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- 1. Multiple Choice
What is the definition of an entrepreneur?
Someone who manages a business
Someone who creates, owns, and potentially runs a business
Someone who owns a business and makes profit from that business
None of the above
- 2. Multiple Choice
Which of the following is NOT true about an entrepreneur?
Gets to act as his own boss
Salary is evaluated based on his/her ability to complete the tasks assigned to him/her.
Responsible for the success of their business.
Has ownership in the business
- 3. Multiple Choice
An example of an asset is:
time
money
a car
all of the above
- 4. Multiple Choice
Which of the following is NOT a true statement about business plans?
They should never be revised.
They can help lower the risk of starting a new business.
They are created before starting a business.
They include an overview of your business goals and how you think you are going to achieve them.
- 5. Multiple Choice
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
- 6. Multiple Choice
Which of the following is an advantage of starting your own business?
During start-up, you do not have to think about funding.
You are in charge of the decision-making so there is little to no risk.
You have control over where and when you work.
As long as you make a business plan, you will know what obstacles to expect.
- 7. Multiple Choice
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.
Knowing about entrepreneurship means you'll never have to work for a boss.
Entrepreneurs do not have to worry about getting good grades in school because they start their own business.
None of the above
- 8. Multiple Choice
What is the main difference between a personal characteristic and a skill?
You can learn a personal characteristic, but it is not possible to learn a skill.
Personal characteristics become skills over time.
Many people are born with business skills but you can't be born with characteristics.
Skills can be learned and developed while personal characteristics are inherent qualities within.
- 9. Multiple Choice
Which one of these is NOT considered a skill?
Determination skills
People skills
Business skills
Communication skills
- 10. Multiple Choice
What role do entrepreneurs play in economics?
Entrepreneurs tell consumers what they should want or need.
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
Entrepreneurs borrow money from the economy to start their businesses.
None of the above.
- 11. Multiple Choice
How a business communicates to large numbers of customers, motivating them to learn more about the business and its offerings. Ex: advertising
Launch Plan
Marketing
Debate
- 12. Multiple Choice
Proper business behavior beyond complying with legal requirements.
Business Ethics
Marketing
Elevator speech
- 13. Multiple Choice
The practice of operating openly and communicating fully, providing stakeholders with a clear understanding of how your enterprise operates.
Transparency
Launch Plan
Confidentiality
- 14. Multiple Choice
When an entrepreneur's actions and decisions are guided by a set of beliefs about how he/she wants the business to succeed.
Engaging Question
Mission-driven
Elevator Speech
- 15. Multiple Choice
True or false? All small business are entrepreneurial
True
False
- 16. Multiple Choice
True or false? In order to be considered an entrepreneur, your idea/business has to be innovative or change oriented.
True
False
- 17. Multiple Choice
What is the buyer of a franchise called ?
Financial advisor
Franchiser
Franchisee
- 18. Multiple Choice
What are some advantages of franchising?
You look cool, you control everything
You don’t have to pay franchisers, you don’t have to work
Proven system of operation, initial training, marketing support
No pay
- 19. Multiple Choice
A franchise is
A license to sell a company’s goods/services
A stock that reflects the state of the economy
The markets where new securities are sold
- 20. Multiple ChoiceIn what kind of system do people have an important right to make economic choices?MonopolyOligopolyFree enterprise systemCapitalist
- 21. Multiple ChoiceWhat are important economic choices people must make?People can choose what products to buyPeople can choose to own private propertyPeople can choose to start a business and compete with other businessesAll of the above are correct
- 22. Multiple ChoiceWhat is money that is kept after all expenses of running a business have been deducted from the income?ProfitCashMoneyStock
- 23. Multiple ChoiceCompetition is good for consumers because...It provides choicesIt forces companies to improve qualityIt forces companies to become more efficientAll of the above are correct
- 24. Multiple ChoiceA good is a tangible (physical) product?TrueFalse
- 25. Multiple ChoiceServices are tangible.TrueFalse
- 26. Multiple ChoiceWhat is NOT a reward of entrepreneurship?Being your own bossDoing something you enjoyMaking more moneyCompetition
- 27. Multiple ChoiceSome characteristics of an entrepreneur are persistence, creative, responsible, self-confident, andRisk-takingEnthusiasticGoal-orientedAll of the above are correct
- 28. Multiple ChoiceWhich of the following is probably the LEAST important factor in becoming an entrepreneur?having special skills and abilitieshaving a real desire to be your own bossliving in a major U.S. citydeveloping a good initial business plan
- 29. Multiple ChoiceEntrepreneursmust have a very low tolerance for ambiguity.almost always own their first business while in their teens.come from all age categories and educational background.must have a business degree to be successful.
- 30. Multiple ChoiceThe process of starting, organizing, managing, and assuming the responsibility for a business is calledcapitalismentrepreneurshipprivate enterpriseinnovative
- 31. Multiple Choice
To decide whether or not a business opportunity is realistic for you, compare your
background and experience with the experience of people who own that kind of business.
true
false
- 32. Multiple Choice
It is not necessary to determine how much money it will take to start a business because you will be able to borrow the money you need.
true
false
- 33. Multiple Choice
Nonfinancial goals usually just get in the way of an entrepreneur’s chances for success.
true
false
- 34. Multiple Choice
Special meetings where companies display their products are
trade shows
entrepreneurial conventions
job fairs
poor places to learn about opportunities
- Answer choicesTagsAnswer choicesTags