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