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