Chp 27 Starting a Business Quiz

Which of the following are characteristics of successful entrepreneurs?

• Creative, work hard, self-confident

• Goal-oriented, highly motivated to succeed

• High energy levels, strong desire to have control

• All of the above

The 3 basic ways to start a business are to?

• analyze the competition, buy a building, or join a professional association
• buy an existing business, buy a franchise, start a business from scratch
• work for parents, get ideas from friends, join chamber of commerce
• All of the Answers

Entrepreneurship sometimes experiences large financial losses

• True
•  False

Why do people start thier own business?

• To be their own boss

• Flexibility

• Achieving their dreams

• All of the above

What do we call a person who starts a business?

• Entrepreneur

• Enterprise

• Entreposuer

• Extraposer

The process of taking the risk of starting a new business.

• Entrepreneurship

• Entrepreneur

• Buying

• Managing

An advantage of entrepreneurship is that you determine your work schedule.

• True

• False

When starting a business and becoming an entrepreneur, income is often irregular, this is seen as a(n)....

• Advantage

• Disadvantage

What is the main disadvantage of buying an existing business?

• The business may be for sale because it has problems.

• The business already has customers, employees, a location, equipment, and working operations.

• The business has a financial history.

• The seller may be willing to act as a consultant.

If you buy a franchise, you must follow rules set by the _____.

• Previous owner

• Franchisor

• Franchisee

• No one, you are the owner