Hot Topics Unit 3 & 4 Test
Entrepreneurship and Forms of Business
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LLC is the safest form of ownership for a small business owner. *
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The creativity of entrepreneurs has led to technological change and increased productivity. *
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It is easiest to sell lemonade when it is *
Running your own business is difficult, and many companies started by entrepreneurs go out of business. *
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An example of a franchise is *
Entrepreneurs who were leaders in the food industry were *
An entrepreneur can expect to earn large profits immediately after starting a business. *
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Entrepreneur who developed packaged frozen food *
The difference between an S corporation and a regular corporation is than an S corporation is not taxed as a business. *
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There were how many people standing across the street from the lemonade stand *
Serve a community need *
Certain and regular income *
Successful entrepreneurs are confident and able to make decisions when necessary. *
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When an entrepreneurial business is successful, an employee will receive large profits. *
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An employee *
There is very little government regulation for businesses that are *
Setting specific financial goals before starting a business *
If an entrepreneur decides to increase advertising rather than buy new equipment, the cost of the advertising is *
First and Last Name
A disadvantage of a partnership is that partners share *
A florist shop is an example of a service business. *
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Entrepreneurs who work for their family businesses *
The ability to learn a particular kind of job *
How much money you will earn *
A partnership agreement identifies the salaries to be withdrawn by each partner. *
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Although entrepreneurship is risky, entrepreneurs can make a lot money. *
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People who work for someone else *
When you began the lemonade stand you were a(n) *
Assessing your background and experience can help you determine whether you are prepared to run a specific business. *
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Special meetings where companies display their products *
Evaluation of your strengths and weaknesses *
Which of the following is a service business? *
When starting your own business, an important consideration is *
The process of running a business of one's own *
Characteristics of successful entrepreneurs DO NOT include *
Ninety percent of all U.S. businesses employ fewer than 20 people. *
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Disadvantages of entrepreneurship include *
Which of the following is a retailing business? *
Before buying a franchise, you should *
Entrepreneurs in the field of industrial machinery and equipment were *
To determine if a business opportunity is realistic, you should find out *
Work long, irregular hours *
An entrepreneur owns, operates, and takes the risk of a business venture. *
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Box Factory *
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An advantage of setting up as a corporation is the *
A grocery store is an example of a retailing business. *
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Which of the following is not a disadvantage of owning a franchise? *
People who own, operate, and take the risk of a business venture *
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Uncertain and irregular incomes *
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Lemonade should be *
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Nobody tells an entrepreneur what to do *
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