2.04 The role & impact of private enterprise & small business

Multiple Choice

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these

Multiple Choice

An entrepreneur is someone who works for themselves.

• True
• False

Multiple Choice

What is an entrepreneur?

• A person who is in charge of a specific location.
• A person who works for someone else in order to learn skills.
• A person who organizes and operates a business or businesses.
• None of these

Multiple Choice

Most entrepreneurs work long hours, but they create their own schedule.

• True
• False

Multiple Choice

ALL entrepreneurs have a college degree.

• True
• False

Multiple Choice

Private enterprise

• Business ownership by ordinary people

• Is also known as free enterprise

• A freedom in a market-oriented economy

• B and C only

• All of the above

Multiple Choice

This is the social & political commitment & freedom to start their own businesses & compete

• free enterprise system
• free response system
• free travel system
• freedom of choice

Multiple Choice

The driving force behind people going into business is

• profit margin
• profit motive
• opportunity cost
• taxes

Multiple Choice

Who can own a small business?

• Only a college graduate
• Anyone
• Only someone with a lot of money
• Only smart people

Multiple Choice

Many small businesses have an advantage over larger businesses because they are better able to _____

• Provide unique services to customers
• Market their products
• Raise large amounts of financial capital
• Mass produce products

Multiple Choice

Ma repairs iphone screens for cash. She works out of her apartment and advertises on social media.  Her target customers are other college students. What is she selling?

• iphones
• a repair service
• iphone screens
• advertisements