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