Entrepreneurship & Business Structure

Question 1

A _______________ is a contract that outlines the rights and responsibilities of each person.

Accepted Answer

Partnership Agreement

Question 2

Being easy to start, easier time obtaining capital, and more skills available are advantages to

Accepted Answer

partnerships

Question 3

Which kind of business makes up the largest percentage of revenue in the US?

Accepted Answer

Corporations

Question 4

What percentage of all businesses are proprietorships?

Accepted Answer

70-75

Question 5

This kind of business does not pay taxes, registers with the government, and provides services

Accepted Answer

Non-Profit

Question 6

Having a well-known name, uniform appearance, and routine that works are advantages to

Accepted Answer

Franchises

Question 7

What kind of business is owned by two or more people who share in its risks and rewards

Accepted Answer

Partnership

Question 8

Which of the following best describes disadvantages to a proprietorship?

Accepted Answer

Limited access to credit, All of the above are disadvantages, Unlimited liability, Do not have all skills necessary

Question 9

Having a board of directors, heavy government regulation, and a corporate charter describes:

Accepted Answer

Corporations

Question 10

A business that is owned by a single person is called ______________________.

Accepted Answer

Proprietorship

Question 11

Which of the following is not a reward for becoming an entrepreneur?

Accepted Answer

Full Responsibility

Question 12

Government agency helps small business owners to develop business plans & obtain financing?

Accepted Answer

SBA

Question 13

A person who takes risks and assumes all responsibility for starting a business.

Accepted Answer

Entrepreneur

Question 14

Corporations have several disadvantages, which of the following is not one of them?

Accepted Answer

Share in business risks

Question 15

What kind of business is owned and operated by its members?

Accepted Answer

Cooperative

Question 16

What kind of business is mostly focused on providing a service?

Accepted Answer

Non-profit

Question 17

What is an important trait to for an entrepreneur to have?

Accepted Answer

Risk taker

Question 18

A new business undertaking that involves risk is called this.

Accepted Answer

Venture

Questions 18