Entrepreneurs and Business Resources Quiz

What is an entrepreneur?

• Someone who manages employees

• Someone who is willing to take risks to achieve business success

• Someone who works in government

• Someone who only invests in businesses

Which of the following is NOT a key characteristic of an entrepreneur?

• Innovation

• Determination

• Planning

• Procrastination

What does it mean to be enterprising?

• Being creative and showing initiative

• Owning multiple businesses

• Having a large business network

• Earning high profits from a business

Why does the government encourage enterprise?

• It reduces the cost of public services

• It creates employment and stimulates economic growth

• It raises taxes on small businesses

• It limits the need for imports

Which of the following is a financial risk an entrepreneur might face?

• Losing money

• Becoming famous

• Gaining independence

• Job security

Which of the following is a reward for being an entrepreneur?

• Personal stress

• Losing time

• Making profits

• Unstable income

What is a non-financial risk that entrepreneurs face?

• Losing time

• Making profits

• Becoming well-known

• Gaining independence

How does entrepreneurship benefit the Northern Ireland economy?

• It reduces competition among businesses

• Entrepreneurs create jobs and bring money into the economy through international competition

• Entrepreneurs limit consumer spending

• It increases the import of foreign goods

Which of the following best explains the connection between entrepreneurship and innovation?

• Entrepreneurs create new products or improve existing ones to gain a competitive advantage

• Innovation reduces the need for entrepreneurs

• Entrepreneurs avoid taking risks on new ideas

• Innovation is only important for large corporations

How can risk-taking lead to potential rewards for entrepreneurs?

• By avoiding competition

• By gaining independence or making profits if the business succeeds

• By reducing personal stress

• By avoiding financial investment