Answers26-27 Ignite Economics-KY-EconomicsEntrepreneurship

International Trade Answers

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An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
they are willing to take fewer risks.
C
their products or services were unneeded.
D
they were unwilling to take financial responsibility.
2
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An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
3

Which can be considered disadvantages of sole proprietorships and partnerships?

A
Partnerships require many people to write a charter, while sole proprietorships require one person to write a charter.
B
Sole proprietorships require one person to know complicated tax laws, while partnerships require many people to know the rules.
C
Partnerships require one person to do many things, while sole proprietorships require many people to weigh in on decisions.
D
Sole proprietorships require one person to do many things, while partnerships require many people to weigh in on decisions.
5

What happens to earnings in a cooperative?

A
They are used to pay middlemen for services.
B
They are shared with member owners.
C
They are used to buy more stock for members.
D
They are shared with customers through dividends.
6

Read the graph.

Question illustration
A
Fewer new businesses were started in 2010 than in other years.
B
The opening of new businesses peaked between 2007 and 2008.
C
More new businesses were started in 2006 than in 2005.
D
The number of new businesses remained constant between 2006 and 2009.
7

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
8

Franchising is typically done by

A
cooperatives.
B
partnerships.
C
LLC
D
corporations.
9

What must an entrepreneur do after creating a business plan?

A
open the business
B
finance the business
C
file the right paperwork
D
identify an opportunity
10

What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.
11

A disadvantage of forming a partnership is that owners

A
can find it tougher to start and stop a business.
B
can find it more difficult to get a bank loan.
C
are only responsible for their own finances.
D
are fully responsible for their partners' losses.
12

Which are examples of sole proprietorships? Check all that apply.lawyers working for a corporationdoctors in a partnershipindependent workersfranchise restaurants in a partnershiptax preparer working his own businessfreelance writers

A
lawyers working for a corporation
B
doctors in a partnership
C
independent workers
D
franchise restaurants in a partnership
E
tax preparer working his own business
F
freelance writers
13

How do corporations raise money and resources to expand? Select THREE answers.They request a bank loan.They raise franchise fees.They cash in dividends.They agree to sell stocks.They issue bonds.

A
They request a bank loan.
B
They raise franchise fees.
C
They cash in dividends.
D
They agree to sell stocks.
E
They issue bonds.
14

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to spend time training employees.
C
They need to have sufficient income to pay loans.
D
They have to contribute both to the market and society.
15

Which best describes the difference between sole proprietorships and partnerships?

A
Sole proprietors keep all profits and have unlimited liability, while partners split profits and share liabilities.
B
Sole proprietors share responsibilities, while partners are responsible for only a portion of the business.
C
Sole proprietors split profits and share liabilities, while partners keep all profits and have unlimited liability.
D
Sole proprietors pay taxes only on business profits, while partners do not have to pay taxes on profits.
16

Entrepreneurs who want to open a franchise

A
buys the rights from the parent company and creates his or her own rules.
B
buy the rights from the parent company and invest in a location approved by the parent company.
C
invest in a location and create a business model for the franchise.
D
invest in a location and develop a trademark for the franchise.
17

What is one way for an entrepreneur to decrease risk?

A
by mimicking popular products
B
by maintaining personal flexibility
C
by creating a strong business strategy
D
by developing reliable sources for materials
18

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
19

What role does a fast-food corporation play when it agrees to franchise its business? Select four answers.supply traininglicense a trademarkselect a locationpay associated feessupply advertisingcollect most profits

A
supply training
B
license a trademark
C
select a location
D
pay associated fees
E
supply advertising
F
collect most profits
20

Franchises are attractive to business owners because

A
they have a proven business model.
B
they are typically inexpensive to buy.
C
they get to keep all profits.
D
they come with very little risk.
21

The most common business organizations in the United States are

A
partnerships.
B
sole proprietorships.
C
corporations.
D
franchises.

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