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WorksheetsENT 1 Unit 1 Review
Total questions: 126
Worksheet time: 1hrs 2mins
“To form my business, I used all of my savings and borrowed from the bank, and I’m personally liable for all of the debts.” This is an example of which of the following forms of business ownership:
Sole proprietorship
Partnership
Corporation
Cooperative
John, Robert, and Charles were college friends who wanted to start a business. John has creative ability, Robert’s expertise is selling, and Charles’ expertise is management. However, each has limited capital. The ideal business ownership for these young men is a
Partnership
merger
franchise
corporation
The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?
Corporation
Partnership
Cooperative
Sole proprietorship
The American Red Cross is an example of a(n) ___________ corporation.
nonprofit
hybrid
"S"
"C"
Wendy’s sells the right to operate its restaurants to individuals who meet the company’s criteria. The arrangement between Wendy’s and these individuals is an example of
franchising.
multi-level marketing.
a partnership agreement.
licensing.
ABC Specialty Wear is the only company that has written permission to use a national football team’s logo on its sportswear. This is an example of a
licensing agreement.
product trade-name contract.
sole proprietorship.
limited joint-venture contract.
What do business owners consider when they select a business ownership structure?
Personal circumstances, financial needs, and type of business
Personal circumstances, type of business, and product mix
Product versatility, financial needs, and advertising strategies
Product versatility, advertising strategies, and personal circumstances
Corporation
A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law” (U.S. Supreme Court)
A contractual agreement between a parent company and a franchisee to distribute goods or services
A form of business ownership in which members of a corporation experience limited liability; there is limited taxation on company income and limited life for the business entity
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
Franchise
A contractual agreement between a parent company and a franchisee to distribute goods or services
Two individual businesses that combine to form one organization
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
A business owned by one person who receives all the profits from the business and takes all the risks
Limited liability company (LLC)
A form of business ownership in which members of a corporation experience limited liability; there is limited taxation on company income and limited life for the business entity
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
A franchise arrangement based on an independent sales relationship between a franchisor and franchisee to stock and sell a specific line of goods; also known as dealership or exclusive distributorship
A business owned by one person who receives all the profits from the business and takes all the risks
Merger
Two individual businesses that combine to form one organization
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
A form of business ownership in which the business is owned by two or more persons
A business owned by one person who receives all the profits from the business and takes all the risks
Non Profit Corporation
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
A form of business ownership in which the business is owned by two or more persons
A form of business growth in which a company extends its operations or facilities using new capital or reinvested funds
A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law” (U.S. Supreme Court)
Partnership
A form of business ownership in which the business is owned by two or more persons
A contractual agreement between a parent company and a franchisee to distribute goods or services
A form of business growth in which a corporation acquires many smaller companies
A business owned by one person who receives all the profits from the business and takes all the risks
Sole proprietorship
A business owned by one person who receives all the profits from the business and takes all the risks
A form of business ownership in which the business is owned by two or more persons
A form of business ownership that is owned by stockholders who have purchased units or shares of the company; an “artificial being, invisible, intangible, and existing only in contemplation of the law” (U.S. Supreme Court)
A legal business structure that primarily operates for the purpose of serving others, not to make a profit; income is used to cover operational expenses; can be exempt from paying some or all taxes
Which of the following quotes encourages you to evaluate yourself as a person:
“Know thyself.”
“Never give up.”
“Life is like a box of chocolates.”
“Give me liberty or give me death.”
Why is it important to assess personal strengths and weaknesses before interviewing for a job?
Interviewers often ask you to discuss your strengths and weaknesses.
You must improve all weaknesses before you are hired.
If you know your strengths and weaknesses, you will get the job.
Employers require you to have at least 10 strengths.
Assessing personal strengths and weaknesses is a(n) __________ process.
ongoing
competitive
easy
one-time
A person you ask for input to help you assess personal strengths and weaknesses should be
tactful.
older than you.
someone who will focus on your strengths.
brutally honest.
How can observing a role model help you assess your strengths and weaknesses?
You can identify strengths you wish to possess.
You can ask him/her to identify your strengths.
You can ask him/her to identify your weaknesses.
You can identify weaknesses you wish to avoid.
A business’s ethics determine whether or not an action is acceptable for that business, especially if the action
has a negative impact on others.
affects the environment.
is illegal.
contributes to the business’s profitability.
One difference between business ethics and the law is that business ethics
are often unwritten.
are enforced by government.
must be published.
are easy to determine.
Why should a business practice good ethics?
