stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
College & Careers: Chapter 4- Entrepreneurship Flashcards | StudBud
Explore
/
College & Careers: Chapter 4- Entrepreneurship
College & Careers: Chapter 4- Entrepreneurship
25 terms
·
StudBud Administration
·
273 plays
#entrepreneurship #entrepreneurs #forms of business ownership #franchise
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
One advantage of a sole proprietorship is that
start-up costs are lower
goodwill is already established
there is little financial risk
the owner has total control
2
Which of these is NOT an advantage of entrepreneurship?
good income
you are in charge
great job satisfaction
financial risk
3
One characteristic of a corporation is that
the founder has total control
start-up costs are lower
legally it operates apart from the owner(s)
all owners are legally responsible for any debts incurred
4
All partners are __ for all debts of a business in a partnership.
franchise
liable
persistent
net profit
5
One of the owners in a corporation is called a
partner
franchise
shareholder
sole proprietor
6
Which describes an advantage of buying an existing business
you usually have less competition
your market outlook is assured
it often saves money on start-up costs
it offers more personal satisfaction
7
Buying a franchise might be a good decision for someone who
wants to create a new prdouct or service
doesn't want to work long hours
likes to work along without many rules & regulations
has limited business experience
8
On an income stmnt, the amount left after subtracting operating expenses from gross profit is
net profit
capital gain
revenue
profit ratio
9
Location would be an especially important factor in the success of a
web site developer
manufacturing plant
telemarketing business
fast-food restaurant
10
A summary that shows how much a business has taken in & spent during the month
revenue
income statement
business plan
gross profit
11
Many businesses begin as a _________.
partnership
sole proprietorship
corporation
none of these
12
The legal right to sell a company's goods & services in a particular area.
franchise
lease
corporation
goodwill
13
A person who organizes and then runs his/her own business
entrepreneur
goodwill
corporation
revenue expert
14
potential future sales
revenue
market outlook
sales profit
gross profit
15
A contract to use something for a specific period of time
franchise
lease
corporation
revenue
16
Tom plans to borrow money from a bank to start his corporation. His bank is requiring a
guarantee of success
income statement
financial plan
partnership agreement
17
A business that legally operates apart from the owner(s)
partnership
corporation
none of these
sole proprietorship
18
Income from sales
revenue
net profit
lease
gross profit
19
One disadvantage of entering a family business is
family relationships can be affected by work
there is less job satisfaction
financing is especially difficult
the start-up costs are lower
20
An income statement includes ____ & expenses.
liabilities
goodwill
market outlook
revenue
21
Entrepreneurs are inquisitive, responsible, &
persistent
lazy
unorganized
untrustworthy
22
The difference between the cost of goods and their selling price
franchise
lease
revenue
gross profit
23
The expenses involved in going into business
market expenses
start-up costs
operating expenses
financial liability
24
Entrepreneurs tend to
face less competition
be dissatisfied with their businesses
work long hours
delegate responsibility to their employees
25
One of the most valuable assets that a business has
revenue
gross profit
goodwill
lease
