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WorksheetsEagles Business Final 2026
Total questions: 75
Worksheet time: 1hrs 15mins
Name
Class
Date
1.
Which of the following best defines an entrepreneur?
a)
A person who works in government
b)
A person who manages money
c)
A person who starts a business
d)
An investor in the stock market
2.
Which of these is a major incentive for entrepreneurship?
a)
Free labor
b)
Profit
c)
Guaranteed success
d)
Low competition
3.
Which of the following is a risk of entrepreneurship?
a)
Financial loss
b)
Guaranteed salary
c)
Fully funded by government
d)
No competition
4.
Which business ownership has one owner and unlimited liability?
a)
Corporation
b)
Sole proprietorship
c)
Partnership
d)
Cooperative
5.
Which business ownership structure has limited liability for owners?
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Cooperative
6.
Which ownership type shares profit and liability between two or more owners?
a)
Franchise
b)
Partnership
c)
Corporation
d)
Sole proprietorship
7.
Which of these describes “unlimited liability”?
a)
Owner’s personal assets can be used to settle business debts
b)
The business cannot borrow money
c)
The business has no debt
d)
The government pays the business debts
8.
Which business structure can sell stock to raise capital?
a)
Corporation
b)
Sole proprietorship
c)
Partnership
d)
Nonprofit
9.
Which of the following best describes profit?
a)
Money left after expenses
b)
Total customer spending
c)
Money before expenses
d)
Loan repayment
10.
A person starts a clothing brand for creative freedom. This shows:
a)
Non-financial incentive
b)
Price control
c)
Guaranteed success
d)
Low competition
11.
Which of these is an example of an entrepreneur?
a)
A cashier at a supermarket
b)
A teen who starts a lawn-care business
c)
A city clerk
d)
A college professor
12.
Which of the following is an advantage of sole proprietorships?
a)
Easy to raise capital
b)
Owner keeps all profits
c)
Unlimited liability is avoided
d)
No legal paperwork required
13.
Which of the following is a disadvantage of corporations?
a)
Easy to start
b)
Complex and costly to form
c)
Owner has full control
d)
No paperwork required
14.
A partnership may be a good choice when:
a)
One person wants full control
b)
Owners want to combine skills and share risk
c)
No risk exists
d)
Owners want limited paperwork
15.
An entrepreneur who invests $10,000 of personal money is taking what type of risk?
a)
Financial
b)
Social
c)
Environmental
d)
Government
16.
Which of the following best defines an entrepreneur?
a)
A person who works in government
b)
A person who manages money
c)
A person who starts a business
d)
An investor in the stock market
17.
Which of these is a major incentive for entrepreneurship?
a)
Free labor
b)
Profit
c)
Guaranteed success
d)
Low competition
18.
Which of the following is a risk of entrepreneurship?
a)
Financial loss
b)
Guaranteed salary
c)
Fully funded by government
d)
No competition
19.
Which business ownership has one owner and unlimited liability?
a)
Corporation
b)
Sole proprietorship
c)
Partnership
d)
Cooperative
20.
Which business ownership structure has limited liability for owners?
a)
Sole proprietorship
b)
Partnership
c)
Corporation
d)
Cooperative
21.
Which ownership type shares profit and liability between two or more owners?
a)
Franchise
b)
Partnership
c)
Corporation
d)
Sole proprietorship
22.
Which of these describes “unlimited liability”?
a)
Owner’s personal assets can be used to settle business debts
b)
The business cannot borrow money
c)
The business has no debt
d)
The government pays the business debts
23.
Which business structure can sell stock to raise capital?
a)
Corporation
b)
Sole proprietorship
c)
Partnership
d)
Nonprofit
24.
Which of the following best describes profit?
a)
Money left after expenses
b)
Total customer spending
c)
Money before expenses
d)
Loan repayment
25.
A person starts a clothing brand for creative freedom. This shows:
a)
Non-financial incentive
b)
Price control
c)
Guaranteed success
d)
Low competition
26.
