Entrepreneurship Quiz

A person who risks their time, money, and other resources to start and manage a business is called:

• An entrepreneur

• An executive

• A leader

• A manager

An individual would NOT choose to open a business if they wanted to:

• Be challenged

• Be dependent on others

• Have flexibility

• Have the opportunity for greater financial success

A characteristic common to entrepreneurs is:

• Lack of confidence

• Low energy

• Resilience

• Risk-adverse

A privately owned and operated enterprise, typically with a small number of employees, is called a:

• Corporation

• Partnership

• Small business

• Sole Proprietorship

The first step in starting a business is usually:

• Creating a prototype

• Deciding on a form of business ownership

• Developing a business idea

• Securing a source of funding

After starting his business, Zachary created a document to describe his business concept, objectives, strategies, and timelines for achieving those objectives. This document is called a business:

• Pitch

• Plan

• Presentation

• Statement

Sabrina just started her own business selling homemade gift baskets, and will be attending an event in her town to start networking and promoting her business. She prepared a quick speech that she will give to potential clients and investors. This speech is commonly called a:

• Business plan

• Elevator pitch

• Networking offer

• Promotion statement

The executive summary of a business plan is generally used to:

The section of a business plan that includes research on the potential customers of a business, its competition, as well as the industry that it operates in, is called the:

• Company description

• Executive summary

• Financial projections

• Market analysis

The section of a business plan that is used to provide supporting documents, such as licenses, patents, and legal documents, is called the:

• Appendix

• Company description

• Executive summary

• Organization and management