Entrepreneurship Quiz Review

What is an entrepreneur?

• an individual who undertakes the creation, organization, and ownership of a business

• a company's highest-ranking executive

• a person employed for wages or salary, especially at nonexecutive level

• a natural or legal person who is part of the governing body of a business

What is a reward of being an entrepreneur?

• Fully responsive for the business if it fails

• Creative Control

• Long work hours

• Unstable income

What is a risk of being an entrepreneur?

• Long work hours

• Your own boss

• Doing something that you enjoy

• Creative control

What are the 3 types of ownership?

• Nonprofit, Franchise, Joint Venture

• Tom, Jerry, Susan

• Owner, CEO, Employee

• Corporation, Partnership, Sole Proprietorship

What is a corporation?

• an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits

• a business that operates under a brand name and business model established by a franchisor, with franchisees paying fees for the right to operate

• A business entity that is separate from its owners, with ownership represented by shares of stock

• a business owned and run by a single person, with no legal distinction between the owner and the business

What is a sole proprietorship?

• a business that operates under a brand name and business model established by a franchisor, with franchisees paying fees for the right to operate

• an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits

• an organization that operates for a public benefit rather than profit, with no ownership or shares

• a business owned and run by a single person, with no legal distinction between the owner and the business

What is a partnership?

• a business that operates under a brand name and business model established by a franchisor, with franchisees paying fees for the right to operate

• an organization that operates for a public benefit rather than profit, with no ownership or shares

• an unincorporated business with two or more owners who share the decisions, assets, liabilities, and profits

• a business owned and run by a single person, with no legal distinction between the owner and the business

What is a general partnership?

•  a partnership where one party's liability is limited to his or her investment and cannot be actively involved in managing the business

• a partnership where each party has unlimited personal liability and takes full responsibility for managing the business

What is a limited partnership?

• a partnership where each party has unlimited personal liability and takes full responsibility for managing the business

• a partnership where one party's liability is limited to his or her investment and cannot be actively involved in managing the business

What is a target audience?

• The particular group of customers of interest to you

• A group of customers that you are not interested in

• The group of customers who go to your competitor's business

• A group of customers that were rude to your grandma's cat