Intro to Entrepreneurship Quiz

What type of business is owned by one person?

• Corporation

• Partnership

• Sole Proprietorship

• Non-profit organization

Which type of business is owned by two or more owners?

• Corporation

• Sole Proprietorship

• Partnership

• Cooperative

What type of business is a large company owned by shareholders?

• Sole Proprietorship

• Partnership

• Non-profit organization

• Corporation

What is the Small Business Administration (SBA)?

• A) A private investment firm from the U.S. Government to regulate small businesses

• B) A U.S. government agency that helps small businesses grow

• C) A small business consulting company that deals with taxes and auditing

• D) A non-profit organization

What percentage of all new jobs are created by small businesses?

• A) 34%

• B) 50%

• C) 64%

• D) 80%

According to the Small Business Administration (SBA), a small business is defined as a business with fewer than how many employees?

• A) 50 employees

• B) 100 employees

• C) 200 employees

• D) 500 employees

What distinguishes an entrepreneur from a small business owner?

• A) An entrepreneur works in a business owned by someone else

• B) An entrepreneur identifies and acts on an idea or problem that no one else has identified or acted on

• C) An entrepreneur owns or starts a business that already has an existing model

• D) An entrepreneur takes no risk in acting on an opportunity

Who is an employee?

• A) A person who identifies and acts on an idea or problem that no one else has identified or acted on

• B) A person who owns or starts a business that already has an existing model

• C) A person who works in a business owned by someone else

• D) A person who takes a significant financial risk in starting a new business venture

What is the approach that innovators take when starting their business?

• Seek out opportunities to expand upon previously created methods, processes, or products

• Make something new or see a problem that other people have not noticed

• Find new approaches, methods, or products that add value through solving a problem in a unique manner

• Innovate or reinvent their market from a future perspective by asking what the market could evolve into

Creators are entrepreneurs who:

• Innovate or reinvent their market from a future perspective by asking what the market could evolve into

• Make something new or see a problem that other people have not noticed

• Find new approaches, methods, or products that add value through solving a problem in a unique manner

• Seek out opportunities to expand upon previously created methods, processes, or products