Level 3_Entrepreneurship Quiz 1

What is the definition of an enterprise?

• The formation of a new business or the development of a new product or service to introduce to the market.

• The process of selling existing products in the market.

• The act of closing down a business.

• The management of a large corporation.

What is the primary role of an entrepreneur?

• To set up and run businesses.

• To close down businesses.

• To work as an employee in a business.

• To manage only large corporations.

What is one of the main reasons entrepreneurs set up businesses?

• To meet the needs and wants of customers.

• To avoid paying taxes.

• To work fewer hours.

• To travel the world.

What are the two types of rewards that entrepreneurs can achieve?

• Financial rewards and non-financial rewards.

• Physical rewards and mental rewards.

• Short-term rewards and long-term rewards.

• Tangible rewards and intangible rewards.

What is an example of a financial reward for entrepreneurs?

• Personal satisfaction.

• Recognition in the community.

• Income from business activity.

• Networking opportunities.

Which of the following is a non-financial reward for entrepreneurs?

• Increased profit

• Personal satisfaction

• Tax benefits

• Government grants

Why might an entrepreneur create a business with an ethical or environmental purpose?

• To increase their profit margins

• To meet a social or environmental need

• To reduce competition

• To gain tax benefits

What is one of the main characteristics and skills that entrepreneurs will need?

• Physical strength

• Risk taking

• Musical talent

• Artistic ability

What does independence mean for entrepreneurs?

• They can avoid paying taxes

• They can be their own boss and make business decisions

• They can work fewer hours

• They can avoid all risks

What might happen if an entrepreneur's business fails?

• They will automatically get a new job

• They may lose personal savings or belongings due to limited liability

• They will receive government compensation

• They will not face any consequences