Entrepreneurship Final Review

1. What is an Entrepreneur?

• A person who is willing to take a risk, usually a financial one, in the hunt for new business opportunities
• Any person who works in corporate America
• Someone who hops from job to job because they are unhappy.

2. Which of the following would be considered traits of an entrepreneur?

• Driven, Problem Solver, Dependable
• Lazy, Time Waster, Risk Adverse

3. Which is the correct list of different business INDUSTRIES we have discussed in class

• Goods and Services
• Merchandising, Manufacturing, Extracting, and Service
• Manufacturing, Merchandising, Extracting and Safety
• Services, Production, Goods, Retail

4. Which definition correctly defines the Extracting industry?

• Business that purchases finished products and resells them to consumers
• Business that provides certain professional support to its clients. In these businesses the product is not a tangible one.
• Business that collects something from natural resources and selling them for a profit
• Business that uses raw materials, parts, and components to assemble finished goods.

5. Which definition correctly defines the Manufacturing industry?

• Business that purchases finished products and resells them to consumers
• Business that provides certain professional support to its clients. In these businesses the product is not a tangible one.
• Business that collects something from natural resources and selling them for a profit
• Business that uses raw materials, parts, and components to assemble finished goods.

6. Which definition correctly defines the Merchandising industry?

• Business that purchases finished products and resells them to consumers
• Business that provides certain professional support to its clients. In these businesses the product is not a tangible one.
• Business that collects something from natural resources and selling them for a profit
• Business that uses raw materials, parts, and components to assemble finished goods.

7. Which definition correctly defines the Service industry?

• Business that purchases finished products and resells them to consumers
• Business that provides certain professional support to its clients. In these businesses the product is not a tangible one.
• Business that collects something from natural resources and selling them for a profit
• Business that uses raw materials, parts, and components to assemble finished goods.

8. What is a good?

• goods are items that satisfy human wants and provide utility,
• a good is an (intangible) act or use for which a consumer, firm, or government is willing to pay

9. What is a service?

• a service is items that satisfy human wants and provide utility,
• a service is an (intangible) act or use for which a consumer, firm, or government is willing to pay

10. A box of chocolates is considered what?

• Good
• Service