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Small Business and Entrepreneurship Flashcards | StudBud
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Small Business and Entrepreneurship
Small Business and Entrepreneurship
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Review for Unit 2
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Which of the following do experts recommend buying due to increased chances of success?
Neither
A franchise
Both
An existing business
2
When corporations pay income taxes on profits and shareholders pay income taxes on dividends.
Double taxation
Mega taxation
Double dipping
Super taxation
3
These will support new businesses in their early stages of growth.
Facilitators
Hatchers
Incubators
Nesters
4
A product will add value for the customer if it __________.
Solves a significant problem
Neither solves a problem or meets a need
Meets a specific need
Both solves a problem and meets a need
5
People starting a business from scratch are called __________
All of the above
Presidents (or CEO's)
Venture capitalists
Nascent entrepreneurs
6
When the entrepreneur is deciding whether the opportunity is something they can and want to do.
Opportunity-resources fit
Entrepreneur-shoe fit
Entrepreneur-opportunity fit
Entrepreneur-resources fit
7
To be included as a small business in the Register, goods producing businesses must have under_
there is no limit
50 employees
100 employees
10 employees
8
Private investors are sometimes referred to as ________.
Elves
Angels
Fairies
Pixies
9
How many "self employed" people are there in Canada according to Industry Canada?
26 million
2.6 million
260,000
26,000
10
Investments from friends or family is known as what?
Friendly finances
Parental investment
Relationship resources
Love money
11
This organization tracks working individuals in Canada
The Business Register
The Labour Force Survey
The Business Survey
The Labour Force Association
12
Why did the bike keep falling over?
Because it was dizzy
Because it was too tired
Because someone knocked it over
Because it didn't have a stand
13
People creating new products within an existing firm or organization are know as what?
Intrapreneurs
Ultrapreneurs
Chief Operating Officers
Chief Developing Officers
14
This organization tracks businesses in Canada
The Business Survey
The Labour Force Association
The Labour Force Survey
The Business Register
15
Small businesses account for approximately what percentage of Canadian GDP?
40%
50%
60%
30%
16
Mark Zuckerberg is the founder of _____
Instagram
Facebook
Twitter
The social media site no one under 20 uses anymore
17
Which region of Canada accounts for the largest proportion (about 58%) of businesses?
Quebec and Ontario
The Territories
The Western provinces
The Atlantic provinces
18
Employees of a company who have primary responsibility for the corporation
Stock brokers
Shareholders
Inside directors
Outside directors
19
If a new venture is expected to make a profit quickly it will have ________ exit costs.
average
no
low
high
20
Which of the following must a business have in order to be included in The Register?
two paid employees
Annual sales revenues of 50,000 or more
Be incorporated
All of the above
21
Entrepreneurship is identifying the ____ and accessing the ____needed to capitalize on it
opportunity; resources
resources; opportunity
22
During the period between 2001 and 2011 there were about how many businesses added each year?
900
9,000
90,000
900,000
23
Small businesses account for approximately what percentage of businesses in Canada?
2%
22%
50%
98%
24
What is an agreement in which a buyer purchases the rights to sell a product or service?
Sellers agreement
Entrepreneurial agreement
Buyers agreement
Franchise agreement
25
__________ are assets owned by a business or individual which are used to secure a loan.
Collateral
Supply
Principal
Savings
26
If every person (8 Billion) faced off in an elimination bracket, how many rounds would it take to crown a winner?
33
333
3
3333
27
___________ partners are actively involved in managing the firm and have unlimited liability
General
Limited
28
Which type of corporation has stocks which are available for sale to the general public?
Private corporation
Private equity firm
IPO
Public corporation
29
Another way of saying "doing more with less" is ________.
Bootstrapping
Buttonsnapping
Shirttucking (Thomas)
Hattipping
30
What year did Canada last host the Olympics?
1988
2010
2022
1976
31
Which 11 letter word do Canadians pronounce incorrectly?
Incorrectly
Ichthyology
Immiserized
Iproniazids
32
This is an estimate of a product's sales over a specific period of time.
Sales verification
Sales analysis
Sales balance
Sales forecast
33
You are given a pack of matches. You already have a gas lamp, an oil lamp and a kerosene lamp. Which do you light first?
Kerosene lamp
Gas lamp
A match
Oil lamp
34
This type of business is owned and controlled by the people who use its products and services.
Corporation
Co-operative
Sole-proprietorship
Partnership
35
Which form of business ownership has limited liability?
General partnership
Sole-proprietorship
Limited partnership
Corporation