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Entrepreneurship 1 Unit 1 Review

Total questions: 50

Worksheet time: 43mins

Name
Class
Date
1.

Which is not one of the four types of entrepreneurs?

a)

Large Company Entrepreneurs

b)

Small Business Entrepreneurs

c)

Technological Entrepreneurs

d)

Social Entrepreneurs

e)

Scalable startup Entrepreneurs

2.

Someone who engages in innovation for a business

a)

entrepreneur

b)

manager

c)

intrapreneur

d)

owner

3.

_____________ created Amazon in his garage.

a)

Rene Arend

b)

Jeff Bezos

c)

Mark Zuckerberg

d)

Mark Twain

4.

Step 1 in the entrepreneurial process

a)

growth

b)

implementation

c)

triggering event

d)

innovation

5.

Step 4 in the entrepreneurial process

a)

triggering event

b)

growth

c)

innovation

d)

implementation

6.

Who are people who create their own business?

a)
Employees
b)
Students
c)
Retirees
d)
Entrepreneurs
7.

The basic principles that govern your behavior.

a)

Ethics

b)

Law

c)

Innovation

d)

Loyalty

8.

The Scott Company decided to sell stock to raise capital. Under what form of business organization does the company operate?

a)

Cooperative

b)

Corporation

c)

Partnership

d)

Sole proprietorship

9.
An individual who undertakes the risk associated with creating, organizing, and owning a business is?
a)
a farmer
b)
a trained salesperson
c)
an entrepreneur
d)
Mathematician
10.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
11.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
12.
This type of business organization involves two or more individuals who agree to contribute resources to the business in return for a share of the profit
a)
Corporation
b)
Sole Proprietorship
c)
Limited Liability Corporation
d)
Partnership
13.

Who is the founder of Microsoft?

a)

Oprah Winfrey

b)

Bill Gates

c)

Elle McPherson

d)

Steve Jobs

14.

Facebook founder worth over $61 billion and takes a salary of only $1?

a)

Jennifer Lopez

b)

Mark Zuckerberg

c)

James Packer

d)

Donald Trump

15.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
16.

"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."

a)

Partnership

b)

Sole Proprietorship

c)

Corporation

d)

Cooperative

17.

People who own a small business and typically spend most of their time working in the business themselves.

a)

tax preparers

b)

small business owners

c)

managers

d)

financial advisors

18.

Which type of business ownership is typically managed by the owner?

a)

corportion

b)

franchise

c)

partnership

d)

sole proprietorship

19.

Which type of business ownership are the owners responsible for each others decisions?

a)

franchise

b)

partnership

c)

corporation

d)

sole proprietorship

20.

A very large business with branches all over the world.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

21.

A father who wants to take his son into the business with him should form this type of business.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

22.

Someone who wants to control every aspect of their business should form this type of business.

a)

Sole Proprietor

b)

Partnership

c)

Corporation

23.

Max's Cupcake Shop is probably an example of a ...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

24.

Google, Amazon, and Facebook are examples of...

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

25.

Tracey and Doug's Dog Wash Boutique is probably an example of a...

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

26.
In a partnership, all profits are shared between the partners.
a)
False
b)
True
27.
Which of the following is NOT a business organization?
a)
Sole Proprietorship
b)
Corporation
c)
Perfect Competition
d)
Partnership
28.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
29.

Formal manners and rules that are followed in social or professional settings

a)

ethics

b)

etiquette

c)

globalization

d)

innovation

30.

The spread of products, technology, information and jobs across national borders and countries.

a)

innovation

b)

internet

c)

globalization

d)

risk

31.

The introduction of a new or improved good or service; a new idea, method, or device

a)

globalization

b)

innovation

c)

ethics

d)

etiquette

32.

Maria is using her savings to open a shop selling clothing from Mexico. What type of business is it?

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

33.

Which of these is an example of small business entrepreneurship?

a)

Google

b)

B. Microsoft

c)

Hair Saloon

d)

Uber

34.

Don't own the business, but are hired by small business owners to help run the business owners to help run the business.

a)

managers

b)

small business owner

c)

entrepreneurs

d)

intrapreneur

35.

without bias or assumption

a)

self-assessment

b)

generalizations

c)

objectivity

d)

ethics

36.

the basic principles that govern a business's actions

a)

entrepreneurship

b)

financial risk

c)

ethics

d)

business ethiccs

37.

Which is an entrepreneur?

a)

a woman who designs and makes her own line of clothing and sells them to her friends

b)

a corporate Vice President of human relations

c)

a parking lot attendant

d)

a state government official

38.

Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are

a)

an example of a startup

b)

an example of a small business

39.
Which is a franchisor?
a)
Starts a business
b)
Takes over a business
c)
Buys into an existing brand
d)
Allows others to use their brand name
40.

Which technology company uses a partially bitten apple as its logo?

a)

Microsoft

b)

Apple

c)

Samsung

d)

Google

41.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
42.
This type of business is a contractual agreement with a parent company to sell its products/services in an area.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
43.
Law firms and doctor's offices are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
44.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
45.
McDonald's and Burger King are examples of....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
46.

Profit is money.

a)

True

b)

False

47.
True or False - There is no set up fee involved in setting up a Franchise
a)
TRUE
b)
FALSE
48.
The American Red Cross is an example of a(n) ___________ corporation.
a)
Hybrid
b)
Nonprofit
c)
S Corporation
d)
C Corporation
49.

What is Business Etiquette?

a)

Modifies distracting behaviors and develops admired conduct

b)

Honors commitment to excellence and quality

c)

Enables you to be confident in a variety of settings with a variety of people

d)

All of the above

50.

Which is an entrepreneur?

a)

a woman who designs and makes her own line of clothing and sells them to her friends

b)

a corporate Vice President of human relations

c)

a parking lot attendant

d)

a state government official

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