WorksheetsEntrepreneurship - FINAL EXAM REVIEW
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
An individual who undertakes the creation, organization, and ownership of a business is called a(n)
a)
investor
b)
business broker
c)
role model
d)
entrepreneur
2.
The seller of a franchise is called a(n)
a)
partner
b)
entrepreneur
c)
competitor
d)
franchisor
3.
Money left over after all the expenses of running a business have been deducted from the income is called
a)
investment
b)
capital
c)
profit
d)
enterprise
4.
The amount of money one puts into a business is called a(n)
a)
market
b)
profit
c)
investment
d)
capital
5.
The point at which consumers buy all of a product that is supplied is called
a)
equilibrium
b)
capital
c)
profit
d)
investment
6.
One of the risks of being in business for yourself is
a)
being your own boss
b)
uncertain income
c)
competition
d)
loss of prestige
7.
The amount of a good or service that producers are willing to provide is called
a)
services
b)
supply
c)
inelastic
d)
volume
8.
A/An___________ is a new business undertaking that involves risk.
a)
monopoly
b)
venture
c)
entrepreneur
d)
market structure
9.
__________________ is the study of how people choose to allocate scarce resources to fulfill their unlimited wants.
a)
economics
b)
entrepreneurship
c)
free enterprise system
d)
monopoly
10.
In a/an__________, people have an important right to make economic choices.
a)
entrepreneurship
b)
monopoly
c)
free society
d)
free enterprise system
11.
A__________is a basic requirement for survival.
a)
need
b)
good
c)
service
d)
want
12.
The resources businesses use to produce the goods and services people want are called__________.
a)
factors of manufacturing
b)
factors of production
c)
capital
d)
start up funds
13.
________ occurs when demand exceeds supply.
a)
production
b)
scarcity
c)
want
d)
need
14.
Dot-com companies do business using
a)
the internet
b)
cell phones
c)
bulk mail
d)
fax machines
15.
Starting a business does not require
a)
hard work
b)
money
c)
in-depth knowledge of the market
d)
a dream
16.
Entrepreneurs generally do not
a)
take risks
b)
seek work within an existing company
c)
start new businesses
d)
seek to make a profit
17.
Small businesses do not
a)
employ more than half of the nation's workforce
b)
dominate their industries
c)
serve a limited geographic area
d)
sometimes develop into major corporations
18.
Most successful entrepreneurs have similar
a)
backgrounds
b)
characteristics
c)
experience
d)
goals
19.
A business can be classified as a “small business” if it has fewer than
a)
10 employees
b)
50 employees
c)
100 employees
d)
500 employees
20.
The process of allocating time effectively is called
a)
situational management
b)
total quality management
c)
time management
d)
management plan
100 %
