Becoming an Entrepreneur Quiz 100%

A person who organizes a business and then runs it is called a(n) _____.

A. entrepreneur

A disadvantage to joining a family business is that _____.

B. family relationships may be negatively affected

The advantages of being an entrepreneur are _____.

B. flexibility, independence, and salary potential

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 _____.

B. sight and foresight

A proven product, established management systems, and customer goodwill are three advantages of _____.

C. buying a franchise

A business' success depends on four key factors: financing, location, management, and _____.

C. competition

The three traits an entrepreneur must possess to be successful are _____.

C. sight & foresight, decision making, and motivation

A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____.

D. corporation

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) _____.

D. financial plan

If you purchase a franchise, you get to keep all of the profits you make.

F. (False)