WorksheetsUnit 2 and Unit 3 - Bus Org and Entrepreneurship review
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Entrepreneurs take on both the risks and rewards of starting a new business.
a)
true
b)
false
2.
Sole proprietorships require complex legal agreements to start.
a)
true
b)
false
3.
In a partnership, profits and losses are shared equally by default unless otherwise stated in an agreement.
a)
true
b)
false
4.
Corporations provide limited liability protection to their owners.
a)
true
b)
false
5.
Franchises are always guaranteed to be successful because they follow an existing business model.
a)
true
b)
false
6.
Entrepreneurs must rely solely on their personal funds to start a business.
a)
true
b)
false
7.
Ethical behavior and integrity are essential qualities for a successful entrepreneur.
a)
true
b)
false
8.
LLC stands for "Limited Liability Corporation.
a)
true
b)
false
9.
An LLC protects the personal assets of its owners in the case of business debts.
a)
true
b)
false
10.
Entrepreneurs should avoid taking risks at all costs.
a)
true
b)
false
11.
Which of the following is NOT a characteristic of an entrepreneur?
a)
Risk-taker
b)
Prefers stability
c)
Creative thinker
d)
Self-motivated
12.
What type of business organization is most suitable for an individual who wants to retain full control?
a)
Corporation
b)
Partnership
c)
LLC
d)
Sole Proprietorship
13.
Which business structure provides the greatest protection for personal assets?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
14.
What is the main reason partnerships often have a legal agreement?
a)
To maximize profits
b)
To outline roles, responsibilities, and profit-sharing
c)
To reduce taxes
d)
To increase product sales
15.
The Small Business Administration (SBA) primarily helps small businesses by:
a)
Providing free products
b)
Offering loans and guidance
c)
Running the business for them
d)
Setting their prices
16.
Which of the following best describes a non-profit business?
a)
A business that does not seek to make a profit for themselves but rather to fulfill a social mission
b)
A business that does not pay taxes
c)
A business owned by the government
d)
A business that avoids risk
17.
What is a key advantage of starting a franchise?
a)
Total freedom in decision-making
b)
Lower startup costs
c)
Support and training from the franchisor
d)
No need to follow any guidelines
18.
Which of the following is a responsibility of an entrepreneur?
a)
Managing employees
b)
Setting business goals
c)
Making business decisions
d)
All of the above
19.
What does the term "liability" mean in business?
a)
A business's assets
b)
Legal responsibility for debts and actions
c)
A company's profits
d)
A partnership agreement
20.
Which of the following is a risk associated with starting a business?
a)
Guaranteed profit
b)
Personal financial loss
c)
Government protection from failure
d)
Fixed salary
21.
Who typically benefits the most from a franchise business model?
a)
The franchisor only
b)
The franchisee only
c)
Both franchisor and franchisee
d)
The government
22.
In which business structure do owners have shares in the company?
a)
Sole Proprietorship
b)
Corporation
c)
Partnership
d)
LLC
23.
Which of the following is an example of an entrepreneur's daily activities?
a)
Deciding on marketing strategies
b)
Watching competitors
c)
Managing cash flow
d)
All of the above
24.
The process of recognizing a business opportunity and starting a business is known as:
a)
Management
b)
Marketing
c)
Entrepreneurship
d)
Investment
25.
What type of business allows owners to have protection from personal liability while having a flexible management structure?
a)
Sole Proprietorship
b)
Corporation
c)
Partnership
d)
Limited Liability Company (LLC)
100 %
