Review for Entrepreneurship Test

What role do entrepreneurs play in economics?

•  Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
• The entrepreneur is really passionate about the idea

Which one of these is NOT part of the market research process?

• Conduct primary and secondary research
• Start promoting the business to neighbors
• Talk to your cousin that shops at local stores
• Explore websites of similar businesses

Which of the following is NOT one of the four steps to preparing a sales forecast?

• Analyze current company and market conditions using a SWOT analysis
• Select an organizational structure for your company

A ______________ is a quick description of your business that you use to explain it to potential investors.

•  business pitch
• . business analysis

The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.

•  profit
• salary
• . Sales force
•  contribution margin

What does a SWOT analysis evaluate?

• a. Strengths, Weaknesses, Opportunities, Threats
• Symptoms, Weaknesses, Opportunities, Threats
• Strengths, Weaknesses, Opposition, Threats
• Strengths, Weaknesses, Opportunities, Targets

Which of the following is NOT considered a risk of being an entrepreneur?

• Providing value to others
•  Potential Business Failure
•  Long hours and hard work
• Financial Insecurity

What is the definition of an entrepreneur?

• An entrepreneur is someone who manages a business.
•  An entrepreneur is someone who owns a business and makes profit from that business
• An entrepreneur is someone who creates a business and potentially makes money and runs the business.
•  None of these

Which of the following is NOT true about an entrepreneur?

•  An entrepreneur is responsible for the success of their business
• An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him
• An entrepreneur gets to act as his own boss.

Which of the following are assets?

• Time
• Money
•  All of the above