BS 8 Module 7: Quiz # 2

The following are the specialized professions of entrepreneurs during the agricultural revolution which engage in the exchange of goods for food, except ________________.

• Cloth-making

• Tool-making

• Pottery-making

• Weapon-making

This is a significant market activity developed during Medieval period.

• People continued to trade clothes, food and other necessities in their small town market.

• Barter is the mode to acquire goods.

• Entrepreneurs were able to purchase goods from abroad, turn those good into finished products, and then sell those goods for a profit at a wider scale than ever before.

• Machines were invented to ease out production of goods.

During the 1800s, entrepreneurs of this period were able to act in ________ while still improving society as a whole.

• self-interest

• communal-interest

• partnership

• corporation

These are the factors that fuelled the industrial age.

• more tools and more consumer

• cheap labor and new technology

• new entrepreneurs and market place

• world market and high labor cost

What made entrepreneurs easy to sell products in other countries during the Post World War II period?

• better means of shipping and communication

• better government policies on trading

• better production process and more laborers

• better raw materials and more supplies

In this modern time, what must an entrepreneur do to decipher before they accept the challenge of putting up a business?

• Who will be the market?

• Where will I put the business?

• How will I put up a business?

• What business will I put up?

What attract consumers to patronize goods and services?

• cheaper prize

• exceptional quality

• availability in the market

• homemade products

This is needed to understand the market and to have a future consumer-based data that will help you analyse in improving your goods and service.

• Conducting market research

• Creating business plan

• Choosing the types of business

• Formulating financial plan

In creating a business plan, what are the two things that an entrepreneur must complete?

• goals and objectives

• people and technology

• mission and vision

• structure and people.

Who manages the book of accounts of a business?

• General Manager

• Owner

• Investor

• Accountant