Business: Entrepreneurship Review Quiz: Question Preview (ID: 26068)

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A person who recognizes a business opportunity and organizes, manages, and assumes the risks of starting and operating a business.
a) Corporation b) Entrepreneur c) Partnership d) Business Plan
A Sole Proprietorship has to pay more money in taxes than a Corporation.
a) False b) True c) d)
A Partnership is easier to raise money than a Sole Proprietorship.
a) False b) True c) d)
If a business owner wants complete control over their business, they should start a corporation.
a) False b) True c) d)
A business where two or more people agree to start the business together and share responsibilities.
a) Sole Proprietorship b) Corporation c) Partnership d) Entrepreneuership
A Business Plan will include:
a) How much your product will cost to make b) How much you will charge for your product c) Where your business will be located d) All of These
A business where a group of people come together to create a business that is treated as a single legal entity.
a) Revenue b) Corporation c) Sole Proprietorship d) Partnership
A detailed plan, including the strategies planned, to achieve a new business’s profit goals
a) Expense Report b) Revenue Plan c) Business Plan d) Business Loan
Your business is making a profit if your revenue is more than your expenses.
a) False b) True c) d)
The money you spend to run your business, or the cost of doing business
a) Revenue b) Expenses c) Profits d) Insurance
The money you make from selling your product or service.
a) Revenue b) Profits c) Expenses d) Business Plan
Choose the best example of personal traits of a successful entrepreneur.
a) Motiviated, Quiet, Tardy b) Shy, Passionate, Creative c) Decisive, Lazy, Strong Minded d) Smart, Patient, Hard Worker
One advantage of a partnership is owners can combine their business skills to help the business succeed.
a) False b) True c) d)
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