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WorksheetsChapter 12: The Entrepreneurial Spirit/ JaTerrious Chaney
Total questions: 35
Worksheet time: 30mins
Free enterprise system is another name for capitalism.
True
False
T
F
The United States is a true free enterprise system.
False
True
T
F
Today’s economy is a manufacturing economy.
F
T
False
True
Small businesses represent less than 50% of all employers.
False
T
F
True
Small businesses provide 60–80% of all new jobs.
T
True
False
F
The biggest risks in starting a new business are losing money and compromising job security
False
T
True
F
Owning a franchise gives an owner more control than developing a new business.
F
T
False
True
A partnership is the oldest and most common type of business.
False
True
T
F
A franchise involves a franchisee, the person or group who buys the franchise, as well as a franchiser, the company whose products will be sold.
True
False
T
F
Business plan templates and samples are available on the Internet.
T
False
F
True
Small businesses have fewer than ____ employees.
25%
100%
250%
500%
Which of the following is included in a business plan?
a.
type of business and products
b.
a marketing plan
c.
financial information
d.
all of the above
A
B
C
D
In which form of business do the business owners all share equal responsibility for debts and have unlimited liability?
a.
sole proprietorship
b.
general partnership
c.
limited partnership
d.
corporation
A
B
C
D
In which form of business does a single business owner have unlimited liability?
a.
sole proprietorship
b.
general partnership
c.
limited partnership
d.
corporation
A
B
C
D
Which form of business is a legal entity that operates separately from its owners?
a.
sole proprietorship
b.
general partnership
c.
limited partnership
d.
corporation
A
B
C
D
In which form of business are one or more business owners not involved with the management of the firm?
a.
sole proprietorship
b.
general partnership
c.
limited partnership
d.
corporation
A
B
C
D
Which of the following does NOT describe a critical quality of entrepreneurs?
a.
self-starters
b.
lifelong learners
c.
shy and reserved people
d.
optimists
A
B
C
D
Which of the following is NOT a characteristic of an entrepreneur?
a.
creativity
b.
risk avoidance
c.
persistence
d.
optimist
A
B
C
D
American companies started by entrepreneurs have created:
a.
the personal computer
b.
biotechnology
c.
franchise restaurant chains
d.
all of the above
A
B
C
D
Which of the following trends is providing the greatest resources for entrepreneurs?
a.
technology-related changes
b.
changes in the economy
c.
franchises
d.
manufacturing techniques
A
B
C
D
A(n) (a) is a person who starts his or her own business.
Once you have an idea for a new business, the next step is to write a (a) .
A (a) is a written contract granting permission to sell someone else’s product or service in a prescribed manner over a certain period of time and in a specified territory.
A (a) is a business owned by shareholders.
(a) laws are designed to promote competition and fairness and to prevent unfair business practices.
a business that is owned and operated by one person
(a)
a business that is owned by shareholders and that operates separately from its owners
(a)
a business with fewer than 500 employees
(a)
a document that describes the important characteristics of a business, including the type of business, its products, the industry, a marketing plan, the manner of operation, and the financial information
(a)
a form of business ownership that involves two or more people who become responsible for the debts, obligations, and success of a business
(a)
a system in which most economic resources are privately owned and individuals are free to decide what they will produce with the resources
(a)
a type of partnership in which partners all share equal responsibility for debts and have unlimited liability
(a)
a type of partnership in which the liability and involvement of certain partners is limited
(a)
an economy that is largely based on the trade of information and the management of the tools used to distribute that information
(a)
personal responsibility for all business debts
(a)
