Chapter 4 Entrepreneurship

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Questions 15

Answers

1
What are liabilities?
things a business owns
debts a business owes
the difference between assets and debts
owner's equity
2
What is a common trait among entrepreneurs?
all of the above
trepidation
motivation
hindsight
3
Which of the following is not considered a start-up cost?
office supplies purchase
401(k) plan
equipment purchase
rent
4
What is a summary of a business's income and expenses during the past year called?
balance sheet
revenue statement
net profit
income statement
5
What is the potential for future sales for a business known as?
goodwill
franchise future
economic outlook
market outlook
6
What is a business's revenue?
difference between the cost of goods and their selling price
the same as net profit
a measure of its cash flow
its income from sales
7
What pecentage of new businesses fail within the first four years?
25%
50%
75%
66%
8
What are owners of a corporation called?
directors
partners
shareholders
managers
9
What is a legal agreement in which two or more people share ownership of a company?
franchise
sole proprietorship
corporation
partnership
10
What is an entrepreneur?
a person who takes over the family business
a sole proprietor
a person who buys a franchise
all of the above
11
An agreement when a company purchases the right to sell another company's goods and services?
management system
coooperative agreement
franchise
lease
12
What are operating expenses?
financing costs
the costs of starting a new business
the costs of doing business
legal costs
13
Which of the following is considered an advantage of entrepreneurship?
long hours
stiff competition
financial risk
autonomy
14
What is one challenge of starting a new business?
potentially difficult family relationships
high franchise fees
high start-up costs
all of the above
15
What is a contract to use something for a specified period of time?
franchise
start-up
entrepreneurship
lease

Chapter 4 Entrepreneurship Flashcards | StudBud

Chapter 4 Entrepreneurship

15 termsStudBud Administration41 plays

Imported from external platform

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
What are liabilities?
things a business owns
debts a business owes
the difference between assets and debts
owner's equity
2
What is a common trait among entrepreneurs?
all of the above
trepidation
motivation
hindsight
3
Which of the following is not considered a start-up cost?
office supplies purchase
401(k) plan
equipment purchase
rent
4
What is a summary of a business's income and expenses during the past year called?
balance sheet
revenue statement
net profit
income statement
5
What is the potential for future sales for a business known as?
goodwill
franchise future
economic outlook
market outlook
6
What is a business's revenue?
difference between the cost of goods and their selling price
the same as net profit
a measure of its cash flow
its income from sales
7
What pecentage of new businesses fail within the first four years?
25%
50%
75%
66%
8
What are owners of a corporation called?
directors
partners
shareholders
managers
9
What is a legal agreement in which two or more people share ownership of a company?
franchise
sole proprietorship
corporation
partnership
10
What is an entrepreneur?
a person who takes over the family business
a sole proprietor
a person who buys a franchise
all of the above
11
An agreement when a company purchases the right to sell another company's goods and services?
management system
coooperative agreement
franchise
lease
12
What are operating expenses?
financing costs
the costs of starting a new business
the costs of doing business
legal costs
13
Which of the following is considered an advantage of entrepreneurship?
long hours
stiff competition
financial risk
autonomy
14
What is one challenge of starting a new business?
potentially difficult family relationships
high franchise fees
high start-up costs
all of the above
15
What is a contract to use something for a specified period of time?
franchise
start-up
entrepreneurship
lease