Test 1 - Practise Quiz

What is entrepreneurship?

• a) A process that creates changes in the economic system through individual innovations in the market.

• b) A process of government intervention in the market.

• c) A process that maintains the status quo in the economic system.

• d) A process that eliminates competition in the market.

Who is an entrepreneur?

• a) A person who works for a company.

• b) A person who invests in the stock market.

• c) A person who sees opportunities in the market, gathers resources, and creates and grows a business through innovation.

• d) A person who avoids taking risks in the business world.

What role does an entrepreneur play in a business?

• a) They delegate all tasks to employees.

• b) They avoid taking any risks associated with the business.

• c) They bear the risk of the business and seek profit through innovation and meeting market needs.

• d) They solely rely on external funding for business operations.

How is an entrepreneur rewarded for their efforts?

• a) By receiving a fixed salary.

• b) By avoiding risks associated with the business.

• c) By gaining recognition in the industry.

• d) By earning profits if the business succeeds.

. Which of the following statements best describes the relationship between entrepreneurship and innovation?

• a) Entrepreneurship stifles innovation in the market.

• b) Innovation is unrelated to entrepreneurship.

• c) Entrepreneurship relies on innovation to create and grow businesses.

• d) Innovation is only relevant in established businesses, not in entrepreneurship.

What distinguishes an entrepreneur from other business professionals?

• a) Their reluctance to take risks.

• b) Their focus solely on profit maximization.

• c) Their ability to recognize market opportunities and innovate.

• d) Their preference for working within established frameworks rather than creating new ones.

What is a crucial aspect of identifying an opportunity in entrepreneurship?

• a) Finding a hobby.

• b) Identifying a real business opportunity.

• c) Following trends blindly.

• d) Replicating existing businesses.

Which of the following is essential for entrepreneurship regarding innovation and creativity?

• a) Maintaining the status quo.

• b) Embracing something already established.

• c) Creating something new and different

• .

  d) Avoiding any change in business practices.

What is necessary for entrepreneurship concerning getting resources?

• a) Ignoring the need for capital and labor.

• b) Finding capital, labor, and operating equipment.

• c) Relying solely on personal funds.

• d) Borrowing resources without proper planning.

What does creating and growing a business entail in entrepreneurship?

• a) Maintaining an existing business without any changes.

• b) Transforming an existing business into something entirely different.

• c) Starting a new business venture or transforming an existing one.

• d) Avoiding any business initiatives.