Becoming an Entrepreneur Quiz (Career Planning)

The advantages of being an entrepreneur are _____. a. excitement, independence, and financial risk b. flexibility, independence, and salary potential c. short working hours, independence, and financial risk d. administration, short working hours, and excitement Please select the best answer from the choices provided

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 _____. a. interpretation b. sight and foresight c. independence d. decision making skills Please select the best answer from the choices provided

B: Sight and foresight

The three traits an entrepreneur must possess to be successful are _____. a. motivation, humility, and decision making b. conflict management, motivation, and decision making c. sight & foresight, decision making, and motivation d. humility, conflict management, and sight & foresight Please select the best answer from the choices provided

C: Sight & foresight, decision making, and motivation

An existing business can be for sale because _____. a. the owners are retiring b. the owners are entering a new business c. the business is losing money d. all of the above Please select the best answer from the choices provided

D: All of the above

A business chartered by a state that legally operates as a separate entity from the owner(s) is called _____. a. franchise b. sole proprietorship c. partnership d. corporation Please select the best answer from the choices provided

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) _____. a. buy-out plan b. income statement c. partnership agreement d. financial plan Please select the best answer from the choices provided

D: Financial Plan

An entrepreneur's life has few challenges, few risks, and minimal rewards. Please select the best answer from the choices provided T F

False

If you purchase a franchise, you get to keep all of the profits you make. Please select the best answer from the choices provided T F

False

Franchises tend to have better success rates that non-franchised businesses. Please select the best answer from the choices provided T F

True