Font size
WorksheetsBusiness Structure/Business Plan Assessment
Total questions: 50
Worksheet time: 42mins
Organize these options into the right categories for the pros and cons of a business plan.
Glimpse of the future
Know how to allocate resources
Funding for line of credit
Multiple viewpoints
Let others know you are serious
Demographics and Marketing
Inaccurate
Too much time on analysis
Lack of accountability
Poor implementation
Restricts Freedom
False sense of certanity
No guarantees
If you owned your own business, what business structure would you choose?
Sole Proprietorship
Corporation
Partnership
A (a) is a business organization with two or more owners who share the risks and rewards.
A business owned by one person is called a (a) .
A (a) is a business owned by many people but treated by law as one person.
The (a) is a one -to -three- page overview of the business plan.
The (a) explain the type of company you plan to start.
Choose the correct spelling.
Sole Propietorship
Soole Propetorship
Sole Propertorship
Sole Proprietorship
Choose the correct spelling. (a)
Choose the correct spelling. (a)
Choose the correct spelling.
Generl Partnerhip
Generl Prtnership
General Partnership
General Partnershiip
Choose the correct spelling.
Lmited Liabilty Partnershp
Lmited Liability Partnership
Limited Liability Partnership
Limiited Liabilitty Partnership
Choose the correct spelling. (a)
Choose the correct spelling. (a)
Choose the correct spelling. (a)
Choose the correct spelling. (a)
Choose the correct spelling.
Limitd Liability Company
Limitted Liabilitty Company
Limitted Liaability Compay
Limited Liability Company
List the Pros and Cons of a Sole Proprietorship
Easy and inexpensive to form
Profits all go the owner
Direct control of the business
Freedom from government regulation
No special taxation
Ease of dissolution (can close at (anytime)
Unlimited liability
Difficulty raising capital
Trouble finding qualified employees
Personal time commitment
Unstable business life
Losses are owner responsibility
Pros and Cons of a Partnership
Ease of formation
Availability of capital
Diversity of skills and expertise
Flexibility
No special taxes
Relative freedom from government control
Unlimited liability
Potential for conflicts between partners
Complexity of profit sharing
Difficulty exiting or dissolving a partnership
Steve is considered an entrepreneur because he
Has an idea for a coffee shop.
Started his own mobile app development company.
Works as a freelance web designer with no employees.
Founded a digital marketing startup and now has 3 employees.
John, a restaurant owner, is known for his
Desire to take control of the kitchen.
Reluctance to take advice from his chefs.
Self-centered menu planning.
Willingness to work overtime to satisfy a customer's dietary needs.
All entrepreneurs want to grow their businesses into large companies.
(a)Emma is planning to open a flower shop and is gathering information about small businesses. According to the Small Business Administration (SBA), a small business is considered to be a flower shop with
Fewer than 10 employees.
Less than 100 employees.
100 or more employees.
Any number of employees.
Mike is a software engineer at a multinational corporation and gets a consistent paycheck every month for his 40-hour work week. This is a characteristic of being
An employee.
An entrepreneur.
Both employees and entrepreneurs.
Neither employees nor entrepreneurs.
John, a tech enthusiast, believes that Steve Jobs founded Apple Inc. and remained with the company throughout his entire professional life.
True
False
Generally, a skydiver is willing to take risks
In almost every situation, no matter what the cost.
In situations where the thrill of free falling outweighs the risk.
Rarely or only when the jump is faced with disaster.
Never.
Steve, a budding businessman, is contemplating launching a venture in the restaurant sector and intends to offer both dining and takeaway services.
True
False
John is contemplating opening a restaurant. In his deliberation, which of the following rewards would be most significant to him as a restaurateur?
Securing a stable financial future.
Not having to abide by others' regulations or bear accountability.
Having the opportunity to pursue his passion for cooking.
Having the freedom to work as much or as little as he needs to sustain his lifestyle.
For long-term success, a restaurant owner named John, who just opened a new restaurant in downtown, should
Pay attention to new cooking technology and take advantage of it, if possible.
Be aware of what's going on in the world in terms of social, business, political, and environmental trends
Pick a cuisine that he enjoys.
Have strict rules on what can and cannot be cooked in his restaurant.
Imagine you are at a business conference. Which of the following statements would accurately describe an entrepreneur you might meet there? Check all that apply.
They are commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
They play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market.
They are an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
They are a person who works for someone else.
John started a tech startup. He took on the risks and his startup proved to be successful. As a result, he was rewarded with profits, fame, and continued growth opportunities.
True
False
Who can start a restaurant business?
Only those with a large inheritance
People with a degree in culinary arts
People over the age of 30
Anyone
A student who consistently studies for exams gives up easily
True
False
If a restaurant owner sets a target to sell 100 pizzas each day and promotes his restaurant through social media and flyers, he is being goal-oriented
True
False
John decides to start his own bakery. He sets his own working hours and ensures that he bakes each order for his customers on time. This shows that he is ________.
creative
inquisitive
Independent
risk taker
Steve invents a new method to prevent car windows from shattering upon impact. This is an example of being?
responsible
inquixsitive
creative
goal oriented
John is planning to start his own business. What skills does he need to be a successful entrepreneur? (check all that apply)
Communication Skills
Basic Business Skills
Problem Solving Skills
Science Skills
Interpersonal skills
John is planning to start his own business. What skills does he need to be a successful entrepreneur? (check all that apply)
Communication Skills
Basic Business Skills
Problem Solving Skills
Science Skills
Interpersonal skills
John decides to start a new tech startup in Silicon Valley. He has to invest his own savings to kickstart the venture. He is showing that he is ________
Respons
a risk taker
creative
inquizitive
John is planning to start his own business. Which of the following traits should he possess to be a successful entrepreneur? (hint: choose 3 correct answers)
Highly motivated
Avoids taking risks
Passionate about his business idea
Willing to work hard
What is a disadvantage of being a self-employed artist?
You have more control over your art
You have a more flexible schedule for creating art
You do not always receive a regular paycheck for your art
Your art creation schedule is always predictable
John is starting a new tech startup. What should he include in his business plan? (hint: choose 2 correct answers)
To document his startup's financial activity during one year
Legal document to be filed with the SEC
States the purpose and vision of his startup
States the amount of capital he needs to run his startup
Imagine you are launching a new brand of organic juices. A target market would be
a group of investors willing to put capital into your juice business
a generational group of individuals
a group of health-conscious consumers at which your organic juice is aimed
an industry willing to sell and market your organic juice
JavaBeans is a locally established coffee shop driven by the community. They have a team of 10 people. They are
an example of a startup
an example of a small business
You are the owner of a new startup and you want to promote your product. Which of the following methods can you use to advertise your product? ( hint: choose 2 correct answers :)
Support Media
Product Placement in a popular movie
Broadcast Media like TV and Radio
Online Advertising on The Internet
Steve Jobs was known for his ability to not only come up with ingenious ideas like the iPhone, but also turn those ideas into profits for Apple.
Creative
Perseverance
Persistence
Self Confidence
John is planning to start his own business. Which of the following is NOT a common characteristic that John should have as an entrepreneur?
risk-taker
creative
organized
irresponsible
John, a successful entrepreneur, often works until midnight, but he sets his own timetable.
True
False
ALL founders of successful tech startups have a degree in computer science.
True
False
John wants to start his own business. Which trait or characteristic would likely contribute to his success as an entrepreneur?
Being lazy
Being shy
Being bossy
Being a self-starter
