Domain 1 Lesson 2 Review

Front

Entrepreneurs must rely on others for their business's success.

Back

False

Front

Which characteristic involves planning for the future? Options: Collaboration, Initiative, Forward-thinking mentality, Self-reliance

Back

Forward-thinking mentality

Front

Creativity and innovation involve doing things in unique ways to stand out.

Back

True

Front

Tackling goals with courage and perseverance, even when it is challenging, is referred to as:

Back

Grit

Front

Risk tolerance in entrepreneurship refers to:

Back

Taking financial risks

Front

What characteristic involves adapting to change, loss, and disappointment? Options: Critical Thinking, Grit, Resiliency, Self-reliance

Back

Resiliency

Front

Entrepreneurs face which type of financial risk? Options: Bankruptcy, Political instability, Increased tax rates, Poor food supply

Back

Bankruptcy

Front

True or False: Entrepreneurs are not guaranteed a monthly income.

Back

True

Front

Which of the following describes a franchise? Options: No regulations, Personalized products only, High start-up costs, No initial fees

Back

High start-up costs

Front

What is the purpose of a business plan?

Back

Detail how a business is structured, managed, and grown.