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Career Entrepreneurship 2
Test Description: Entrepreneur ch 4 pt 2
Instructions: Answer all questions to get your test result.
1) A contract to use something for a specified period of time
A
lease
B
entrepreneur
C
goodwill
D
market outlook
2) A legal agreement in which two or more people share ownership.
A
sole proprietor
B
partnership
C
lease
D
corporation
3) The cost of doing business
A
operating expenses
B
start-up costs
C
net profit
D
gross profit
4) Income from sales
A
net profit
B
operating expenses
C
revenue
D
gross profit
5) Location is important for....
A
a fast food restaurant
B
a clothing store
C
all of the above
D
a grocery store
6) Banks that lend money to start a new business require a description and a ....
A
income statement
B
financial plan
C
partnership agreement
D
guarantee of success
7) One advantage of a sole proprietorship is that....
A
start-up costs are lower.
B
there is little financial risk.
C
goodwill is already established.
D
the owner has total control.
8) A disadvantage of entering a family business is...
A
high start-up costs.
B
less job satisfaction.
C
normal business relationships can be tough to establish with family members.
D
financing is difficult.
9) The amont left after subtracting operating expenses from gross profit is the
A
capital gain
B
revenue
C
net profit
D
profit ratio
10) Buying an existing business
A
involves fewer costs than buying a franchise.
B
provides more security than investing in a franchise.
C
is high risk because successful businesses are not sold.
D
requires analyzing the location, competition and market outlook.
*select an answer for all questions
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