procedure in the manufacturing of a product. What does this example illustrate about partnerships?
100% liability may help them compromise on the plan.
Partner strife can bog down the management of a business if partners cannot come to an agreement.
Sharing ideas is overrated.
Which of the following is a benefit of being in a partnership?
You have expanded access to funds.
You cannot make big decisions without the consent of your partners.
You get to make decisions on your own.
When there are more partners in a business, what happens to the individual percentages of profit?
they increase
they decrease
they remain the same
Which of the following is a benefit of being in a partnership?
You have someone to consult with when decision-making.
You can self manage everything.
You cannot make decisions on your own.
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.
Hybrid means?
Only one element/part of a company
a thing made by combining two different elements
What is the meaning of business entity? In simplest terms, a business entity is an organization created by an individual or individuals to conduct business, engage in a trade or partake in similar activities.
True
False
LLC
A Limited Liability Campaign
Limited Liability Company
What is the term for two or more businesses coming together to share their unique expertise to complete a specific project?
joint-account
non-profit
joint-venture
What is the chief financial benefit the government provides non-profit organizations?
They are not required to pay taxes.
They are not subject to public disclosure of financials.
They can be profitable if they are community-oriented.
They only pay taxes every other year.
One of the main reasons that two businesses might want to enter into a joint-venture is_____.
So the government will not make them pay taxes.
To share their expertise.
To merge their businesses.
