Quiz on Entrepreneurship in Tourism and Hospitality

What is the primary focus of entrepreneurship in the tourism and hospitality industry?

• Minimizing risks

• Reducing competition

• Maximizing profits at all costs

• Creating something new with value

Which of the following is NOT one of the basic aspects of being an entrepreneur?

• Assumption of necessary risks

• Creation of something of value

• Great follower of the Leader

• Getting rewards

What is a common business type for entrepreneurs mentioned in the text?

• Partnership

• Corporation

• Single proprietorship

• Franchise

What does the 'vicious cycle of development' refer to?

• A cycle that leads to economic decline

• A cycle that results in economic development

• A cycle of increased competition

• A cycle of reduced employment

What is the 'multiplier effect' in entrepreneurship?

• The decrease in employment opportunities

• The impact of one entrepreneur's activity on the economy

• The increase in taxes due to business profits

• The reduction of costs in production

What is one of the psychological rewards of entrepreneurship?

• Increased working hours

• Emotional stress

• Dependence on others

• Improved self-esteem

Which of the following is a problem associated with entrepreneurship?

• Minimal risks

• Short working hours

• Emotional stress

• Guaranteed success

What is the formula for calculating profit?

• Profit = Selling Price + Cost & Expenses

• Profit = Selling Price - Cost & Expenses

• Profit = Cost - Selling Price

• Profit = Selling Price x Cost

What does the term 'entrepreneur' imply?

• A person who works for others

• A person who avoids risks

• A person who only invests money

• A person who starts and operates a business

What is one of the rewards of entrepreneurship mentioned in the text?

• Limited responsibilities

• Guaranteed income

• Freedom to make business decisions

• Job security