Entrepreneurship Semester 1 Exam Review

Front

What is one characteristic that distinguishes an entrepreneur from a regular employee?

Back

Seeks to innovate and create

Front

Which type of business ownership offers the owner complete control but also full liability? Options: Corporation, Partnership, Sole Proprietorship, Franchise

Back

Sole Proprietorship

Front

In economics, what is defined as the income received from selling goods and services?

Back

Revenue

Front

What is a key advantage of forming a corporation?

Back

Limited liability for owners

Front

Which of the following is an example of a service? A smartphone, A haircut, A pair of shoes, A book

Back

A haircut

Front

What term describes making changes to an existing product to improve it?

Back

Innovation

Front

What is the primary purpose of a non-profit corporation?

Back

To accomplish a specific mission other than making a profit

Front

Which business structure is most suitable for someone who wants to be their own boss with minimal legal overhead? Options: Corporation, Franchise, Sole Proprietorship, Partnership

Back

Sole Proprietorship

Front

What does the gig economy primarily consist of?

Back

Short-term, flexible jobs

Front

Which of the following is typically considered a disadvantage of a partnership?
Complete control by one partner,
Unlimited liability for partners,
Limited access to capital,
Excessive government regulation

Back

Unlimited liability for partners