Entrepreneurship Domain 1-4

Question 1

Members of a company who shares the risks and profits of the business

Answer 1

Partners

Question 2

A business that takes its name and characteristics from an existing business chain

Answer 2

Franchise

Question 3

A preliminary product, commonly one with minimum viability, from which to test and develop

Answer 3

Prototype

Question 4

A stakeholder is an individual with an interest in a business

Answer 4

True

Question 5

When you take guitar lessons, you are receiving a product

Answer 5

False

Question 6

An example of a service

Answer 6

Guitar Lessons

Question 7

If you are receiving non-cash compensation in place of or in addition to a lower salary, you are being paid in

Answer 7

Equity

Question 8

Commission is a fee paid to an employee for completing a task

Answer 8

True

Question 9

If you own equity in a business, you are a stakeholder

Answer 9

False

Question 10

A business owned and managed by a single individual with unlimited liability

Answer 10

Sole proprietorship