Ch 18: ILTS Business: Entrepreneurship

About This Chapter

Let us guide your review for the ILTS Business, Marketing and Computer Education Test. Informative video lessons and quizzes for immediate feedback can help you learn essential information about entrepreneurship.

ILTS Business: Entrepreneurship - Chapter Summary

Just who are these entrepreneurs? In this chapter, you can learn about their characteristics and the wide range of opportunities available to them. You can also review the various types of business forms and find out more about small businesses and franchises. The following topics are included in this chapter:

  • Characteristics of entrepreneurs
  • Opportunities available to entrepreneurs
  • Sole and general proprietorships
  • Limited partnerships, limited liability companies and corporations
  • Small business plans, financing and management
  • Challenges of owning a franchise
  • Records management and control

Qualified instructors present targeted lessons to help you prepare for the Illinois Licensure Testing System (ILTS) Business, Marketing and Computer Education content area test. Short quizzes at the end of each lesson can provide feedback on your progress.

ILTS Business: Entrepreneurship Objectives

You can demonstrate your knowledge of the topics listed above in two sections of the ILTS Business, Marketing and Computer Education content area test, which constitute about 43% of the exam. The learning objectives require an understanding of the various business processes related to entrepreneurship and the ability to compare the different types of business ownership. You'll want to make sure that you know the pros and cons of owning a business, in addition to the steps in devising a business plan.

All of the test questions are multiple-choice. Accompanying quizzes can provide experience in the types of questions you might find on your exam.

6 Lessons in Chapter 18: ILTS Business: Entrepreneurship
Test your knowledge with a 30-question chapter practice test
What is an Entrepreneur? - Definition, Characteristics & Examples

1. What is an Entrepreneur? - Definition, Characteristics & Examples

Entrepreneurship is an important engine of growth in the economy. In this lesson, you'll learn about what an entrepreneur is and the key characteristics and skills that a successful entrepreneur possesses. Some examples of entrepreneurs will also be given.

What Is Sole Proprietorship: Definition, Advantages & Disadvantages

2. What Is Sole Proprietorship: Definition, Advantages & Disadvantages

Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.

Small Business in the American Economy

3. Small Business in the American Economy

Nearly every business starts 'small.' In this lesson, you'll learn how a small business is defined, some characteristics of a small business, and the importance of them in the economy. You'll also learn why some small businesses fail.

Managing a Small Business

4. Managing a Small Business

Small businesses are an important engine of growth in an economy. In this lesson, you'll learn about some key areas of small business ownership that an owner should master to be successful. A short quiz follows.

Small Business in a Global Market

5. Small Business in a Global Market

As the world moves closer to a global economy, more small businesses will look to expand into international markets. In this lesson, you'll learn about some of the advantages and disadvantages that small businesses face in a global market.

Franchises: Opportunities and Challenges

6. Franchises: Opportunities and Challenges

Franchises offer a way for a person to start a proven business. In this lesson, you'll learn about franchises, including their advantages and disadvantages. You'll also learn about diversity and global challenges in franchising.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Support