What is the term for a legal document that outlines the rights and responsibilities of partners in a business venture?
Business plan
Partnership agreement
Memorandum of understanding (MOU)
Articles of incorporation
Correct Answer :
B. Partnership agreement
Related Questions
What is the term for the process of finding, attracting, and hiring new employees for a business?
Recruitment
Training
Onboarding
Human resources management
What is the term for the initial phase of a business where the entrepreneur tests the feasibility of their business idea?
Startup phase
Pilot phase
Feasibility phase
Proof of concept phase
What type of entrepreneur is characterized by starting multiple businesses over their career?
Serial entrepreneur
Social entrepreneur
Lifestyle entrepreneur
Corporate entrepreneur
What type of innovation involves creating entirely new products or processes that disrupt existing markets?
Incremental
Disruptive
Breakthrough
Radical
Which of the following is NOT a stage in the product development process?
Conceptualization and ideation
Market research
Manufacturing
Post-launch evaluation
What is the term for a group of individuals who work together to develop and launch a business venture?
Syndicate
Cooperative
Consortium
Team
What is a cash flow statement used for in business finance?
Tracking money spent on marketing
Analyzing the movement of money in and out of a business
Calculating the net worth of a business
Estimating future sales revenue
What is the term for the process of identifying potential customers and tailoring marketing efforts to reach them?
Market segmentation
Target marketing
Customer profiling
Product positioning
Which of the following is an example of a microenterprise?
A multinational corporation
A small family-owned bakery
A government agency
A non-profit organization
What does MVP stand for in the context of startups?
Most Valuable Player
Minimum Viable Product
Most Valuable Product
Minimum Valuable Player
What is the term for a legal form of business in which there is one owner who has unlimited personal liability?
Corporation
Partnership
Sole proprietorship
Limited liability company (LLC)
Which legal form of business provides the most personal liability protection for its owners?
Sole proprietorship
Partnership
Limited liability company (LLC)
Corporation
Which type of market research involves gathering information directly from people through surveys or interviews?
Primary research
Secondary research
Qualitative research
Quantitative research
Which of the following is an example of a non-profit organization that engages in entrepreneurial activities to achieve social or environmental goals?
Red Cross
Microsoft
Coca-Cola
Apple Inc.
Which type of innovation involves making significant improvements to existing products or processes?
Disruptive
Incremental
Breakthrough
Radical
What is the term for the process of selling a product or service to a foreign market?
Exporting
Outsourcing
Importing
Domestication
Which of the following is NOT a common method of market entry for international expansion?
Franchising
Licensing
Insourcing
Joint venture
What type of innovation involves making incremental improvements to existing products or processes?
Disruptive
Radical
Incremental
Breakthrough
What is the term for the total market value of all goods and services produced by a country in a given period?
Gross Domestic Product (GDP)
Net Profit Margin
Return on Investment (ROI)
Cost of Goods Sold (COGS)
Which type of entrepreneurship is focused on creating social or environmental impact rather than purely financial profit?
Social entrepreneurship
Corporate entrepreneurship
Serial entrepreneurship
Lifestyle entrepreneurship
What is the term for the process of determining the price at which a product or service will be sold to customers?
Cost analysis
Pricing strategy
Market segmentation
Revenue forecasting
What is the term for a document that outlines a company's mission, vision, goals, and strategies?
Business plan
Marketing plan
Financial statement
Operational manual
What is the term for a detailed plan that outlines a company's goals and the strategy for achieving them?
Business model
Marketing plan
Business plan
Financial statement
What is a business model?
A visual representation of a company's structure
The way a company creates, delivers, and captures value
A list of all the employees in a company
The physical location of a business
What term is used to describe the process of identifying, assessing, and developing a business idea into a viable business?
Business development
Idea refinement
Business planning
Opportunity recognition
What is the term for the process of introducing a new product or service to the market?
Market entry
Product launch
Market expansion
Market penetration
What is the term for a legal protection granted to authors, artists, and inventors for their creations?
Patent
Copyright
Trademark
Trade secret
Which stage of the entrepreneurial process involves turning an idea into a tangible product or service?
Opportunity recognition
Idea generation
Product development
Market entry
What is a unique selling proposition (USP) in marketing?
A strategy for selling products at a higher price
A distinctive feature or benefit that sets a product apart from competitors
The process of selling products to unique customer segments
A pricing strategy for premium products
Which of the following is NOT a key characteristic of a successful entrepreneur?
Perseverance
Creativity
Risk aversion
Adaptability