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Becoming An Entrepreneur

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Jul 10th, 2023
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15 test answers
question
A person who organizes a business and then runs it is called a(n) _____.
answer
entrepreneur
question
A disadvantage to joining a family business is that _____.
answer
family relationships may be negatively affected
question
The advantages of being an entrepreneur are _____.
answer
flexibility, independence, and salary potential
question
The three traits an entrepreneur must possess to be successful are _____.
answer
sight & foresight, decision making, and motivation
question
In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.
answer
sight and foresight
question
In order for a teen to have a successful business, they must to do all of the following EXCEPT _____.
answer
ignore customer satisfaction
question
An existing business can be for sale because _____.
answer
all of the above
question
An entrepreneur's life has few challenges, few risks, and minimal rewards.
answer
F
question
Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.
answer
financial plan
question
Buying a franchise might be a good decision for someone who _____.
answer
doesn't have experience developing management systems
question
A business' success depends on four key factors: financing, location, management, and _____.
answer
competition
question
A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.
answer
corporation
question
Entrepreneurs are self-motivated and recognize opportunities around them.
answer
T
question
Location is not important for a business.
answer
F
question
Buying an existing business _____.
answer
allows the owner to build upon the goodwill of previous customers
1 of 15
question
A person who organizes a business and then runs it is called a(n) _____.
answer
entrepreneur
question
A disadvantage to joining a family business is that _____.
answer
family relationships may be negatively affected
question
The advantages of being an entrepreneur are _____.
answer
flexibility, independence, and salary potential
question
The three traits an entrepreneur must possess to be successful are _____.
answer
sight & foresight, decision making, and motivation
question
In order for a person to recognize needs that are not being met and make a career out of fulfilling unmet needs, that person must have _____.
answer
sight and foresight
question
In order for a teen to have a successful business, they must to do all of the following EXCEPT _____.
answer
ignore customer satisfaction
question
An existing business can be for sale because _____.
answer
all of the above
question
An entrepreneur's life has few challenges, few risks, and minimal rewards.
answer
F
question
Jefferson is interested in starting his own business. He plans to borrow money from the local bank in order to finance the business. They will require him to submit a business plan and a(n) _____.
answer
financial plan
question
Buying a franchise might be a good decision for someone who _____.
answer
doesn't have experience developing management systems
question
A business' success depends on four key factors: financing, location, management, and _____.
answer
competition
question
A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.
answer
corporation
question
Entrepreneurs are self-motivated and recognize opportunities around them.
answer
T
question
Location is not important for a business.
answer
F
question
Buying an existing business _____.
answer
allows the owner to build upon the goodwill of previous customers