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GHS Entrep./Small Business Operations Unit 1 Introduction Flashcards | StudBud
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GHS Entrep./Small Business Operations Unit 1 Introduction
GHS Entrep./Small Business Operations Unit 1 Introduction
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This is the review for Unit 1 Introduction to the Entrep./Small Business Operations class.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
This is a business owned and managed by one person.
Partnership
Limited Liability Cooperative
Corporation
Proprietorship
2
A business owned by people who purchase stock in the company.
Proprietorship
Industrial Organization
Corporation
Partnership
3
This is an educational tool helping prepare students for the transition from school to work.
Industrial Marketer
School Based Enterprise
Community Retailer
Wholesale Distributor
4
For many students, these provide them with their first employment and leadership experience.
Community Retailer
Industrial Factory
School Based Enterprise
Wholesale Distributor
5
Someone who takes the risk to start a new business.
Entrepreneur
Chief Executive Officer
Management Team
Business Executive
6
Small businesses are responsible for over _______ of all goods and services produced.
50%
75%
85%
99%
7
Belief in oneself and one’s own abilities with an expectation to be successful.
Risk-taking
Self-confident
Creativity
Employee Empowerment
8
The process of planning, creating, and managing a new business.
Managing
Human Resources Management
Entrepreneurship
Organizing
9
Providing jobs for people and completing work that is interesting allows entrepreneurs to:
increase financial gains
increase number of friends
increase community service
increase personal satisfaction
10
Which of the following statements is a DISADVANTAGE of the corporation form of ownership?
Offers the owners limited liability.
Corporations are usually taxed at a higher rate.
Ownership is easy to transfer by the selling of stock.
The business can exist indefinitely.
11
DECA students develop skills for successful careers, experience leadership and practice:
community service
fundraising
personal selling
marketing
12
Which of the following is an ADVANTAGE of the proprietorship form of business ownership?
The proprietor receives all profits.
Most new businesses require a lot of money to start.
The proprietor may not have all the skills needed.
The risk can be great and must be carried by the proprietor.
13
A business that is owned by two or more people:
Proprietorship
Partnership
Limited Liability Cooperative
Proprietorship
14
Prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management:
NBA
FFA
FCCLA
DECA
15
A willingness to take the chance of failure in order to be successful.
Employee Empowerment
Self-confident
Risk-taking
Creativity
16
Entrepreneurs often start their business while working for another company, this allows them:
to work overtime at their regular jobs.
to increase their income.
to practice community service.
to purchase needed materials at lower prices.
17
Legal document specifies responsibilities and financial relationships of business partners.
Licensing Agreement
Charter
Articles of Incorporation
Partnership Agreement
18
Which of the following statements is an ADVANTAGE of the partnership form of ownership?
Partners are able to combine their knowledge and abilities.
Partners share the profits of the business.
All partners are responsible for actions of other partners.
Disagreements on important decisions can happen w/partners.
19
Small businesses make up _______ of all businesses.
97%
50%
10%
100%
20
This written document is prepared in order to guide the development of a new business.
Partnership Agreement
Executive Summary
Articles of Incorporation
Business Plan
21
The a legal document allowing the corporation to operate as if it were a person.
Articles of Incorporation
Charter
Partnership Agreement
Licensing Agreement
22
DECA’s mission is to prepare students for careers in marketing, management, and:
Advertising
Personal Selling
Cosmetology
Entrepreneurship
23
The ability to use imaginative skills to find unique ways to solve problems.
Self-confident
Employee Empowerment
Risk-taking
Creativity
24
DECA is a co-curricular student organization. This means that DECA activities are:
unrelated to classroom instruction.
directly related to classroom instruction.
graded at a higher value.
expensive for students to participate in.
25
The person who has sole ownership of a business.
Chief Executive Officer
Proprietor
Stock Holder
Senior Partner
