Business Management-Entrepreneurship Review

Question 1

Our country provides small businesses with resources they can use to help them get started. What is this agency?

Accepted Answer

Small Business Administration

Question 2

A business that was created for expanding an original business, but opening in a new location

Accepted Answer

franchise

Question 3

A business owned by many people who are considered stakeholders

Accepted Answer

Corporation

Question 4

An LLC stands for Limited Liability Company

Accepted Answer

True

Question 5

An organization created whose purpose is something other than making a profit

Accepted Answer

non-profit business

Question 6

A business ran and owned by just one person is called what?

Accepted Answer

Sole Proprietorship

Question 7

Entrepreneurs are guaranteed success when it comes to starting up their own business

Accepted Answer

False

Question 8

Acting in ways consistent with what society and individuals typically think are good values

Accepted Answer

ethical behavior

Question 9

Sole Proprietorship is a business that has many owners

Accepted Answer

False

Question 10

A business owned by two people who share the profit

Accepted Answer

Parntership

Question 11

The quality of being honest and having strong moral principles

Accepted Answer

integrity

Question 12

Being legally responsible for something

Accepted Answer

liability

Question 13

Someone who is hired to work for someone else

Accepted Answer

employee

Question 14

Entrepreneurs should be business savvy, creative, and confident

Accepted Answer

True

Question 15

All Entrepreneurs are successful

Accepted Answer

True

Question 16

A business that is started in order to protect the owner's personal assets

Accepted Answer

LLC

Question 17

Someone who starts up their own business and takes on all the risk and rewards

Accepted Answer

Entrepreneur

Question 18

It is smart for partnerships to have a legal agreement

Accepted Answer

True

Question 19

The process of recognizing a business opportunity, starting the business based on the recognized opportunity

Accepted Answer

Entrepreneuership

Questions 19