Principles of Entrepreneurship 1st Semester Test Bank

A person who takes the risk of a business venture is

• not directly affected by the consequences of his or her decisions,

• an employee

• an entrepreneur

• sure to be successfule

A person who works for someone else is

• an entrepreneur

• taking the risk of business venture

• an employee

• one who receives the profits of the business

Manufacturing businesses

• produce the products they sell

• sell products directly to the people who consume them

• sell services rather than products

• take resources out of the ground so that they can be consumed

Which of the following is a retailing business?

• Automotive repair shop

• Travel agency

• Grocery store

• Farm

An entrepreneur who is green focuses on

• helping others who are in need

• operating with integrity

• finding societal needs that are not being met by the government

• conserving resources

About how many new businesses do not survive beyond five years?

• About 10 percent

• Nearly one-quarter

• About half

• Almost 90 percent

Which of the following is a major factor in a small business’s success?

• Having adequate capital

• The owner’s education level

• The owner’s reason for starting the business

• All of these

Researchers have determined that successful entrepreneurs

• want to make their own decisions

• do not always know what they want

• like to have someone else make decisions

• do not need to set goals

Which of the following is not a characteristic of a successful entrepreneur?

• Determination

• Creativity

• Dependence

• Self-confidence

Competency involves

• being able to look at things from different perspectives

• sharing ideas with others both verbally and in written form

• working well with others

• having the right set of skills needed to get the job done