Entrepreneurship — Unit test Answers

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Articles of partnership establish

how businesses can raise capital.

what business taxes are paid.

how profits and losses are divided.

what is included in a charter.

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similar

different

all

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Successful entrepreneurs contribute to the economy by

becoming wealthy.

expanding markets.

encouraging free trade.

creating business strategies.

To be successful, what must an entrepreneur be willing to invest? Check all that apply.moneyunemploymentpersonal safetytimeconsiderable effort

money

unemployment

personal safety

time

considerable effort

A business owner would most likely create a cooperative instead of buying a franchise because

cooperatives give majority owners the most control, while franchises make decisions with a parent company.

cooperatives make it easy to accumulate supplies, while franchises come with supplier relationships already in place.

cooperatives are well financed by members, while franchises must raise large sums of money to launch a business.

cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.

The development of many new businesses helps limit

unemployment.

taxation.

revenue.

risk.

Which best explains why a sole proprietor would want a partner?

to reduce the number of responsibilities

to make it easier to raise funds for expansion

to move into a more favorable tax bracket.

to take advantage of little government oversight.

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