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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
Director of the Board
B
Manager
C
Entrepreneur
D
Partner
2) Being ___________________ means not working for someone else; owning and operating one’s own business
A
Partner
B
self-employed
C
chairman of the board
D
stock owner
3) A form of business organization in which one person owns the business.
A
Franchise
B
Partnership
C
Corperation
D
Proprietorship
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
Proprietorship
B
Self-Employed
C
Parntership
D
Corporation
6) One of these are NOT an advantage of being self-employed
A
Quick Decisions
B
Legacy
C
Income Varies
D
Flexible schedule
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
Bookies
B
Loan Sharks
C
Bill Collectors
D
Creditors
9) One of these answers are NOT qualities of Successful business owners
A
Personality
B
Know-how
C
Confident
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
right time - right place
B
desire to success
C
all of these are vital to success
D
who you know
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
Time
C
Energy
D
Supply
14) The money needed to start a business is called:
A
Seed Money
B
Investment
C
Start up Money
D
Capital
15) The Chinese army's only way to success was to:
A
Retreat
B
Bring in re-inforcements
C
Give up and hope something good happens
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
Know your clients
D
Have enough money
17) A GREAT business starts with :
A
a great idea
B
extra time on your hands
C
a friends idea
D
money
18) The motto of a very successful fried chicken franchise
A
do one thing, and do it well
B
there is no plan B
C
this ain't your mamma's house
D
finger licking good
19) The owner of Canes worked on a Salmon Boat in Alaska so he could
A
make new connections
B
get stronger
C
learn to cook fish
D
raise capital
20) To raise capital some business share parts of their company to the public - this is called:
A
partnerships
B
selling stock
C
finding angel investors
D
having a garage sale
*select an answer for all questions
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