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Entrepreneurship - BE

Quiz by Karen Roush

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47 questions
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  • Q1
    What is defined as: The process of starting and operating your own business
    • Sole Proprietorship
    Entrepreneurship
    • Small Business
    Entrepreneur
    30s
  • Q2
    What is defined as: People who create, launch, organize, and manage a new business
    • Business owner
    • Entrepreneurship
    • Sole Proprietor
    Entrepreneur
    30s
  • Q3
    What is defined as: A business that is owned and operated by one person
    • Sole Proprietorship
    • Entrepreneurship
    Franchise
    • Limited Partnership
    30s
  • Q4
    What is defined as: A legal agreement between two or more people to be jointly responsible for success or failure of business
    • Partnership
    • General Partnership
    • LLC
    • Limited Partnership
    30s
  • Q5
    What is defined as: A legal entity created by either a state or federal statute, authorizing individuals to operate an enterprise
    Partnership
    Franchise
    Corporation
    LLC
    30s
  • Q6
    What is defined as: A hybrid of a partnership and corporation
    LLC
    Exclusive Partnership
    Limited Partnership
    Partnership
    30s
  • Q7
    What is defined as: Each partner shares profits and losses
    Unlimited Partnership
    Partnership
    Limited Partnership
    General Partnership
    30s
  • Q8
    What is defined as: Owners of a corporation and have limited liability
    Franchise
    Stockholders
    Entrepreneurs
    Board of Directors
    30s
  • Q9
    What is defined as: When personal assets of the owner cannot be taken it a company doesn't meet financial obligations
    General Liability
    Limited Partnership
    Limited Liability
    Unlimited liability
    30s
  • Q10
    What is defined as: A legal agreement to sell a parent company's product or service in a designated area
    Corporation
    Limited Partner
    Franchise
    Stockholder
    30s
  • Q11
    What is defined as: Owners liability is not limited to investments in the business but can include personal belongings
    • Personal investment
    • Unlimited Liability
    • Limited Liability
    • Unlimited Partner
    30s
  • Q12
    What is defined as: Any agreement that is enforceable by law
    Offer
    Agreement
    Contract
    Acceptance
    30s
  • Q13
    What is defined as: A proposal made by one party to another stating they are willing to enter into a contract
    Acceptance
    Offer
    Agreement
    Contract
    30s
  • Q14
    What is defined as: The agreement of the 2nd party to be held to the terms of the offer*
    Contract
    Offer
    Agreement
    Acceptance
    30s
  • Q15
    What is defined as: When the offer and acceptance are truly agreed upon
    Contract
    Agreement
    Acceptance
    Offer
    30s

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