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Entrepreneurship Flashcards | StudBud
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Entrepreneurship
Entrepreneurship
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Questions
33
Answers
1
Entrepreneurs can fail even if they are committed.
False
True
2
An advantage of this form of business ownership is combined knowledge, skills, and labor
Corporation
Sole Proprietorship
Partnership
Franchise
3
A disadvantage of corporations is double taxation.
True
False
4
Sole proprietors find it easy to get financial assistance.
True
False
5
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
6
Which is NOT a characteristic of an entrepreneur?
Creative
Self-motivated
Procrastinator
Independent
7
A franchisee doesn't maintain day to day operations or receive profit from the business.
True
False
8
An entrepreneur owns, operates, and takes risk of a business venture.
False
True
9
Which is not a "4 P's of marketing"?
Price
People
Product
Place
10
A company that produces their goods in a factory is called what
manufacturer
wholesaler
retailer
partnership
11
Which is NOT an advantage of entrepreneurship?
Be own boss
Risk of failing
Make all decisions
Keep the profit
12
What is the main reason why many entrepreneurs fail?
incorrect pricing
poor management
improper inventory
bad attitude
13
What is limited liability?
shareholder can be sued for all business expenses
shareholder can't lose personal items such s house or car
shareholder can only lose value of what they have invested
14
An entrepreneur can expect to earn large profits immediately after starting a business.
True
False
15
Which business has the least personal liability?
sole proprietorship
partnership
corporation
16
Decisions are made by a Board of Directors
Partnership
Sole Proprietorship
Corporation
17
Which form of business has the greatest potential to raise large sums of capital?
Non Profit
Corporation
Partnership
Sole Proprietorship
18
This form of business ownership is composed of 2 or more people
Franchise
Partnership
Sole Proprietorship
Corporation
19
Corporations generate the largest amount of revenue of the 3 forms of bus. ownership in the US
False
True
20
JCPenny's Payless Shoes, Barnes & Nobel are examples of
service providers
wholesalers
manufacturers
retailers
21
Which business organization has its own legal identity in eyes of law?
sole proprietorship
corporation
partnership
22
The quality of being honest and having strong moral principles is which entrepreneurial trail
Integretity
Innovative
Creative
Persistent
23
The easiest business organization to form is a
sole proprietorship
corporation
partnership
24
A farm, retail establishment, and home based business are examples of
sole proprietorship
corporation
partnership
25
A unit of ownership in a corporation is called
stock
shareholder
stockholder
26
Which are the most common form of business ownership in the US?
Non-Profit corporation
Sole proprietorship
Corporation
Partnership
27
Continuing to exist or enduring over a prolonged period of time is what entrepreneurial trait
Enthusiastic
Inquisitive
Ethical
Persistent
28
Can sell stock to raise capital
Sole proprietorship
Partnership
Corporation
29
Profits are shared with stockholders
Sole Proprietorship
Partnership
Corporation
30
McDonald's, Burger King, and Wendy's are all
partnerships
franchises
sole proprietorships
family owned
31
Bill Gates (founder of Microsoft) displayed this entrepreneurial characteristic
Integretity
Innovative
Responsible
Independent
32
Which of the following is a reason that a franchise is an advantage?
freedom to create new products
brand recognition
less work hours
royalty fees
33
Once an entrepreneur selects a form of ownership, he/she has to have that structure forever.
True
False