Which of these is an example of an entrepreneur?
a)
A cashier at a supermarket
b)
A teen who starts a lawn-care business
c)
A city clerk
d)
A college professor
27.
Which of the following is an advantage of sole proprietorships?
a)
Easy to raise capital
b)
Owner keeps all profits
c)
Unlimited liability is avoided
d)
No legal paperwork required
28.
Which of the following is a disadvantage of corporations?
a)
Easy to start
b)
Complex and costly to form
c)
Owner has full control
d)
No paperwork required
29.
A partnership may be a good choice when:
a)
One person wants full control
b)
Owners want to combine skills and share risk
c)
No risk exists
d)
Owners want limited paperwork
30.
An entrepreneur who invests $10,000 of personal money is taking what type of risk?
a)
Financial
b)
Social
c)
Environmental
d)
Government
31.
An economic system answers which set of questions?
a)
What to produce, how to produce, and for whom to produce
b)
Who will run for office, who will vote, and who will win
c)
What to price, how to tax, and how to spend
d)
Where to shop, where to work, and where to live
32.
In a command economy, economic decisions are made by:
a)
Individuals
b)
The government
c)
Businesses
d)
Consumers
33.
A market economy relies mainly on decisions made by:
a)
Consumers and businesses
b)
The military
c)
The government
d)
The largest corporation
34.
Which economic system combines market freedom with some government regulation?
a)
Traditional
b)
Command
c)
Mixed
d)
Market
35.
Which economic system is based on customs and traditions?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
36.
Which of the following is MOST associated with capitalism?
a)
Private property
b)
Public ownership of all land
c)
Central planning
d)
No profit motive
37.
Which of the following is MOST associated with socialism?
a)
Private ownership of all resources
b)
Shared ownership and welfare programs
c)
No government involvement
d)
Traditional customs
38.
Which system often results in the highest consumer choice?
a)
Command
b)
Mixed
c)
Market
d)
Traditional
39.
Which system gives the government the MOST control over production?
a)
Market
b)
Mixed
c)
Command
d)
Traditional
40.
Most modern countries operate under which system?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
41.
In a traditional economy, production is generally based on:
a)
Profit motive
b)
Custom and tradition
c)
Consumer demand
d)
Shareholder decisions
42.
Which system relies on supply and demand to set prices?
a)
Command
b)
Market
c)
Mixed
d)
Traditional
43.
A major disadvantage of command economies is:
a)
Too much competition
b)
Lack of innovation and consumer choice
c)
Unlimited private ownership
d)
Overproduction of luxury goods
44.
A major disadvantage of market economies is:
a)
Lack of consumer choice
b)
Income inequality and uneven distribution of wealth
c)
Too much government control
d)
No profit motive
45.
Mixed economies attempt to:
a)
Eliminate consumers
b)
Give full control to government
c)
Balance market freedom with government regulation
d)
Remove taxation completely
46.
Competition in a market generally benefits consumers by:
a)
Lowering prices and improving quality
b)
Raising prices and reducing choice
c)
Eliminating innovation
d)
Reducing customer service
47.
Direct competitors are businesses that:
a)
Serve completely different needs
b)
Sell the same or similar products
c)
Operate in different countries
d)
Do not depend on customers
48.
Indirect competitors are businesses that:
a)
Sell nearly identical products
b)
Compete for the same money but with different products
c)
Do not compete at all
d)
Are owned by the same company
49.
A market with MANY sellers selling IDENTICAL products is:
a)
Monopoly
b)
Perfect competition
c)
Oligopoly
d)
Monopolistic competition
50.
A market with MANY sellers selling DIFFERENTIATED products is:
a)
Monopolistic competition
b)
Monopoly
c)
Oligopoly
d)
Perfect competition
51.
A market dominated by a FEW large firms is a(n):
a)
Monopoly
b)
Perfect competition
c)
Oligopoly
d)
Traditional market
52.
