Entrepreneurship Unit Review

Question 1

When using professional writing skills it is important to slowly build up to your main point/objective not to be direct.

Accepted Answer

False

Question 2

What legal structure limits the amount of owners to 100 and requires that all owners must also be American citizens?

Accepted Answer

S-Corp

Question 3

Valuation of Company = $750,000 Entrepreneur giving up 20% Equity, how much should they ask the sharks for?

Accepted Answer

150,000

Question 4

An entrepreneur in the Shark Tank is asking for $30,000 in exchange for 15% equity in their company. What is the value?

Accepted Answer

200,000

Question 5

A business where a license is granted to the owner to use the trademark business processes and marketing processes.

Accepted Answer

Franchise

Question 6

Which of the following business structures is the business considered a separate legal entity in the eyes of the law?

Accepted Answer

C-Corp

Question 7

What is the name of the owner(s) of a limited liability company?

Accepted Answer

Members

Question 8

______ - expenses/cost = profit

Accepted Answer

Revenue

Question 9

Visuals (charts, graphs) can serve as an appropriate supplement to a document when effectively writing for business.

Accepted Answer

True

Question 10

A _____ is the easiest and most inexpensive legal structure to choose however all of the capital comes from one owner.

Accepted Answer

Sole Proprietorship

Question 11

Business activity that maintains focus on the creation of the product or service for the company.

Accepted Answer

Operations

Question 12

What are the 4 p's of marketing?

Accepted Answer

Price, Promotion, Place, Product

Question 13

Which of the following would NOT apply to human resources:

Accepted Answer

Determining budgets

Question 14

What business focuses on the production of merchandise for use or sale using labor and machines tools or formulation

Accepted Answer

Manufacturing

Question 15

A________serves as an intermediary between manufacturers and retailers

Accepted Answer

Wholesaler

Question 16

Accounting focuses on past performance and finance focuses on the future performance of the company.

Accepted Answer

True

Question 17

An entrepreneur is a person who organizes and operates a business taking on greater than normal financial risks.

Accepted Answer

True

Question 18

Informational headers should be written like an answer to a question and have a consistent format throughout the doc.

Accepted Answer

True

Question 19

Alex has equity in a business. Because he is an equity owner, he is entitled to a share of the company's profits.

Accepted Answer

True

Question 20

Financial questions never go away. Even the most successful businesses are continually active in financial planning.

Accepted Answer

True

Question 21

What legal structure is most expensive to create, but also allows the sale of stock to the public to generate capital?

Accepted Answer

C-Corp

Question 22

What type of business deals with intangible products such as accounting banking consulting cleaning landscaping

Accepted Answer

Service

Question 23

Which of following legal structures have the disadvantage of double taxation?

Accepted Answer

C-Corp

Question 24

What type of business buys items in large quantities from manufacturers and typically sells only to retailers?

Accepted Answer

Wholesale

Question 25

Select the 4 main types of businesses discussed in class:

Accepted Answer

Manufacturing, retail, service, wholesale

Question 26

A_____ is a business owned by 2 + people that each share unlimited liability for the business and pay personal taxes on

Accepted Answer

Partnership

Question 27

A royalty deal is when an investor makes a certain amount of $ per unit sold. Usually in perpetuity.

Accepted Answer

True

Question 28

Select a legal structure in which the owners have unlimited liability for the actions of the business.

Accepted Answer

Sole Proprietorship

Question 29

Select a legal structure in which the owners have unlimited liability for the actions of the business.

Accepted Answer

Partnership

Entrepreneurship Unit Review

Questions 29

Entrepreneurship Unit Review

Questions 29