An ethical business contributes toward its own success.
An ethical business makes more money than all its competitors.
The government will fine an unethical business.
An unethical business will go bankrupt.
Which of the following is a true statement about ethical business practices:
They do not guarantee positive outcomes.
They are more difficult to undertake than unethical practices.
They are all under government regulation.
They ensure that a business will succeed.
Entrepreneurship is
the process of starting and operating one's own business
managing a business for someone else
working at McDonald's
an individual who undertakes the risks associated with owning a business
An entrepreneur is
an individual who undertakes the risk associated with creating, organizing, and owning a business
the process of starting and operating one's own business
working at Burger King
managing a Burger King
An intrapreneur
innovates within a business
builds their own business
more responsibility
process of starting one's own business
Entrepreneurs are motivated by financial freedom, corporate freedom, environmental freedom, and personal freedom
True
False
Which of the following is a way that entrepreneurship helps our society:
Creates new jobs
Reduces taxes
Eliminates financial concerns
Decreases economic growth
One difference between entrepreneurs and small-business owners is that
small-business owners generally are not interested in expanding their businesses.
entrepreneurs usually purchase existing businesses or franchise rights.
entrepreneurs rarely manage the day-to-day aspects of their businesses.
small-business owners usually employ between 500 and 1,000 workers.
In the early stages of a start-up business, entrepreneurs assume sole responsibility for
all aspects of their businesses.
global economic growth rates.
the demand of their products.
the daily activities of competitors.
What is a disadvantage of entrepreneurship?
Uncertain income
Personal satisfaction
Lower taxes
Fewer resources
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
success.
empathy.
productivity.
outsourcing.
Etiquette
the customary code of polite behavior in society or among members of a particular profession or group
the process by which businesses or other organizations develop international influence or start operating on an international scale.
a manager within a company who promotes innovative product development and marketing.
anything that threatens an organization's ability to generate profits at its target levels
Globalization
the process by which businesses or other organizations develop international influence or start operating on an international scale.
a manager within a company who promotes innovative product development and marketing.
The creation of new, unique products
An individual responsible for the coordination of resources in order to accomplish an organization’s goals
Intrapreneur
a manager within a company who promotes innovative product development and marketing.
anything that threatens an organization's ability to generate profits at its target levels
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for her/his efforts
An individual responsible for the coordination of resources in order to accomplish an organization’s goals
Risk
anything that threatens an organization's ability to generate profits at its target levels
The creation of new, unique products
An individual who is her/his own boss
A business that employs 500 or fewer people
Entrepreneur
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for her/his efforts
An individual responsible for the coordination of resources in order to accomplish an organization’s goals
a manager within a company who promotes innovative product development and marketing.
An individual who owns a business venture to generate income without intentions of growing or expanding the business
Innovation
The creation of new, unique products
A strong feeling of enthusiasm, determination, and devotion
A business that employs 500 or fewer people
A strong feeling of enthusiasm, determination, and devotion
Manager
An individual responsible for the coordination of resources in order to accomplish an organization’s goals
The creation of new, unique products
An individual who is her/his own boss
An individual who owns a business venture to generate income without intentions of growing or expanding the business
Passion
A strong feeling of enthusiasm, determination, and devotion
An individual who is her/his own boss
a manager within a company who promotes innovative product development and marketing
the customary code of polite behavior in society or among members of a particular profession or group
Self-employed
An individual who is her/his own boss
A business that employs 500 or fewer people
An individual who owns a business venture to generate income without intentions of growing or expanding the business
The creation of new, unique products
Small business
A business that employs 500 or fewer people
An individual who owns a business venture to generate income without intentions of growing or expanding the business
To evaluate, analyze, or review
The creation of new, unique products
Small-business owner
An individual who owns a business venture to generate income without intentions of growing or expanding the business
An individual responsible for the coordination of resources in order to accomplish an organization’s goals
An individual who identifies an opportunity to create new value, develops and offers a unique product, assumes the risks of starting and building a business, focuses on the improvement and growth of that business, and receives personal and financial rewards for her/his efforts
a manager within a company who promotes innovative product development and marketing
Which is a characteristic of a successful entrepreneur?
Motivated
Takes very little risk
Passionate
Hard-working
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
Entrepreneurs create ____________________ for themselves and others.
wealth
risk
plans
none of these
What % of small businesses will fail in the first five years?
