Ch. 11 The Entrepreneurial Spirit

51 Questions | By Mmorrow3 | Last updated: Jan 24, 2013 | Total Attempts: 252

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This quiz is to test your knowledge of Entrepreneurs, what it takes to become one and the responsibilities of Entrepreneurs.

Questions and Answers

1.

Something with separate existence.
- A.
  
  Entity
- B.
  
  Franchiser
- C.
  
  Franchise
- D.
  
  Obligation
2.

A business that is owned by shareholders and that operates separately from its owners.
- A.
  
  Feedback
- B.
  
  Franchisee
- C.
  
  Corporation
- D.
  
  Sole Proprietorship
3.

A type of partnership in which the liability and involvement of certain partners is limited.
- A.
  
  Venture
- B.
  
  Corporation
- C.
  
  Business Plan
- D.
  
  Limited Partnership
4.

Partners share equal responsibility for debts and all have unlimited liability.
- A.
  
  Liability
- B.
  
  General Partnership
- C.
  
  Partnership
- D.
  
  Antitrust Laws
5.

A binding promise, contract, sense of duty, etc.
- A.
  
  Franchisee
- B.
  
  Information Economy
- C.
  
  Obligation
- D.
  
  Debt
6.

Involves two or more people who become responsible for debts, obligations and success of a business.
- A.
  
  Free Enterprise System
- B.
  
  Corporation
- C.
  
  Partnership
- D.
  
  Sole Proprietorship
7.

Something owed.
- A.
  
  Debt
- B.
  
  Initiative
- C.
  
  Liability
- D.
  
  Interdepartmental
8.

Moneys owed; debts.
- A.
  
  Debt
- B.
  
  Initiative
- C.
  
  Interdepartmental
- D.
  
  Liability
9.

You, as an individual, are responsible for business debts and your personal property can be used as repayment.
- A.
  
  Franchise
- B.
  
  Unlimited Liability
- C.
  
  Liability
- D.
  
  Entity
10.

A business that is owned and operated by one person.
- A.
  
  Sole Proprietorship
- B.
  
  Corporation
- C.
  
  Entrepreneur
- D.
  
  Venture
11.

The company whose products the franchisee will sell.
- A.
  
  Franchisee
- B.
  
  Antitrust Laws
- C.
  
  Franchiser
- D.
  
  Franchise
12.

The person or group who buys the franchise.
- A.
  
  Franchisee
- B.
  
  Franchise
- C.
  
  Franchiser
- D.
  
  Antitrust Laws
13.

A written contract granting permission to sell someone else’s product or service in a prescribed manner over a certain period of time and in a specified territory.
- A.
  
  Franchiser
- B.
  
  Antitrust Laws
- C.
  
  Franchisee
- D.
  
  Franchise
14.

A document that describes the important characteristics of a business: including the type of business, its products, the industry, a marketing plan, the manner of operation and the financial information.
- A.
  
  Procrastinators
- B.
  
  Information Economy
- C.
  
  Business Plan
- D.
  
  American Dream
15.

An economy that is largely based on the trade information and the management of the tools used to distribute that information.
- A.
  
  Information Economy
- B.
  
  American Dream
- C.
  
  Interdepartmental Economy
- D.
  
  Unlimited Liability
16.

The freedom, equality, and opportunity available to all Americans.
- A.
  
  Antitrust Laws
- B.
  
  American Dream
- C.
  
  Venture
- D.
  
  Entity
17.

Laws that are designed to promote competition and fairness and to prevent monopolies and other unfair business practices.
- A.
  
  Partnership
- B.
  
  Obligation
- C.
  
  American Dream
- D.
  
  Antitrust Laws
18.

A system in which most economic resources are privately owned and individuals are free to decide what they will produce with the resources.
- A.
  
  Free Enterprise System
- B.
  
  Antitrust Laws
- C.
  
  Initiative
- D.
  
  Procrastinators
19.

Readiness to undertake something on one’s own.
- A.
  
  Venture
- B.
  
  Interdepartmental
- C.
  
  Procrastinators
- D.
  
  Initiative
20.

Risk or take a chance on.
- A.
  
  Obligation
- B.
  
  Entity
- C.
  
  Venture
- D.
  
  Feedback
21.

A reaction or response to a particular process or activity.
- A.
  
  Venture
- B.
  
  Feedback
- C.
  
  Corporation
- D.
  
  Interdepartmental
22.

Involving or existing between two or more departments.
- A.
  
  Interdepartmental
- B.
  
  Feedback
- C.
  
  Venture
- D.
  
  Liabilty
23.

One who organizes the start-up of a new venture and takes the risks necessary to start a business.
- A.
  
  Partnership
- B.
  
  Initiative
- C.
  
  Procrastinator
- D.
  
  Entrepreneur
24.

They don’t allow enough time to complete tasks and end up feeling negative and guilty and avoiding future tasks.
- A.
  
  Debt
- B.
  
  Obligation
- C.
  
  Procrastinator
- D.
  
  Initiative
25.

Entrepreneurs as a group have enormous influential power in political lobbying, purchasing and shaping their communities.
- A.
  
  True
- B.
  
  False

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