An individual who starts, creates and manages a new business can be called.

• A. A leader

• B. A manager

• C. A professional

• D. An entrepreneur

Which could provide an individual with the motivation to start a new business

venture?

i. The financial rewards.

ii. A desire to be independent.

iii. Risk taking

iv. Give back to the community and make an impact

• A. i & ii.

• B. ii & iii

• C. iii & iv

• D. All the above.

Which industrial sector promotes small-scale businesses and Entrepreneurship, and

has lower barriers to market entry?

• A. Service.

• B. Manufacturing.

• C. Distribution.

• D. Agriculture.

Why are small businesses important to a country's economy?

i. They give an

outlet for entrepreneurs.

ii. They can provide specialist support to larger companies.

iii. They can be innovators of new products.

iv. Job creation for the local community.

• A. i & ii

• B. ii & iii

• C. iii & iv

• D. All the above

A business arrangement where one party allows another party to use a business

name and sellits products or services is known as .

• A. A cooperative.

• B. A franchise.

• C. An owner-manager business.

• D. A limited company.

Which of the following is the reason for business failure .

i. Lack of

market research.

ii. Poor financial control.

iii. Poor management.

iv. A faulty business model

• A. i & iii

• B. ii & iv

• C. i, ii & iii

• D. All the above

The use of informal networks by entrepreneurs to gather information is known as

• A. Secondary research.

• B. Entrepreneurial networking.

• C. Informal parameters.

• D. Marketing

Which of these statements best describes the context for entrepreneurship?

• A. Entrepreneurship takes place in small businesses.

• B. Entrepreneurship takes place in large businesses.

• C. Entrepreneurship takes place in a wide variety of contexts.

• D. Entrepreneurship does not take place in social enterprises.

Which of the following statements is false?

• A. Market segmentation is a useful process for small businesses to undertake.

• B. Selling is essentially a matching process.

• C. A benefit is the value of a product feature to a customer.

• D. It is a good idea for small businesses to compete solely on price.

Which of these statements best describes the context for ethics, professionalism and social responsibilities for entrepreneurs

i. Must operate legally, ethically, and humanely

ii. Product safety and quality.

iii. Fair employment practices.

iv. Fair marketing and selling practices.

• A. i, iii

• B. ii,iv

• C. i,iii,iv

• D. i,ii,iii,iv