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Business Class Final

Total questions: 28

Worksheet time: 15mins

Name
Class
Date
1.

A person who starts, manages, and owns a business.

a)

Entrepreneur

b)

Entrepreneurship

c)

Business

2.

The process of starting and managing your own business.

a)

Entrepreneur

b)

Entrepreneurship

c)

Franchising

3.

This is a business owned by one person

a)

Partnership

b)

Corporation

c)

Franchise

d)

Sole Proprietorship

e)

Limited Liability Company

4.

This is a business owned by two or more people

a)

Partnership

b)

Corporation

c)

Franchise

d)

Sole Proprietorship

e)

Limited Liability Company

5.

This is a legal entity owned by stockholders and operated by a board of directors It operates as a separate legal entity apart from the owners.

a)

Partnership

b)

Corporation

c)

Franchise

d)

Sole Proprietorship

e)

Limited Liability Company

6.

The right or license granted by a company to an individual or group to market its products or services in a specific territory

a)

Partnership

b)

Corporation

c)

Franchise

d)

Sole Proprietorship

e)

Limited Liability Company

7.
The right to sell a company's products in a specified area.
a)
sole proprietorship
b)
corporation
c)
franchise
d)
retail business
8.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
9.
What is an advantage of a franchise over a sole proprietorship? 
a)
Franchises can sell stock to start up the business.
b)
Franchises do not have to work in the business.
c)
Parent company provides training and support to franchisee.
d)
Parent company will pay all of the franchisee's start up cost. 
10.
How is a corporation different from a sole proprietorship or partnership?
a)
Corporation has only one or two owners.
b)
Corporation is usually owned by one person.
c)
Corporation requires a legal charter to start.
d)
The owners of the corporation control the business.
11.
What is the difference between needs and wants? 
a)
Needs are goods and wants are services.
b)
Needs are necessary for survival and wants are nice to have.
c)
Needs are nice to have, wants are necessary for survival.
d)
Needs are services and wants are goods.
12.
Contest between businesses to win customers is called:
a)
Corporation
b)
Consumer
c)
Competition
d)
Profit motive
13.
This is someone who uses goods & services.
a)
consumer
b)
customer
c)
business
14.
Someone who purchases goods or services.
a)
customer
b)
consumer
c)
business
d)
opportunity
15.
Entrepreneurs must develop writing, speaking and listening skills.  These are known as
a)
communication skills
b)
human relations skills
c)
problem solving skills
d)
basic business 
16.
A proposal that describes a new business and is present to investors and lenders.
a)
business blueprint
b)
business plan
c)
outline
17.
A description that provides an outline of a business
a)
Executive Summary
b)
Company Description
c)
Contingency Plan
d)
Mission Statement
18.
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
19.
Which of the following best describes a target market?
a)
Close competitors of a business
b)
The people who buy a business's products
c)
Groups that do not buy a business's products
d)
The individuals at whom a business's marketing strategies are aimed
20.

Mark constantly became argumentative with employees. Which skill would he need to improve.

a)

Human Relations

b)

Directing skills

c)

Math Skills

d)

All of these

21.

Which of the following is not an example of a characteristic of a successful entrepreneur.

a)

Risk-taker

b)

Critical Thinker

c)

Dependable

d)

Argumentative

22.

Concept Development is the stage of the entrepreneurial process where you identify your target market.

a)

Ture

b)

False

23.

Stage of the entrepreneurial process where you determine if you should redesign the business.

a)

Discovery

b)

Resourcing

c)

Harvesting

d)

Actualization

24.

Ben decided that he needed more funding before he could expand the business that was doing really successful. Which stage is Ben now in?

a)

Actualization

b)

Resourcing

c)

Harvesting

d)

Discovery

25.

Sofia is a great baker and loves to cook. She is thinking about opening a small bakery. Sofia is in the discovery stage of the entrepreneurial process.

a)

True

b)

False

26.

Jerry realized he needed to go back and buy a patent for his product. Which stage is he in?

a)

Harvesting

b)

Discovery

c)

Concept Development

d)

Actualization

27.

Derek has $3,500 in expenses and $8,000 in profit. How much income did he have.

a)

3,500

b)

4,500

c)

11,500

d)

11,000

28.

Profit is determined by subtracting the income from the expenses and having money remain.

a)

True

b)

False

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