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Praxis Business: Entrepreneurship 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!

Page 1

Question 1 1. Which of the the following is not a component of marketing for a small business?

Question 2 2. Which of the following is true about a small business in the global marketplace?

Question 3 3. 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 4 4. How does the global market work?

Question 5 5. The raw materials are late for delivery, shutting down production. How would an entrepreneur most likely deal with the situation?

Page 2

Question 6 6. Which of the following helps a small business compete with big business in the global market?

Question 7 7. How many employees can manufacturing companies have and still be considered a small business in the United States?

Question 8 8. Which of the following factors of production is most relevant to entrepreneurship?

Question 9 9. What is the best explanation of a microenterprise?

Question 10 10. 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?

Page 3

Question 11 11. Which of the following is not part of human resources management?

Question 12 12. What do you call the documentation that governs the corporation's activities?

Question 13 13. 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 14 14. What should a very large company with many different business units do for their mission statement?

Question 15 15. What question does a business mission statement answer?

Page 4

Question 16 16. What type of entrepreneur may be involved with skunk works?

Question 17 17. What happens if a sole proprietorship takes on a second owner?

Question 18 18. Which of the following describes the income tax treatment for a sole proprietorship?

Question 19 19. What is the primary reason a business would decide to become a corporation over any other form of organization?

Question 20 20. Which of the following is the best explanation of the main difference or differences between a limited partner and a general partner?

Page 5

Question 21 21. Which one of the following is considered a disadvantage of a corporation?

Question 22 22. What's the best explanation of entrepreneurship?

Question 23 23. How much protection from liability does a sole proprietorship offer?

Question 24 24. Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?

Question 25 25. What is the biggest advantage big business has over small business in the global marketplace?

Page 6

Question 26 26. Which one of the following is not an important person to which an entrepreneur must engage in communication?

Question 27 27. Which one of the following is part of starting and running a small business?

Question 28 28. What type of entrepreneur is required to invest all profits back into the enterprise?

Question 29 29. How does a business mission statement relate to marketing?

Question 30 30. What method of financing is available to small business owners?

Praxis Business: Entrepreneurship 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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