Traits
What are three characteristics of entrepreneurs?
Creativity, Determination, Enthusiasm
Terminates upon death of a partner
General or Limited Partnership
Double-taxed, but best for international businesses
C Corporation
A consultant wants to use a form of personal communication to market his services to businesses during a conference. Which form of communication should be used?
Networking
What has to be broken before you can use it?
An egg
Which is one of the greatest benefits of entrepreneurship?
Being your own boss
A business owner sells ownership to a retirement fund for the employees
Employee Stock Ownership Plan
Exchanging ownership for cash, either by acquisition or merger
Harvesting
The owner of a tire shop in a large city wants to reach the largest number of people with promotional efforts. Which method should be used?
TV advertising
I’m tall when I’m young, and I’m short when I’m old. What am I?
A candle
Kim went to school and studied to be a chef, he loves cooking and worked hard to master his craft so he could open his own restaurant after graduation, but Kim's family pressured him to take over the family horticulture business instead. Which characteristic might cause Kim's business to fail?
Kim lacks enthusiasm for the business
An entrepreneur who has a hobby in leathercraft wants to turn it into a business. She wants to sell purses, belts, and other leathercrafts from her home. Which opportunity for starting a leathercraft business would have the highest probability of success?
Build an online storefront
A mechanic just graduated from motorcycle repair school and wants to start a business because there is a lack of motorcycle repair shops in the local town. Given the facts provided, which opportunity would be the best choice for the motorcycle mechanic to open a business?
Start a new business and invest $50,000 in modern diagnostic tools.
An entrepreneur was building a website for a new dog grooming business. Through internet searches, the entrepreneur found many pictures to use on the new business's website. Which type of intellectual property protection is at issue in this example?
Copyright
What goes up but never comes down?
Your age
How would a perspective entrepreneur benefit from a personality self- assessment?
It can identify strengths and weaknesses in the entrepreneur's leadership style
A software development consultant works with several clients. Some of the clients are competitors. What is a consequence if the consultant violates confidentiality by discussing a client's project with another client?
Loss of clients and possible lawsuit
A welder has arranged for a loan from a family member in the amount of $10,000 with an annual simple interest rate of 6%. The loan is due in 12 months. What is the amount of simple interest due at the end of the 12 month loan period?
$600
A fitness trainer in a neighborhood is trying to add new consumers who have recently moved into the neighborhood. What is effective for attracting new customers?
Promotional Discount
What is so fragile that saying its name breaks it?
Silence.
Which characteristic would be beneficial to an entrepreneur?
Doesn’t give up easily
A fitness trainer wants to create a legal structure that will help protect her from lawsuits. She will have no partners or employees.
Limited Liability Company
An individual starts a babysitting business with a loan of $1000. The loan is for 2 years at a 5% COMPOUND interest rate. How much will the individual owe by the end of the loan assuming nothing is paid until the end of the 2 years term.
$1,102.50
Which two are advantages of buying a franchise?
Branding
Marketing assistance
The more you take, the more you leave behind. What are they?
Footsteps