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Unit 2- Entrepreneurship Review Flashcards | StudBud
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Unit 2- Entrepreneurship Review
Unit 2- Entrepreneurship Review
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1
Which is NOT true about sole proprietorships?
Difficult to Start
You are your boss
100% of profits
Low Taxes
2
What section of the Business Plan mentions projected cash flow and break-even analysis?
Financial Analysis
Management Summary
Company Description
Executive Summary
3
Which one of these guys is NOT an entrepreneur?
Owner of Gene & Jude's
Creator of Uber
Creator of Google
Manager at JCPenney
4
What is NOT a characteristic of a small business?
Serves a small market
More than 500 employees
Not dominant in field
Owner is manager
5
A person who takes on risks to start his own business is called what?
Entrepreneur
Partnership
Sole Proprietorship
Corporation
6
What is a written description of a new business that includes all major activities?
Business Blueprint
Venture Plan
Business Plan
Marketing Plan
7
What section of the Business Plan mentions the competitive advantage and sales tactics?
Executive Summary
Products & Services
Market Analysis
Strategy & Implementation
8
Which is NOT a characteristic of an entrepreneur?
Determined
Risk Taker
Self-Confident
Likes Having a Boss
9
What is the section of the Business Plan that mentions potential customers and competition?
Financial Analysis
Company Description
Executive Summary
Market Analysis
10
What is an agreement to open an already established company called?
Wholesaler
Intermediary
Franchise
Retailer
11
The WWF is a business whose main purpose is to provide a service to a cause, what type?
Partnership
Sole Proprietorship
Non-profit Organization
Corporation
12
$600,000 in expenses, product costs $80 a piece. How many sold in order to make $10,000 profit?
6,000
8,000
7,625
4,720
13
What is a government agency that helps small business owners obtain financing?
Small Business Administration
Entrepreneur
CIA
Venture Capital
14
What is a license to run a corporation called that you have to get from the state?
Innovation
License
Charter
Stock
15
What are shares of ownership in a corporation called?
Stock
Charters
Venture
Capital
16
What is the section of the Business Plan that mentions the type of ownership and history?
Company Description
Product & Services
Strategy & Implementation
Executive Summary
17
Who manages a corporation?
Owners
The people
Board of directors
Stock holders
18
$600,000 in expenses, product costs $80 a piece. How many items sold to break even?
7,500
1,333
48,000,000
4800
19
What is NOT a reason why entrepreneurs fail?
Too High of Sales
Lack of Money
Unprepared Owner
Competitive Pressure
20
Separate legal entity owned by share holders is called what?
Small Business
Sole Proprietorship
Partnership
Corporation
21
A business owned and run by one person is called what?
Partnership
Small Business
Corporation
Sole Proprietorship
22
Amount of money you have left over after you pay expenses is what?
Capital
Profit
Revenue
Presents
23
What is an intermediary who sells the final goods to the consumer called?
Wholesaler
Retailer
Franchise
Joint Venture
24
What is money provided by large investors to finance new products and new businesses?
Sole Proprietorship
Entrepreneur
Venture Capital
Innovation
25
A business owned by two or more people is called what?
Small Business
Sole Proprietorship
Partnership
Corporation
