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Entrepreneurship
Test Description: Practice test
Instructions: Answer all questions to get your test result.
1) Someone who runs his or her own business
A
Manager
B
Partner
C
Director of the Board
D
Entrepreneur
2) Being ___________________ means not working for someone else; owning and operating one’s own business
A
chairman of the board
B
self-employed
C
stock owner
D
Partner
3) A form of business organization in which one person owns the business.
A
Franchise
B
Proprietorship
C
Corperation
D
Partnership
4) A form of business organization in which two or more persons co-own the business
A
Proprietorship
B
Franchise
C
Partnership
D
Stock Holders
5) A form of business organization in which stockholders own the business.
A
Parntership
B
Proprietorship
C
Self-Employed
D
Corporation
6) One of these are NOT an advantage of being self-employed
A
Income Varies
B
Legacy
C
Flexible schedule
D
Quick Decisions
7) One of these are NOT a disadvantage of being self-employed
A
Record Keeping
B
Long Hours
C
Competition
D
Goal Oriented
8) _______________ are the persons or companies to which money is due
A
Creditors
B
Bookies
C
Bill Collectors
D
Loan Sharks
9) One of these answers are NOT qualities of Successful business owners
A
Personality
B
Money
C
Confident
D
Know-how
10) a federal agency that encourages, assists, and protects the interests of small business.
A
FBI
B
SBA
C
FEMA
D
SBI
11) One of the biggest determining factors on whether a business will succeed or fail
A
who you know
B
all of these are vital to success
C
desire to success
D
right time - right place
12) A contract with a company to sell its goods and services within a certain area
A
Liscense
B
Franchise
C
Corperation
D
Stock Shares
13) An entrepreneur must have enough _________________ to start a business
A
Capital
B
Energy
C
Time
D
Supply
14) The money needed to start a business is called:
A
Capital
B
Investment
C
Start up Money
D
Seed Money
15) The Chinese army's only way to success was to:
A
Give up and hope something good happens
B
Bring in re-inforcements
C
Retreat
D
Burn the Boats
16) A very important legal part of running a business is:
A
Know the corporate laws
B
Know the civil laws
C
Have enough money
D
Know your clients
17) A GREAT business starts with :
A
a great idea
B
extra time on your hands
C
money
D
a friends idea
18) The motto of a very successful fried chicken franchise
A
there is no plan B
B
finger licking good
C
do one thing, and do it well
D
this ain't your mamma's house
19) The owner of Canes worked on a Salmon Boat in Alaska so he could
A
raise capital
B
make new connections
C
learn to cook fish
D
get stronger
20) To raise capital some business share parts of their company to the public - this is called:
A
partnerships
B
finding angel investors
C
selling stock
D
having a garage sale
*select an answer for all questions
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