MIDTERM ENTREP

What is the main distinction between an entrepreneur and entrepreneurship?

• a) Entrepreneurs create new businesses, while entrepreneurship refers to the act of running a business.

• b) Entrepreneurs and entrepreneurship are synonymous terms.

• c) Entrepreneurs are more innovative than entrepreneurship.

• d) Entrepreneurship is about risk-taking, whereas entrepreneurs manage risks.

Which of the following is NOT a benefit of entrepreneurship to society?

• a) Job creation

• b) Innovation and technological advancement

• c) Income inequality reduction

• d) Environmental degradation

How does entrepreneurship contribute to the economy?

• a) It leads to higher unemployment rates.

• b) It decreases economic growth.

• c) It fosters competition, increases productivity, and drives economic growth.

• d) It primarily benefits large corporations.

Which of the following is a common career opportunity for someone who has studied entrepreneurship?

• a) Neurosurgery

• b) Computer programming

• c) Business consulting

• d) Archaeology

Which personal entrepreneurial competency involves the ability to persevere through challenges and setbacks?

• a) Risk-taking

• b) Opportunity recognition

• c) Resilience

• d) Financial acumen

A primary personal entrepreneurial competency that involves the ability to identify and act on business opportunities is called:

• a) Networking

• b) Creativity

• c) Market research

• d) Accounting

Which of the following is NOT a benefit of entrepreneurship to society?

• a) Economic growth

• b) Increased tax revenue

• c) Reduced competition

• d) Enhanced quality of life

What role does entrepreneurship play in job creation?

• a) It has no impact on job creation.

• b) It is often the primary driver of new job opportunities.

• c) It only creates part-time jobs.

• d) It primarily leads to job losses.

Which of the following is a key characteristic of entrepreneurship?

• a) Avoiding risks

• b) Maintaining the status quo

• c) Embracing uncertainty

• d) Focusing solely on short-term gains

Which personal entrepreneurial competency involves effectively managing financial resources and making sound financial decisions?

• a) Risk-taking

• b) Marketing skills

• c) Financial acumen

• d) Teamwork