30%
15%
50%
70%
60% of __________________ fail in the first three years
Coffee shops
Restaurants
Retail shops
Manufacturing plants
What are the four P's of marketing
product, produce, production, price
person, place, produce, practice
promotion, product, practice, price
promotion, place, price, product
Assess
To evaluate, analyze, or review
Evaluative information given to you about the things you say and do
Assessment tool designed to help determine strengths and weaknesses
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in her/his career/profession
Feedback:
Evaluative information given to you about the things you say and do
Assessment tool designed to help determine strengths and weaknesses
A person whose behavior is imitated by others
How you feel about yourself at any given time
Personal skills inventory
Assessment tool designed to help determine strengths and weaknesses
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in her/his career/profession
Positive habits and qualities
Negative habits and qualities
Professional development
Steps that an individual takes to enhance or improve skills or traits that are needed to excel in her/his career/profession
How you feel about yourself at any given time
Positive habits and qualities
Negative habits and qualities
Role model
A person whose behavior is imitated by others
How you feel about yourself at any given time
To evaluate, analyze, or review
Evaluative information given to you about the things you say and do
Self-esteem
How you feel about yourself at any given time
Positive habits and qualities
Negative habits and qualities
Evaluative information given to you about the things you say and do
Strengths
Positive habits and qualities
Negative habits and qualities
the management of complex systems according to a set of rules and trends
1. A set of rules for governing behavior
Weaknesses
Negative habits and qualities
Positive habits and qualities
A set of rules for governing behavior
The basic principles that govern your behavior
Regulations
the management of complex systems according to a set of rules and trends
The basic principles that govern a business’s actions
A set of rules for governing behavior
The ability to rely on the character, integrity, or truthfulness of something or someone
Code of ethics
A set of rules for governing behavior
The basic principles that govern your behavior
The basic principles that govern a business’s actions
The management of complex systems according to a set of rules and trends
Ethics
The basic principles that govern your behavior
The ability to rely on the character, integrity, or truthfulness of something or someone
Lacking morals; wrong
The basic principles that govern your behavior
Trust
The ability to rely on the character, integrity, or truthfulness of something or someone
The basic principles that govern a business’s actions
the management of complex systems according to a set of rules and trends
Lacking morals; wrong
Unethical
Lacking morals; wrong
A set of rules for governing behavior
The basic principles that govern a business’s actions
The management of complex systems according to a set of rules and trends
Why are Entrepreneurs important?
An important money maker
An important engine of growth in the economy
An important business model
An important way to increase traffic
Why do we need Entrepreneurship?
Create new businesses and raise taxes
To make people happy
To take down big box stores
Create social change and community development
Entrepreneur is someone who
Organizes, leads, manages, and assumes the risks of a business
Makes mass amounts of money
Is very controlling and close-minded
You would not want to work for
Which of the following is NOT a trait of successful entrepreneurs?
Passion
Procrastination
Resilience
Strong sense of self
Leaders work in the system.
True
False
I don't know
Managers support problem solving and
Inspiring
Innovation
Showing other the way
Decision-making
Monitoring and controlling expenses/budgets are responsibilities of
Leaders
Managers
Co-workers
Employees
These people don't stop and watch unless they are learning and comparing
Leaders
Managers
Co-workers
Employees
A merchandise shipment of laptops were destroyed in transit. This is an example of a(n)
Market
Risk
Accident
Loss
Last night, you got a call that your warehouse had caught on fire. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
Your company decided to produce and stock 100,000 of their newest product. Sales are not moving as quickly as you thought and the merchandise just taking up space in the warehouse. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
How many steps are there in the entrepreneurial discovery process?
4
5
6
7
Which of the following is NOT a step in the entrepreneurial discovery process?
Investigate Trends
Look For Business Opportunities
Brainstorm Problems and Ideas
Profitability Analysis
Business opportunities could include
Franchises, family business & hobbies
Family business, interests, & trends
Hobbies, interests, & making money
Franchises, games, & solutions
When investigating trends, it is important to look at current and global trends.
True
False
Why do people want to become entrepreneurs?
Make a guaranteed amount of money
To be their own boss and make decsions
To work longer hours
To show off how talented they are
Which of the following is a disadvantage of a partnership?
Everyone is happy
Two sets of ideas and financial assets
Potential friction when making decisions
Can split duties and responsibilties
Being an entrepreneur is the right choice for everyone
True
False
SBA helps entrepreneurs by providing resources regarding business plans, loans, etc. SBA stands for
Small Business Alliance
Smith Blackwell Association
Small Business Association
Small Brand Association
Opening a franchise is less risky than starting a business from scratch.
True
False
