1. An entrepreneur is someone who assumes the major risks of a business by committing which of the following?

1. equity.
2. time.
3. career.
4. all the above.

2. Which of the following is not a personal characteristic often found in an entrepreneur?
3. 1. self-confident.
   2. independent-minded.
   3. perceptive.
   4. follower.
4. Which of the following are risks for entrepreneurs in small business?
5. 1. interference with personal lives.
   2. psychological stress.
   3. social and family pressure.
   4. all the above.

2. Janet Wilson operates a business which focuses mainly on the fulfillment of social needs. Janet is operating a:
3. Insurance Agency
4. Loan Agency
5. Social Enterprise
6. Investment Enterprise

5. As the Accountant for John Wilson, you are asked to explain the relationship between assets, liability and equity, which of the following is correct?

a. liability = assets + equity b Equity = assets + liability c Assets = liability +equity d Liability = Assets = Equity

6. Current Assets may best be described as:

a. Plants and Machinery b Motor Vehicle

c Land and Building d Stock

7. Which of the following qualities will increase your chance of succeeding as an entrepreneur?

1. vision.
2. risk orientation.
3. determination.
4. all the above.

8. Members of the public can purchase shares in which of the following company:
   1. Partnership
   2. Public Limited Company
   3. Private Limited Company
   4. All of the above

9. Current Assets may be described as:

a. Plants and Machinery b Motor Vehicles

3. Land and Buildings
4. Items that can be quickly converted to cash

10. A Budget may be defined as

a. an estimation of expenses over a specified future period of time b an estimation of revenue over a specified future period of time

3. an estimation of revenue and expenses over a specified future period of time
4. an estimate of sales over a specified future period of time