What special characteristics do entrepreneurs have?

Self aware and see failure as an opportunity to learn

What is one intermediary distribution?

retailer or an agent to sell products from producer to consumer

In order to validate my business concept, my plan should answer the following question....

Will my product work in the marketplace?

What is the drawing factor of a limited partnership?

Partners held responsible for the shares they hold in the company.

Typical characteristics of entrepreneurs are:

intelligence, alertness, energy and determination.

WHICH IS NOT A BENEFIT OF A FRANCHISE?

The franchisee keeps all of their own profits

Which of the following best describes a business plan:

A company’s business model in written form

What is intermediary?

A business that moves goods from one business to another

Changing raw materials into more finished products

A virtual business is a....

Company that works through internet

contract granting permission sell products and in set way

What is a Partnership defined as?

a business owned by two or more people

A business owner with unlimited liability

could have to sacrifice personal money to pay business debt

Change raw or processed goods into finished goods.

Which is not subject to double taxation

Both Sole Proprietorship or Partnership

studbud

Chapter 5 and 6 Quiz Review

40 termsStudBud Administration454 plays

Imported from external platform

Flashcards40 cardsFPractice quizPHost liveL

Questions 40

Answers

1
Why is a partnership contract agreement important in a business partnership?
To clarify the percentage of ownership
To clarify the allocation of profits and losses
All of these
To clarify the amount of money each partner can spend
2
Do Sole Proprietorship's need to have licenses/laws?
Only if they want to.
They're not really needed.
They don't really matter to the owner.
Yes, they are required by law.
3
What special characteristics do entrepreneurs have?
Quit at the first sign of trouble
Blame others for their problems
Self aware and see failure as an opportunity to learn
4
What is one intermediary distribution?
retailer or an agent to sell products from producer to consumer
directly from producer to consumer
indirect distribution from producer to seller to buyer
when selling goods over long geographic distances
5
What is a Sole Proprietorship?
A business owned by anyone
A business owned by two people
A business owned by one person
A business owned by multiple people
6
In order to validate my business concept, my plan should answer the following question....
Will my product work in the marketplace?
What trademarks have I applied for?
What date will I purchase the equipment I need?
When will I hire all my employees?
7
Legal and ethical requirements must be laid out in a business plan
False
True
8
A corporation is similar to partnership.
True
False
9
A business plan validates a business concept and steps required to be successful.
True
False
10
A business plan does not include
copies of graphs and images
Budgets, estimates and judgments
Graphs and tables
personal bank account details
11
A farmer is an example of a
Manufacturer
Producer
Intermediary
Proccessor
12
What is the drawing factor of a limited partnership?
Partners are able to manuever and gain all profit.
Partners have full access to company funds.
Partners held responsible for the shares they hold in the company.
Partners are not liable for any losses.
13
What type of business is referred to as middlemen?
Producers
Service Firms
Intermediaries
Processors
14
Typical characteristics of entrepreneurs are:
intelligence, arrogance, greed and determination.
intelligence, alertness, energy and determination.
all options are correct
money, intelligence, some lack of focus but good academic training
15
WHICH IS NOT A BENEFIT OF A FRANCHISE?
The franchisee keeps all of their own profits
The franchisor funds promotion by advertising whole brand
Franchisor often provides advice and training
The product and brand are already well established
16
Which of the following best describes a business plan:
The same for every company
A company’s business model in written form
A description of your business
A summary of your company’s finances
17
What is intermediary?
A business that sells products
A business that moves goods from one business to another
I dont know
A business that finishes products
18
A common sole proprietorship does NOT include
Hairdresser
Nail Salon
Mechanic shop
Bank
19
What is processors?
Changing finished materials into items
Changing raw materials into more finished products
I dont know
Strong desire to empower
20
It is important that a business plan is laid out professionally
True
False
21
Why You Need A Marketing Plan
Direction
Money
System
All the Above
22
An example of a franchise includes
Taco Bell
McDonald's
All of them
Snap Fitness
23
A virtual business is a....
Fake company
Company that works through internet
Game company
24
What is a benefit of a Sole Proprietorship?
Easy to start
Most Popular
All of the above
Freedom to do what you want
25
Formal document to outline the process and steps to create a successful business
Business Plan
Management plan
Production plan
Marketing plan
26
What is franchise?
a business presence on the Internet
contract granting permission sell products and in set way
The explosion of organic and eco-friendly products
buying an existing business
27
What is a Partnership defined as?
a business owned by two or more people
when each partner is personally liable for all the debts of the business
a business owned by a group of people and authorized by the state in which
top executives who are hired to manage the business
28
A business owner with unlimited liability
would not have to sacrifice personal money to pay debt
is not personally responsible for the debts of the business
could have to sacrifice personal money to pay business debt
is a shareholder of a corporation
29
Define Manufacturers
Develop products for distribution from raw goods.
Change raw or processed goods into finished goods.
Provide goods and services to people, they operate on donations.
Provide services to consumers and other businesses.
30
The purpose of a cooperative is
to pay dividends to investors
to provide unlimited liability to itsmembers
to benefit its members
to earn profits for management
31
Partnerships have unlimited liability...
True
False
32
What are the disadvantages of a sole proprietorship?
Easy to raise Capital
UNLIMITED liability
LIMITED Liability
33
A business plan is written
every month
every year
when a business gets into trouble
before a business starts
34
Which part of a business plan summarizes your plan and states your objectives?
Executive summary
Marketing plan
Mission statement
Salon policies
35
A partnership is required to have a board of directors
True
False
36
Which is not subject to double taxation
Both Sole Proprietorship or Partnership
C Corporation
Sole Proprietorship
Partnership
37
A good thing about a cooperative is
All the above
Customers (members) receive some of the profits
They can be small or big
Service is typically better
38
Which is not a reward of being an entrepreneur?
Do something you enjoy
Make more money
Be your own boss
Being fully responsible
39
Businesses produce goods and services for citizens
False
True
40
The type of ownership that has double taxation
Franchise
Corporation
Proprietorship
Partnership

Chapter 5 and 6 Quiz Review Flashcards | StudBud