16) One advantage of a corporation as compared to a sole proprietorship is

a corporation provides limited liability for its owners

10) As an entrepreneur, the amount of time you spend working is typically

c) more for employee during initial startup

2) By definition, an entrepreneur

B) risks more than an employee.

D) one side giving up something to reach an agreement

9) As an entrepreneur, the amount of money you receive from your company,

d) may go up or down, depending upon the business.

B) written communication that can serve as a legal backup.

A) is responsible for his or her business success.

6) The "profit motive" is

D) the reason entrepreneurs take on business risk.

11) A non profit organization

must use any profit it earns to further its social mission

20) If you can't meet your commitment after a negotiation, the best action is to

C) accept responsibility for the problem correct it,

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Middle School Entrepreneurship Pre/Post TEST Study Guide Part I

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A Entrepreneurship Study Guide to help students with the Middle School Entrepreneurship Pre/Post Test.

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Questions 20

Answers

1
13) Manufacturers of industrial goods typically sell to
A) other manufacturers
D) service businesses
B) consumers
C) wholesalers
2
17) Which type of business ownership provides unlimited liability for its owners?
D) all of the above
B) sole proprietorship
A) nonprofit corporation
C) C corporation
3
16) One advantage of a corporation as compared to a sole proprietorship is
a corporation provides limited liability for its owners
a corporation has a partnership agreement
a corporation is easy to set up and requires less paperwork
a corporation has fewer shareholders
4
7) Which type of economic system controls production and price of goods?
C) mixed
D) all of the above
B) command
A) market
5
10) As an entrepreneur, the amount of time you spend working is typically
b) a little less than for an employee
a) constant, 35-40 hours a week, just like an employee
c) more for employee during initial startup
d) significantly less for an employee-around 20 hours a week
6
14) Auto repair is an example of which type of business?
B) service
C) manufacturing
A) retailing
D) trade
7
2) By definition, an entrepreneur
A) earns less than an employee.
D) has fewer benefits than an employee.
B) risks more than an employee.
C) works in a larger company than an employee.
8
8) Which of the following is NOT true about competition between suppliers?
A.) It pushes prices upward.
C) It pushes prices downward.
B) It encourages innovation.
D) It is good for consumers.
9
18) A concession is
B) communication so everyone wins
C) neither side giving in
D) one side giving up something to reach an agreement
A) all sides giving up something to reach an agreement
10
3) The natural ability to perform a specific kind of task very well is referred to as having
B) self-esteem
A) an attitude
D) a skill.
C) an aptitude
11
4) Which of the following would NOT be provided by a mentor?
C) guidance
A) suggestions for achieving goals
D) tutoring
B) financial security
12
9) As an entrepreneur, the amount of money you receive from your company,
d) may go up or down, depending upon the business.
b) is typically more for an employee
a) is constant, like a paycheck for any other employee
c) is typically less than for an employee
13
19) A paper trail is
C) attached documents sent with an e-mail,
A) a form of texting.
B) written communication that can serve as a legal backup.
D) a message thread created by instant messaging.
14
1) An entrepreneur
C) must employ more than five employees.
B) must take college level courses.
A) is responsible for his or her business success.
D) works for someone else.
15
6) The "profit motive" is
D) the reason entrepreneurs take on business risk.
A) the money left over when sales are subtracted from costs.
C) the economics of one unit
B) profit calculated as a percentage of costs
16
11) A non profit organization
must use any profit it earns to further its social mission
can use profit any way it see fit
uses profit for the financial gain of its operators
is not allowed to make a profit
17
12) Farming is most like which type of business?
C) manufacturing
B) extraction
D) service
A) wholesaling
18
20) If you can't meet your commitment after a negotiation, the best action is to
A) point out how the other party contributed to the problem.
C) accept responsibility for the problem correct it,
D) avoid future negotiations in the short term.
B) avoid doing business with the other party.
19
5) Another name for "business" is
C) economic system
B) capital
D) exchange,
A) enterprise
20
15) A business that sells goods directly to consumers on the Internet is a
C) manufacturing business.
A) wholesaling business.
B) service business.
D) retailing business.

Middle School Entrepreneurship Pre/Post TEST Study Guide Part I Flashcards | StudBud