Career Entrepreneurship 2: Question Preview (ID: 7067)

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A contract to use something for a specified period of time
a) lease
b) goodwill
c) entrepreneur
d) market outlook

A legal agreement in which two or more people share ownership.
a) corporation
b) partnership
c) sole proprietor
d) lease

The cost of doing business
a) start-up costs
b) net profit
c) gross profit
d) operating expenses

Income from sales
a) net profit
b) gross profit
c) revenue
d) operating expenses

Location is important for....
a) a grocery store
b) a fast food restaurant
c) a clothing store
d) all of the above

Banks that lend money to start a new business require a description and a ....
a) partnership agreement
b) financial plan
c) income statement
d) guarantee of success

One advantage of a sole proprietorship is that....
a) the owner has total control.
b) there is little financial risk.
c) start-up costs are lower.
d) goodwill is already established.

A disadvantage of entering a family business is...
a) high start-up costs.
b) financing is difficult.
c) normal business relationships can be tough to establish with family members.
d) less job satisfaction.

The amont left after subtracting operating expenses from gross profit is the
a) profit ratio
b) revenue
c) capital gain
d) net profit

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.

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