WorksheetsUnit 8 Final Exam Review - Entrepreneurship
Total questions: 20
Worksheet time: 10mins
All of the following are key roles of entrepreneurs EXCEPT
Wealth generation
Community development
Economic growth
Interest rate adjusters
______________ generally possess skills in leadership, interpersonal communication, organizational behavior, business strategy and project management.
U.S. Presidents
Entrepreneurs
Teachers
Tax collectors
All of the following are reasons why an entrepreneur should file a patent EXCEPT
Protection of intellectual property
Increased Tax breaks
Attracts investments
Increased value of business
All of the following ways an entrepreneur can earn money EXCEPT
Create and run a business
Sell advertising space on their website/blog or video channel
Create a subscription service or sell merchandise with your business logo
Earn a salary
“Because employers contribute to a fund for unemployment benefits, their employees are eligible to receive benefits from the government if they qualify after losing their job. If you are operating as_______________, you most likely didn't pay into your state's unemployment fund and therefore, are ineligible for unemployment benefits.”
Source: https://www.thebalancemoney.com/can-i-collect-unemployment-if-i-m-self-employed-2064148
What best fits the blank space in the above quote?
A social worker
A contractor
Self-employed
A politician
“______________consists of Social Security and Medicare taxes for individuals who work for themselves. Employees who receive a W-2 only pay half of the total Social Security (6.2%) and Medicare (1.45%) taxes, while their employer is responsible for paying the other half. Self-employed individuals are responsible for paying both portions of the Social Security (12.4%) and Medicare (2.9%) taxes.”
Source: https://www.taxact.com/tools/self-employed-calculator
What best fits the blank space in the above quote?
Entrepreneurial tax
Business tax
Patent tax
Self-Employment tax
What is the role of the Small Business Administration?
To monitor consumer fraud
To adjust interest rates in response to inflation
To help Americans start, build and grow a business
To help employers develop fair wage and employment plans
Every entrepreneur takes risks in starting and building a business. One such risk involves creating a business plan that will appeal to potential investors. This risk is known as_________?
Market Risk
Financial Risk
Technology Risk
Strategic Risk
Although becoming an entrepreneur often means long hours, lots of hard work and the need to take many risks, being an entrepreneur can also be highly rewarding. Which of the following is a common benefit of being an entrepreneur?
Guaranteed salary
Social Security and Medicare taxes are taken care of
Company control
Great health benefit options
The Weasley twins, Fred and George, have decided to create a joke shop that they plan to call Weasleys Wizard Wheezes. Fred will be in charge of creating new products while George will manage the front-end of the shop. Due to their limited individual capital and the fact that both boys hope to eventually marry and start their own families who might inherit a share of the shop, what type of business organization best fits the twins’ needs?
Sole proprietorship
Partnership
Franchise
A co-op
Which of the following is an advantage to having a Corporation as your type of business organization?
Government regulations
Easy transference of ownership
Limited business confidentiality
A significant amount of red tape
Which of the following is NOT typically considered a risk faced by entrepreneurs when starting a new business?
Market competition
Guaranteed government funding
Financial loss
Uncertain demand
Which of the following is a responsibility of self-employed individuals regarding taxes?
Pay only half of Social Security and Medicare taxes
Pay both the employer and employee portions of Social Security and Medicare taxes
Receive automatic unemployment benefits
File taxes only once every five years
Which type of business organization allows for easy transfer of ownership and limited liability for its owners?
Franchise
Partnership
Corporation
Sole proprietorship
What is a disadvantage of being an entrepreneur?
You have more control over your work
You have a more flexible schedule
You do not always receive a regular paycheck
Your work schedule is always predictable
Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are
an example of a startup
an example of a small business
A business owned by only one person
Partnership
Franchise
Corporation
Sole Proprietorship
Which of the following is NOT a type of business ownership?
Sole proprietorship
Partnership
Corporation
Monopoly
Who can be an entrepreneur?
Only the wealthy
People with a college degree
People over the age of
Anyone
Which of the following best defines entrepreneurship?
The process of purchasing stocks and bonds
The act of managing and organizing any enterprise, especially a business, usually with considerable initiative and risk
The practice of being employed by a large corporation
The activity of working for the government
