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