Lesson 2 Entrepreneurship Review (Intro to Ent)

Which of the following statements is the best description of an entrepreneur?

• A person who starts his or her own business using his or her own resources

• A person who carries on a family business to the next generation

• A person who rises to the top of an organization

• A person who invests money in start-up businesses

Selling or mortgaging an asset, such as a house or land, is one way an entrepreneur might try to gain funding for a new business. This action would fall under the _____ part of a business.

• production

• finance

• marketing

• customer service

What is customer service?

• Customer service is a part of the marketing and promotion process.

• Customer service is a way to raise money for the company.

• Customer service is a way to build positive, long-term relationships with clients.

• Customer service is a way to guarantee that products were made with the highest-quality materials.

Which of the following best describes the law of supply and demand?

• When there is a high demand for a product, it is hard to supply.

• When a desirable product or service is plentiful, its value increases.

• Businesses can charge extra for products that people use every day.

• When a desirable product or service is scarce, its value increases.

What is free enterprise?

• The opportunity for an individual to start up and run a business of his or her choice

• The opportunity to start up and run a business for free

• The ability to tap into government funds to start up a business

• The freedom from business taxes and regulations

Which of the following is an example of an entrepreneur?

• Holly works for a company that has become extremely successful because it's well run.

• Kevin used his own ideas and assets to start his graphic design business.

• Sasha is in charge of designing new products for a toy manufacturer.

• Cooper manages the customer service department of a tool manufacturing business.

Which of the following is a low-cost option for entrepreneurs to market their businesses?

• Sponsoring a major sports team

• Creating a national marketing campaign

• Using social media to promote their products

• Paying a professional athlete to talk about their product

Phillip wanted to open a high end Italian restaurant. Based on the law of supply and demand, which is the best place for him to open such a restaurant?

• Wherever the cost of leasing space is lowest

• In an area where there are lots of Italian restaurants

• As close to his hometown as possible

• In an area where there are no high end Italian restaurants

Allison is an entrepreneur who has started her own video game development company. She lives in California, one of the designers lives in Iowa, and the programmer lives in Minnesota. Based on this information, which entrepreneurial trend is Allison's business following?

• Entrepreneurs will be more likely to build virtual teams than to build brick-and-mortar offices.

• International business and trade will become increasingly important.

• Entrepreneurs will depend more on social media for sales and advertising.

• More people will be taught how to become entrepreneurs through programs at school.

Which of the following entrepreneurial businesses is most likely to have a global impact?

• A business that grows and sells local artisanal breads and cheeses

• A business that sells low cost clothing that is manufactured overseas

• A restaurant that specializes in regional cuisine

• An agency that sends home health aids to the homes of disabled seniors