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Entrepreneurship and Small Business

Total questions: 37

Worksheet time: 25mins

Name
Class
Date
1.

This a process that requires hard work, perseverance, and the willingness to assume some degree of risk.

a)

Managing

b)

Entrepreneurship

c)

Grit

d)

Perseverance

2.

Entrepreneurs often start their business while working for another company, this allows them:

a)

to increase their income.

b)

to practice community service.

c)

spread themselves too thin

d)

focus 100% on their new venture

3.
Entrepreneurs do not receive a regular paycheck. This means that entrepreneurs:
a)
make lots of money.
b)
have an uncertain income
4.
Entrepreneurs will work very long hours – often 7 days a week. This means that:  
a)
plenty of time will remain to pursue personal and family interests.
b)
personal interests will often take a backseat to the business.
5.

To be successful, the entrepreneur must:

a)

ignore the needs and wants of customers.

b)

focus on serving the needs and wants of customers.

6.
He is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity.
a)
Neil Armstrong 
b)
Elon Musk 
7.

Anyone can be an entrepreneur and:

a)

you must be 21 years of age to get started.

b)

you must have another job

c)

you can begin at any age.

8.
Entrepreneurs must be willing to risk the chance of failure in order to be successful. What important characteristic of entrepreneurs is this?
a)
Risk-taking
b)
Perseverance
c)
Creativity
d)
Self-confident
9.

The ability to use imaginative skills to find unique ways to solve problems.

a)

Grit

b)

Creativity

c)

Self-Confidence

d)

Perseverance

10.

Belief in oneself and one’s own abilities with an expectation to be successful.

a)

Grit

b)

Creativity

c)

Self-Confidence

d)

Perseverance

11.

Entrepreneurs are flexible and will refuse to give up despite obstacles, failures, and discouragement from others. This characteristic is known as:

a)

Grit

b)

Creativity

c)

Self-Confidence

d)

Perseverance

12.

Entrepreneurs do not listen to the negative people around them. They take the road less traveled, which makes them

a)

Lazy

b)

Hardworking

c)

Intelligent

d)

Independent-minded

13.
In this economic system, also known as capitalism or a free market economy, people have the freedom to own property, buy products, and they can choose to start their own businesses.
a)
Communism 
b)
Free Enterprise
c)
Socialism
d)
Command Economy
14.

This is an important reason or incentive that entrepreneurs have for starting their own businesses.

a)

The competition.

b)

The profit motive.

c)

The ability to pay cheaper taxes.

d)

Government regulations.

15.
This is the rivalry among businesses for customers. It forces companies to operate efficiently while keeping prices down and quality up.
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
16.
This refers to the quantity of a product consumers are willing and able to purchase at a given price
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
17.
This refers to the quantity of a product that producers are willing and able to produce at a given price.
a)
Industrialization
b)
Competition
c)
Supply
d)
Demand
18.
This is a business owned and managed by one person. 
a)
Partnership
b)
Proprietorship
c)
Corporation
d)
Limited Liability Cooperative
19.
The person who has sole ownership of a business.
a)
Proprietor       
b)
Chief Executive Officer
c)
Stock Holder
d)
Senior Partner
20.
In this type of partnership the profits, liability and management duties are divided equally among partners.
a)
General Partnership
b)
Limited Partnership
21.
This is a temporary partnership created for a single project or purpose.
a)
Joint Venture
b)
Limited Partnership
c)
General Partnership
d)
Industrial Partnership
22.
Which of the following statements is a DISADVANTAGE of the corporation form of ownership?
a)
Offers the owners limited liability.
b)
The business can exist indefinitely, beyond the life of the owners.
c)
Ownership is easy to transfer by the selling of stock.
d)
Corporations are usually taxed at a higher rate than other forms of ownership.
23.
Entrepreneurs must be willing to seek advice from others.
a)
True
b)
False
24.
This is someone who is experienced, successful and willing to provide advice and guidance.
a)
Mentor
b)
President 
c)
CEO
d)
Industrial Engineer
25.
This is an independent agency of the federal government with the mission of aiding, counseling, and assisting entrepreneurs and small businesses.
a)
EPA
b)
SBA
26.
Because of entrepreneurs, we have:
a)
a shortage of goods and services available to consumers.
b)
an abundance of goods and services from which to choose.
27.
Pursuing their passions, developing an idea into a business, creating wealth for themselves, and providing jobs for other people, allows entrepreneurs to increase their:
a)
personal satisfaction
b)
number of friends
28.
A business that is owned and operated by two or more people who share in the decision-making and profitability of the company. 
a)
Partnership
b)
Proprietorship
c)
Corporation
d)
Limited Liability Cooperative
29.
A legal document that specifies the responsibilities and financial relationships of business partners.
a)
Charter           
b)
Partnership Agreement
c)
Articles of Incorporation
d)
Licensing Agreement
30.
In this type of partnership some partners may have only partial liability as well as restricted input with management decisions. These restrictions will reflect the percentage of the initial investment made by each partner. 
a)
General Partnership
b)
Limited Partnership
31.
A business owned by people who purchase stock in the company. These businesses are granted a charter by the state in which they are formed.
a)
Industrial Organization
b)
Corporation
c)
Partnership
d)
Proprietorship 
32.
The a legal document allowing the corporation to operate as if it were a person.
a)
Charter
b)
Partnership Agreement
c)
Licensing Agreement 
33.
Which of the following statements is an ADVANTAGE of the proprietorship form of business ownership?
a)
The proprietor may not have all the skills needed to run the business.
b)
Most new businesses require a lot of money to start, this could be more than one owner can provide.
c)
The risk can be great and must be carried by the proprietor, includes personal liability.
d)
The proprietor receives all profits from the operation of the business.  
34.
Which of the following statements is an ADVANTAGE of the partnership form of ownership?
a)
Partners are able to combine their knowledge, skills, and abilities.
b)
Disagreements on important decisions can occur among partners.
c)
All partners are responsible for any actions and decisions made by another partner
d)
Partners share the profits of the business.
35.
This is a type of legal structure that provides the limited liability features of a corporation and the tax benefits of a partnership. This is a complex business structure and may require legal advice and assistance to setup.
a)
Limited Sole Proprietorship (LSP)
b)
Limited Liability Company (LLC) 
c)
Limited Industrial Company (LIC)
d)
Limited Business Company (LBC)           
36.

This organization is dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. This group offers free, confidential business advisors in person or via email. Thousands of their volunteers are willing to share their expertise across 62 industries.

a)

EPA

b)

Better Business Bureau

c)

SCORE

d)

SBA

37.

This is someone who takes the initiative to start and operate a new business.

a)

Chief Executive Officer

b)

Entrepreneur

c)

Manager

d)

Top Employee

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