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Entrepreneurship Mid-Term Exam Review Flashcards | StudBud
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Entrepreneurship Mid-Term Exam Review
Entrepreneurship Mid-Term Exam Review
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Entrepreneurship Mid-Term Review - 1st 40 questions
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1
An entrepreneur...
must employ more than 5 employees
works for someone else
is responsible for his or her business success
must take college level courses
2
Which advantage does a general partnership have over a sole proprietorship?
it provides limited liability
it has a lower tax rate
all of these
it provides more than one person for financial backing
3
Entrepreneurs have a great need for...
all of these
making a lot of money
personal freedom
taking risks
4
Which type of business ownership provides unlimited liability for its owners?
C Corporation
nonprofit corporation
all of these
sole proprietorship
5
The natural ability to perform a specific kind of task very well is referred to as having...
a skill
an attitude
an aptitude
self-esteem
6
Which of the following would not be provided by a mentor?
suggestions for achieving goals
guidance
financial security
tutoring
7
Which of the following is not an advantage of a sole proprietorship?
business income and costs reported on your tax return
unlimited liability
inexpensive to set up
no partners to split profits with
8
What percentage of business owners used money of their own to start or buy a business?
between 20% and 40%
more than 60%
less than 20%
between 40% and 60%
9
An attitude is...
a feeling that can be positive or negative
a feeling you can choose to have
a way of thinking about something
all of these
10
Which of the following is NOT a creative-thinking technique?
daydreaming
being flexible
thinking backward
being practical
11
A "green" company...
all of these
aims at protecting the environment
is also called a dot-com company
earns a lot of money
12
Which of the following is a reward of being an entrepreneur?
acting on own decisions
making your own hours
doing work you enjoy
all of these
13
Which of the following is not generally a personal characteristic of a successful entrepreneur?
creativity
courage
cautiousness
curiosity
14
A small non-manufacturing business is defined as having fewer than how many employees?
20
100
10
50
15
Wholesalers are also known as...
all of these
go-betweens
distributors
middlemen
16
Farming is most like which type of business?
wholesaling
manufacturing
service
extraction
17
A royalty fee is paid...
to the franchisor
all of these
based on a percentage of the franchise earnings
on a regular ongoing basis
18
By definition, an entrepreneur...
works in a larger company than an employee
earns less than an employee
risks more than an employee
has fewer benefits than an employee
19
You can recognize potential business ideas from which of the following sources?
all of these
changes in laws
problems that need solving
new discoveries
20
A dot-com company is...
one aimed at protecting the environment
one that runs most of its business from the internet
one that has more than 100 employees
one that operates internationally
21
The practice of giving employees the chance to try out new ideas within a company is called
entrepreneurship
mentoring
envisioning
intrapreneurship
22
What disadvantage does a general partnership have over a sole proprietorship?
all of these
profit is split between the partners
partners may have trouble agreeing on policies
each partner is responsible for the actions of the others
23
Which of the following is not a benefit of buying a franchise?
More Entrepreneurial Freedom
Easier Financing
Proven System
Customer Awareness
24
Which of the following is NOT a risk of being an entrepreneur?
losing time with family
getting fired
making a bad business decision
not making much money
25
Which of the following products is typically sold to manufacturing businesses?
groceries
jewelry
plastic parts
clothing
26
Which of the following is true about American entrepreneurs?
all of these
they are all ages
many work from home
they work hard
27
Which of the following describes creative thinking?
all of these
using your imagination
looking at something in a new way
recognizing opportunities
28
Which of the following is not part of a SWOT analysis?
Organizations
Strengths
Threats
Weaknesses
29
The time period for acting on a business opportunity before is it lost is called the...
Window of Opportunity
Oppurtunity Time Frame
Starting Period
Business Window
30
Which of the following is not a skill needed by an entrepreneur?
musical skill
organizational skill
business skill
computer skill
31
McDonald's is an example of a...
all of these
service business
franchise company
wholesaling business
32
A manufacturer with whom you discuss a product idea should sign this type of agreement.
Prototype Agreement
Feasibility Agreement
Nondisclosure Agreement
Privacy Agreement
33
A business that sells goods directly to consumers on the Internet is a...
wholesaling business
manufacturing business
service business
retailing business
34
Auto repair is an example of which type of business?
trade
manufacturing
service
retailing
35
In a sole proprietorship, how many people are responsible for the business?
any number
one or more
one
at least two
36
You can buy a franchise business from a...
franchisee
franchisor
investor
business broker
