Entrepreneurship Review

Question 1

What are disadvantages of a corporation?

Accepted Answer

time consuming to start, double taxation, rigid protocals and formalities to follow

Question 2

Which social media's target demographic is people ages 18-24?

Accepted Answer

Instagram

Question 3

A drawback of a corporation is limited liability for the owners.

Accepted Answer

False

Question 4

The convenience of automatically having the product deliverd to someone's door would cause them to...

Accepted Answer

purchase a subscription boxes

Question 5

A disadvantage of a sole proprietorship is ...

Accepted Answer

the business "dies" when the owner die

Question 6

Jaquie & Katie want to build a global empire and are selling shares of stock in their company. What type should they be?

Accepted Answer

corporation

Question 7

Jacob wants so start a lawn mowing business on his own and call it "Mowers Inc." What type should it be?

Accepted Answer

sole proprietorship

Question 8

What are advantages of a sole proprietorship?

Accepted Answer

you get to keep all profits, low start-up costs, you have complete control of business

Question 9

What are key traits of entrepreneurs?

Accepted Answer

creative thinking, flexibility, risk taking

Question 10

You should consider gender, age, location, education, income range, needs, goals/aspirations when...

Accepted Answer

considering your ideal customer

Question 11

A firm's board of directors is...

Accepted Answer

a group of shareholders who oversee the operations of the corporation

Question 12

Niche market = segment of a larger market that has its own unique needs, preferences, & identity that make it different

Accepted Answer

True

Question 13

For tax purposes and legally protecting your business, it is important to...

Accepted Answer

choose the correct business structure

Question 14

What characteristics define a target audience?

Accepted Answer

income range, demographic, education level

Question 15

What are advantages of a corporation?

Accepted Answer

easier access to capital, no personal liability

Question 16

What are advantages of a partnership?

Accepted Answer

less expensive to start, minimal paperwork needed to start, no double taxation if a limited partnership

Question 17

Partners decide to bring in a third partner who will only contribute capital and not help run the business. This is a __

Accepted Answer

limited partner

Question 18

As an entrepreneur, you should assess the ____, _____, and _______ of your customer base.

Accepted Answer

jobs, problems, goals

Question 19

What are disadvantages of a partnership?

Accepted Answer

personally liable for business debts, double taxation if a general partnership, may have unlimited liability

Question 20

Convenience of automatically having the product delived to their door is a reason...

Accepted Answer

customers may purchase subscription boxes

Question 21

Jack and Mike want to open a restaurant. They already have bank funding. What type should it be?

Accepted Answer

partnership

Question 22

This provides businesses with a more stable source of income thanks to repeated sale

Accepted Answer

subscription box model

Question 23

What are disadvantages of a sole proprietorship?

Accepted Answer

high self-employment tax, no partners to share in the work, unlimited liability

Entrepreneurship Review

Questions 23

Entrepreneurship Review

Questions 23