Entrepreneurship and Innovation Quiz

What does entrepreneurship refer to?

• Investing in stocks

• Working as an employee

• Selling real estate

• Managing a business enterprise

What specific functions does an entrepreneur perform in the attempt to make profits?

• Supplying the necessary capital

• Organizing production

• All of the above

• Deciding on the rate of output

What is innovation in the context of entrepreneurship?

• Developing a new process of production

• All of the above

• Improving instruments or methods of doing innovation

• Introducing a new product

What does invention refer to in the context of entrepreneurship?

• Introduction of a new method

• Discovery or devising of new products and processes

• Actual introduction of a new product or process

• None of the above

What is a distinct characteristic of entrepreneurs?

• Lack of competence to organize factors of production

• Risk-taking ability

• Avoiding uncertainties in business activities

• Inability to make business decisions

What is the economic activity of a person who starts, manages & assumes the risk of a business enterprise?

• Entrepreneur

• Entrepreneurship

• Entrepreneurial mind

• Innovation

What is the person who undertakes entrepreneurial activities called?

• Innovation

• Entrepreneur

• Entrepreneurship

• Entrepreneurial mind

What does the entrepreneur do to compete effectively?

• Offering business services during weekdays

• None of the above

• Selling on a deferred payment scheme

• Manufacture and sale of old products

What is the process by which the ideas and principles generated from the stage of invention are embodied in concrete products and techniques?

• None of the above

• Innovation

• Invention

• Development

What is the ability of entrepreneurs to introduce or improve a product that already exists in the market &/or create new ways of organizing business?

• Inability to make business decisions

• Innovators

• Risk-taking ability

• Competence to organize factors of production