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Entrepreneurship ACP Review Flashcards | StudBud
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Entrepreneurship ACP Review
Entrepreneurship ACP Review
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Entrepreneurship
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is bad about forming a partnership?
Can help each other and get loans faster
May need to work with those you don't like
Easier to get money
Helping each other out
2
What are some rewards of being an entrepreneur?
Taking lots of risks
Working under someone else
Getting fired
Making your own rules and doing what you enjoy
3
An Entrepreneur creates and runs a business
True
False
4
What are some personal characteristics an Entrepreneur needs to possess?
Stubbornness
Laziness
Determination
Apathy
5
What is a unit of ownership in a corporation?
Share of stock
Shareholders
Partnership Agreement
dividend
6
What is a internal source of opportunity?
Talents
All of them
Hobbies
Interest
7
Difference between limited and unlimited liability
Unlimited liability is bad since it can be endless
Unlimited is good because it's not endless
With limited you put your possessions to pay business debts
With limited liability you are not protected
8
A prototype is a model which future reproductions of an invention are based on
False
True
9
What is a skill an Entrepreneur needs to have?
Decision and problem solving
Honesty
Determination
Creativity
10
A business owner cannot be legally forced to use possessions to pay off business debt
Incorporate
Liability
Unlimited liability
Limited liability
11
How do Entrepreneurs and Employees differ?
An Entrepreneur loses their job
An Entrepreneur loses a business that they invested in
An employee only loses a whole business
Employees take greater risks
12
Entrepreneurs change the world by creating products or goods that can benefit consumers
False
True
13
What is a difference between a skill and a characteristic?
A characteristic is a personal attitude
A skill is a belief
A characteristic is learned
A skill is a personal attitide
14
Why is it important to do a self-assessment before becoming an entrepreneur?
Evaluates a weakness
Evaluates a strength
Evaluate one's weaknesses and strengths
Doesn't help at all
15
What is a con for buying a franchise instead of starting a business?
Has a proven systems
Exclusive geographical area
Customer awareness
Less entrepreneurial freedom
16
What is the difference between a need and a want?
A want is something you can live without and don't need
A want is something you need
A need is a cellphone
A need is something you can live without
17
Nonprofit corporation operates to serve the good of the society
False
True
18
Why are businesses considered small?
Have more than 100 Employees
Have less than 1,000 Employees
Have more than 1,000 Employees
Have less than 100 Employees
19
What is a franchise buyer?
Franchisor
Business broker
Franchise
Franchisee
20
What are some trends in Entrepreneurs?
Create more problems
Identify everyday problems and create solutions
Don' t start a business
Prefer to work under someone else
21
An Entrepreneurial Mindset is knowing how to run a business
True
False
22
What is not a risk an entrepreneur has?
Being their own boss
Facing unexpected obstacles
Working under someone else
Can lose all their money
23
What is a window of opportunity?
Pivot
Prototype
Someone licensed to sell businesses
Period of time to act before the opportunity is lost
24
A cooperative is a business owned, controlled and operated by the people who use its services
True
False
25
What is a trademark?
Creative works where copyright or patents have expired
Exclusive right to perform, display, or distribute work
Possibility of loss that comes with operating a business
Symbol indicating that the brand or name is protected
