ENT U4 Entrepreneurship and the Economy Test

What is a Sole Proprietorship? Choose the correct definition for the vocabulary word.

• A business owned by multiple individuals.

• A business owned by a corporation.

• A business owned and operated by one individual.

What is a Partnership? Choose the correct definition for the vocabulary word.

• A business owned by one individual.

• A business owned by a government entity.

• A business owned by two or more individuals.

What is a Corporation? Choose the correct definition for the vocabulary word.

• A business owned by one individual.

• A business that is a separate legal entity owned by shareholders.

• A business owned by a partnership.

What is an S-Corporation? Choose the correct definition for the vocabulary word.

• A corporation that is taxed as a partnership.

• A corporation that is taxed as a sole proprietorship.

• A corporation that is taxed as a separate entity.

What is a Limited Liability Corporation (LLC)? Choose the correct definition for the vocabulary word.

• A business structure that offers limited liability to its owners.

• A business structure that offers unlimited liability to its owners.

• A business structure that is only available to large corporations.

What is a Franchise?

• A business model where individuals can buy the rights to open and operate a branch of an established company.

• A business model where individuals create their own brand.

• A business model that does not involve any brand recognition.

What are Needs?

• Items that are desired but not essential for survival.

• Items that are luxury goods.

• Items that are essential for survival.

What are Wants?

• Items that are essential for survival.

• Items that are desired but not essential for survival.

• Items that are necessary for business operations.

What is Scarcity?

• The abundance of resources.

• The limited availability of resources.

• The unlimited availability of resources.

What is Economics?

• The study of how societies use limited resources.

• The study of how societies use unlimited resources.

• The study of how societies avoid using resources.