A market with ONLY ONE seller is called a:
a)
Monopoly
b)
Oligopoly
c)
Monopolistic competition
d)
Perfect competition
53.
Which market structure often relies on heavy advertising and branding?
a)
Perfect competition
b)
Monopolistic competition
c)
Traditional
d)
Command
54.
Which structure has the most barriers to entry?
a)
Perfect competition
b)
Monopoly
c)
Monopolistic competition
d)
Oligopoly
55.
Which structure typically leads to the lowest prices for consumers?
a)
Perfect competition
b)
Monopoly
c)
Oligopoly
d)
Mixed competition
56.
Which structure may result in collusion between firms?
a)
Perfect competition
b)
Oligopoly
c)
Monopoly
d)
Traditional
57.
Which situation is an example of indirect competition?
a)
Starbucks vs. Dunkin’
b)
Nike vs. Adidas
c)
Movie theater vs. bowling alley
d)
Walmart vs. Target
58.
Which situation is an example of direct competition?
a)
Uber vs. Lyft
b)
Gym vs. hair salon
c)
Gas station vs. online shopping
d)
Movie vs. concert tickets
59.
A major advantage of competition for businesses is:
a)
It forces higher prices
b)
It limits innovation
c)
It encourages improvement and efficiency
d)
It eliminates differentiation
60.
If competition were eliminated from a market, consumers would likely face:
a)
Lower prices and more choice
b)
Higher prices and fewer choices
c)
Better innovation
d)
Better customer service
61.
Marketing is primarily about:
a)
Communicating value to customers
b)
Setting government regulations
c)
Managing employee payroll
d)
Controlling the supply chain
62.
A 'target market' refers to:
a)
Every customer in the world
b)
Competitors that sell similar products
c)
The specific customers a business aims to reach
d)
The employees who produce the product
63.
Customer service affects:
a)
Only the warehouse team
b)
Only the government
c)
The reputation and loyalty of a business
d)
Only product packaging
64.
Which of the following is an example of customer loyalty?
a)
A customer tries a business once
b)
A customer refuses to leave a review
c)
A customer repeatedly chooses the same brand
d)
A customer buys whatever is cheapest
65.
A customer 'touchpoint' is:
a)
Any interaction a customer has with a business
b)
The amount of money a customer spends
c)
The taxes paid on each sale
d)
The number of employees in a store
66.
Poor customer service often leads to:
a)
Increased profits
b)
Word-of-mouth damage and lost sales
c)
Lower competition
d)
Higher brand loyalty
67.
Which of these is an example of good customer service?
a)
Employees ignore customers
b)
Refunds take months
c)
Questions are answered respectfully and quickly
d)
No return policy exists
68.
The “marketing mix” is commonly described as:
a)
People, Profit, and Packaging
b)
4 Ps: Product, Price, Place, Promotion
c)
Warehouse, Production, Logistics
d)
Online, Mobile, Retail
69.
Which of the following is part of Promotion?
a)
Advertising and social media
b)
Where a product is stored
c)
The price tag on the shelf
d)
The supplier that manufactures the goods
70.
Price represents:
a)
How much customers pay
b)
How many employees a company has
c)
How many stores exist
d)
How long the product lasts
71.
Place refers to:
a)
Where the product is sold
b)
What the product looks like
c)
How much money was invested
d)
Which employees work on marketing
72.
Which option best describes Product?
a)
The desire customers have for the item
b)
The physical good or service being offered
c)
The advertising used to persuade buyers
d)
The cost of labor to produce it
73.
An unhappy customer is likely to:
a)
Keep the issue quiet
b)
Tell multiple other people about the bad experience
c)
Buy more items immediately
d)
Increase company profits
74.
Customer relations focuses on:
a)
Developing and maintaining positive customer relationships
b)
Reducing customer contact
c)
Eliminating feedback
d)
Only selling once to each customer
75.
A brand is:
a)
The logo only
b)
The product price
c)
The perception and identity of a company
d)
The employees working there
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