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Entrepreneurship & Types of Businesses Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which one of the following is NOT a way that a Limited Liability Company is like a corporation?

Question 2 2. How is risk related to insurance?

Question 3 3. Which type of cooperative is owned and controlled by customers?

Question 4 4. What must a person seeking an occupational license do in order to obtain a license?

Question 5 5. In the United States, how is the size of a business defined?

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Question 6 6. Which of the following best describes a franchise?

Question 7 7. Which one of the following is part of starting and running a small business?

Question 8 8. Which one of the following do LPs, LLPS, and LLLPs have in common but is not a characteristic of a general partnership?

Question 9 9. What is outsourcing?

Question 10 10. Which of the following helps a small business compete with big business in the global market?

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Question 11 11. What's the biggest mistake you can make when preparing a business plan?

Question 12 12. What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.

Question 13 13. What is the difference between an S-corporation and a C-corporation?

Question 14 14. Which of the following is not part of human resources management?

Question 15 15. Tina, a new small business owner, has robust revenue that are paid six months after the sale. Her business plan does not have an exit strategy. Which of the following is a reason that her business may fail?

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Question 16 16. What is the best explanation of pass-through taxation?

Question 17 17. What is the biggest advantage big business has over small business in the global marketplace?

Question 18 18. What can be a disadvantage associated with the use of a franchise?

Question 19 19. The willingness of an entrepreneur to work for herself and use her own money knowing there's a chance that she will lose it all demonstrates what type of characteristic?

Question 20 20. If a company purchases an insurance policy, which type of risk management approach is it using?

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Question 21 21. What type of partnership offers no protection from personal liability for the partners?

Question 22 22. Which of the following permits are for businesses who comply with regulations concerning chemical spills and pollution?

Question 23 23. What does someone have to file to form a limited liability company?

Question 24 24. If a business created a mission statement that said, 'We will make products to make the world a better place,' then what type of mission statement development mistake has occurred?

Question 25 25. Which of the following businesses represents a sole proprietorship?

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Question 26 26. Which of the following information is never included in the financial management section of a business plan?

Question 27 27. Which one of the following is not a characteristic of a consumer cooperative?

Question 28 28. Which of the following is true about a small business in the global marketplace?

Question 29 29. What type of partnership has a general partner who has full liability and a limited partner whose liability is limited to their investment in the partnership?

Question 30 30. How does the global market work?

Entrepreneurship & Types of Businesses Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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