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Review Entrepreneurship & Business Organizations Flashcards | StudBud
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Review Entrepreneurship & Business Organizations
Review Entrepreneurship & Business Organizations
20 terms
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Flashcards
20 cards
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Questions
20
Answers
1
Who owns a corporation?
company founder
stock holders
board of directors
chief executive officer
2
Sole proprietorships have an unlimited life span
False
True
3
Which of the following is NOT a reward for being an Entrepreneur?
building an enterprise
unlimited liability
being the boss
opportunity to be creative
4
Who manages a corporation?
owners
chief executive officer
board of directors
stock holders
5
Which choice is NOT true of a sole proprietorship?
control of the business
sole receiver of profits
difficult to start up
few regulations
6
What is a new business undertaking that involves risk?
corporation
stock option
dot-com company
venture
7
Which of the following is NOT an advantage of incorporation?
more regulation
hire best employees available
long lives
more growth potential
8
What is the most common form of business organization?
corporation
sole proprietorship
partnership
non-profit organization
9
What is the most common reason a small business might fail?
inadequate financial planning and management
not enough time put in
lack of skill
poor location
10
What percentage of U.S. firms are small businesses?
99%
25%
80%
50%
11
Which of the following is NOT an advantage of partnerships?
one partner has unlimited liability
ease of start up
shared decision making
larger pool of capital
12
How many times are profits of a corporation taxed?
two
three
one
four
13
Which of the following is NOT a characteristic of an entrepreneur?
persistent
goal oriented
independent
unreliable
14
In a general partnership, partners share equally in responsibility, but not in liability.
True
False
15
Corporations are easy and inexpensive to start up.
False
True
16
General partners are bound by each others actions.
False
True
17
Which of the following is a disadvantage for entrepreneurs?
being the boss
uncertain income levels
building an enterprise
being creative
18
One who sees a business opportunity and assumes the risk of starting a business is a(n)
stock holder
entrepreneur
chairman of the board
venture capitalist
19
In a limited liability partnership, one person is the general partner.
False
True
20
What is the name of the government agency that protects the interest of small businesses?
profit protection committee
smart business advocacy
entrepreneur protection agency
small business administration
