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ENTREPRENEURSHIP
HIGHER DEMAND FOR A PRODUCT
WHAT IS THE PERCENT OF SOLE OWNERSHIP BUSINESSES?
ENTREPRENEURSHIP
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ENTREPRENEURSHIP QUIZ
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Answers
1
WHAT IS THE PERCENT OF SOLE OWNERSHIP BUSINESSES?
60
50
80
70
2
HIGHER DEMAND FOR A PRODUCT
THE HIGHER THE PRICES
THE LOWER THE SUPPLY
BOTH ARE CORRECT
3
A PERCENTAGE ADDED TO THE COST TO GET THE RETAIL SELLING PRICE.
MARK DOWN
MARK UP
4
DISADVANTAGES OF CORPORATIONS IS
INCREASED GOVERNMENT REGULATION
PROFITS TAXED
ALL ARE CORRECT
COMPLEX
5
SKILLS OF OWNERS ARE COMBINED IN THIS TYPE OF BUSINESS.
SOLE OWNERSHIP
PARTNERSHIP
6
WHAT IS THE MOST COMMON FORM OF BUSINESS OWNERSHIP?
SOLE OWNERSHIP
CORPORATION
LLC
PARTNERSHIP
7
STATES IN BROAD TERMS WHAT YOUR BUISNESS HOPES TO BE AND DO.
BUSINESS IMAGE
MARKETING PLAN
FINANCIAL PLAN
MISSION STATEMENT
8
FORMS OF BUSINESS ORGANIZATION INCLUDE SOLE OWNERSHIP, PARTNERSHIP, CORPORATION AND LLC.
TRUE
FALSE
9
WHO ARE THE LIMITED LIABILITY CORPORATION OWNERS?
STOCKHOLDERS
MEMBERS
BOARD OF DIRECTORS
10
MONEY LEFT OVER AFTER A BUSINESS HAS SOLD ITS PRODUCT AND EARNED REVENUE.
PROFIT
LOSS
COSTS
11
PERSONAL ASSETS OF OWNERS CANNOT BE TAKEN IS A LIMITED LIABILITY COMPANY.
TRUE
FALSE
12
LEGAL STEPS TO START A BUSINESS ARE
FIND HELP
OBTAIN LICENSE
FILE DOING BUSINESS AS
ALL ARE CORRECT
13
AMOUNT OF GOODS PRODUCERS ARE WILLING TO MAKE AND SELL.
EQUILIBRIUM
SUPPLY
DEMAND
14
WHICH ANSWER BEST DESCRIBES ENTREPRENEURSHIP?
STARTING AND OPERATING YOUR OWN BUSINESS.
RAISING CAPITAL IS EASY.
SKILLS OF OWNERS ARE COMBINED.
15
EQUILIBRIUM IS THE AMOUNT OF PRODUCT BEING SUPPLIED IS EQUAL TO THE AMOUNT BEING DEMANDED.
FALSE
TRUE
16
WHAT IS DISPOSABLE INCOME?
GROSS INCOME - TAXES
GROSS INCOME - TAXES - EXPENSES
17
PRICE INCREASES, QUANTITY OF GOODS DEMANDED FALLS.
TRUE
FALSE
18
ASSESSMENT OF ONE'S OWN SKILLS, INTERESTS, AND PERSONAL QUALITIES IS CALLED
PARTNERSHIP
FRANCHISEE
SOLE OWNERSHIP
SELF-ASSESSMENT
19
PRICE INCREASES, QUANTITY OF GOODS DEMANDED FALLS.
TRUE
FALSE
20
IDENTIFY THE ADVANTAGE OF SOLE OWNERSHIP.
NEED TO WORK A FEW HOURS A WEEK
COMPLEX
PERSONAL ASSETS CANNOT BE TAKEN IF COMPANY FAILS
EAST TO START
21
WHAT IS DISCRETIONARY INCOME?
GROSS INCOME - TAXES
GROSS INCOME - TAXES-EXPENSES
22
CONSUMER WILLINGNESS AND ABILITY TO BUY PRODUCTS.
DEMAND
SUPPLY
23
WHAT IS THE PERCENT OF PARTNERSHIP OWNERSHIP BUSINESSES?
20
10
30
40
24
KEYSTONING IS THE PRACTICE OF BUYING A PRODUCT AT WHOLESALE PRICE THEN SELLING IT FOR
50% MORE
100% MORE
25% MORE
25
MANY START-UP OWNERS WORK
30-40 HOURS PER WEEK
60-80 HOURS PER WEEK
26
THE LOWER THE DEMAND FOR A PRODUCT
THE HIGHER THE SUPPLY
THE LOWER THE PRICE
BOTH ARE CORRECT
27
ONE DISADVANTAGE OF A PARTNERSHIP IS
DISAGREEMENTS
PARTNERSHIP IS DISOLVED WITH DEATH OF PARTNER
ALL ARE CORRECT
ACTION OF ONE PARTNER IS BINDING FOR BOTH
28
THE TYPES OF BUSINESS OWNERSHIP INCLUDE EXISTING, FAMILY, NEW, AND FRANCHISE BUSINESS.
FALSE
TRUE
29
THE LEGAL STEPS TO START A BUSINESS INCLUDE FILING A DOING BUSINESS AS FORM.
FALSE
TRUE
30
WHEN SUPPLY AND DEMAND INTERACT, CONDITIONS OF SURPLUS, SHORTAGE, OR EQUILIBRIUM ARE CREATED.
FALSE
TRUE
31
WHO ARE THE OWNERS OF A CORPORATION?
STOCKHOLDERS
BOARD OF DIRECTORS
32
WHAT IS A LIMITED PARTNERSHIP?
LIABLE FOR DEBTS UP TO INVESTMENT
LIABLE FOR ALL DEBTS OF COMPANY
33
BUSINESS OWNED BY ONE PERSON.
SOLE OWNERSHIP
LLC
PARTNERSHIP
CORPORATION
34
WHAT IS GENERAL PARTNERSHIP?
EACH PARTNER SHARES IN PROFITS/LOSSES
LIABLE FOR DEBTS UP TO INVESTMENT
35
WHAT IS A DISADVANTAGE OF SOLE OWNERSHIP?
EASY TO START
TAXED LESS
CREDITORS CAN CLAIM HOME, CAR, PERSONAL ITEMS
