stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Entrepreneurship Flashcards | StudBud
Explore
/
Entrepreneurship
Entrepreneurship
33 terms
·
StudBud Administration
·
255 plays
Imported from external platform
Flashcards
33 cards
F
Practice quiz
P
Host live
L
Questions
33
Answers
1
A franchisee doesn't maintain day to day operations or receive profit from the business.
False
True
2
What is a common challenge for small businesses
Lack of ideas
Too many customers
Limited resources or money
No rules to follow
3
What is a business plan?
A document that outlines the goals and strategies of a business
A set of laws a business must follow
A calendar of a business's events
A list of employees for a business
4
How many employees can a business have to be considered a small business?
Fewer than 50
Fewer than 250
Fewer than 500
Fewer than 1,000
5
A unit of ownership in a corporation is called
stockholder
stock
shareholder
6
Which of the following best describes a "brick and mortar" business?
A business run from home with no physical presence
A business that has a physical store location
A business that operates entirely online
A business that focuses on consulting services
7
Which of the following is an example of a service business?
A bookstore selling novels
A personal trainer offering fitness coaching
Non Profit
A bakery selling cupcakes
8
What is customer service?
A product sold by a business
A tax that businesses pay
How a business interacts with and helps its customers
A special sale at a business
9
If your small business earns $1,000 in a month and spends $600, what is the profit?
$1,600
$1,000
$400
$600
10
What is the main reason why many entrepreneurs fail?
improper inventory
incorrect pricing
bad attitude
poor management
11
One advantage of a corporation over a sole proprietorship is
it is easier to set up and requires less paperwork
it has fewer shareholders
it provides limited liability for its owners
12
Why is saving money important for a business?
To increase competition
To be prepared for unexpected expenses
To avoid paying taxes
To pay employees less
13
Bill Gates (founder of Microsoft) displayed this entrepreneurial characteristic
Responsible
Independent
Integretity
Innovative
14
The quality of being honest and having strong moral principles is which entrepreneurial trail
Integretity
Persistent
Innovative
Creative
15
Sole proprietors find it easy to get financial assistance.
True
False
16
Which of the following is a reason that a franchise is an advantage?
brand recognition
royalty fees
freedom to create new products
less work hours
17
Which is NOT a characteristic of an entrepreneur?
Self-motivated
Procrastinator
Creative
Independent
18
A company that produces their goods in a factory is called what
partnership
wholesaler
manufacturer
retailer
19
What is innovation in business?
Avoiding change
Creating something new or improving something that exists
Selling the same product for years
Copying another business
20
JCPenny's Payless Shoes, Barnes & Nobel are examples of
wholesalers
manufacturers
service providers
retailers
21
Which are the most common form of business ownership in the US?
Non-Profit corporation
Partnership
Corporation
Sole proprietorship
22
An entrepreneur owns, operates, and takes risk of a business venture.
False
True
23
A farm, retail establishment, and home based business are examples of
partnership
entrepreneurship
corporation
24
Once an entrepreneur selects a form of ownership, he/she has to have that structure forever.
False
True
25
What is "cash flow"?
The amount of profit a business makes
The total value of assets in a business
The movement of money in and out of a business
The original amount borrowed
26
An entrepreneur can expect to earn large profits immediately after starting a business.
True
False
27
Why is advertising important for a business?
It helps attract new customers
It reduces competition
It makes products more expensive
It avoids customer feedback
28
McDonald's, Burger King, and Wendy's are all
partnerships
franchises
family owned
Small Businesses
29
Entrepreneurs can fail even if they are committed.
True
False
30
What is the difference between revenue and profit?
Revenue is a type of expense
They mean the same thing
Revenue is all money earned; profit is money after expenses
Profit is earned before expenses are paid
31
Which is NOT an advantage of entrepreneurship?
Be own boss
Keep the profit
Risk of failing
Make all decisions
32
Continuing to exist or enduring over a prolonged period of time is what entrepreneurial trait
Ethical
Persistent
Inquisitive
Enthusiastic
33
What is the main goal of a small business?
To help the community
To earn profits
To avoid paying taxes
To become a large corporation
