BUSINESS 475 EXAM QUESTIONS WITH
CORRECT ANSWERS 2026-2027
Entrepreneurship - CORRECT ANSWER -
one who creates a new business in the face of risk uncertainty for the purpose of achieving pro
fit and growth, by identifying significant opportunities and assembling the necessary resources
to capitalize on them
Benefits of Entrepreneurship - CORRECT ANSWER -create ones destiny/reach full potential
want to make a difference
reap unlimited profits
do what they enjoy while contributing
get recognition for one's own work
Potential Drawbacks of Entrpreneurship - CORRECT ANSWER -uncertainty of income
risk of losing entire investment
long hours and hard work (52+ hours a week)
lower quality of life in beginning
high stress levels
, complete responsibility
may get discouragesd
Tort - CORRECT ANSWER -
civil wrong that injures a person, property, or certain economic interest & business relationship
s
range from negligence to intentional interference with contract
Negligence Tort - CORRECT ANSWER -
Conduct that involves an unreasonable risk, causing injury to another person or damage to ano
ther person's property
Duty - CORRECT ANSWER -
Person with a legal duty to another is required to act reasonably under the circumstances to av
oid harming the other person
Duty: Landowner or Tennant - CORRECT ANSWER -
each has a legal duty to keep the property reasonably safe
both liable for injury that occurs outside as well as on the premises
Duty: Employer to third parties - CORRECT ANSWER -
employer is liable for any torts committed by employees
employees working off site - driving drunk
CORRECT ANSWERS 2026-2027
Entrepreneurship - CORRECT ANSWER -
one who creates a new business in the face of risk uncertainty for the purpose of achieving pro
fit and growth, by identifying significant opportunities and assembling the necessary resources
to capitalize on them
Benefits of Entrepreneurship - CORRECT ANSWER -create ones destiny/reach full potential
want to make a difference
reap unlimited profits
do what they enjoy while contributing
get recognition for one's own work
Potential Drawbacks of Entrpreneurship - CORRECT ANSWER -uncertainty of income
risk of losing entire investment
long hours and hard work (52+ hours a week)
lower quality of life in beginning
high stress levels
, complete responsibility
may get discouragesd
Tort - CORRECT ANSWER -
civil wrong that injures a person, property, or certain economic interest & business relationship
s
range from negligence to intentional interference with contract
Negligence Tort - CORRECT ANSWER -
Conduct that involves an unreasonable risk, causing injury to another person or damage to ano
ther person's property
Duty - CORRECT ANSWER -
Person with a legal duty to another is required to act reasonably under the circumstances to av
oid harming the other person
Duty: Landowner or Tennant - CORRECT ANSWER -
each has a legal duty to keep the property reasonably safe
both liable for injury that occurs outside as well as on the premises
Duty: Employer to third parties - CORRECT ANSWER -
employer is liable for any torts committed by employees
employees working off site - driving drunk
