Quiz on Entrepreneurship

What is defined as an organized effort of individuals to produce and sell goods and services?

• Capitalism

• Innovation

• Business

• Entrepreneurship

Who first established the concept of entrepreneurship in the 1700s?

• Adam Smith

• Peter Drucker

• Joseph Schumpeter

• Jean Baptiste Say

What term describes the entrepreneur's drive for innovation and improvement according to Schumpeter?

• Market disruption

• Creative destruction

• Business transformation

• Economic evolution

What is the primary aim of entrepreneurship?

• To create monopolies

• To gear someone towards self-employment

• To increase government revenue

• To eliminate competition

What does the term 'entrepreneur' derive from?

• French word 'entreprende'

• Latin word for creator

• Spanish word for business

• Greek word for innovator

Which of the following is NOT a characteristic often attributed to an entrepreneur?

• Independence

• Resourcefulness

• Drive

• Procrastination

What is one of the responsibilities of surviving enterprises?

• Increasing taxes

• Creating monopolies

• Providing products and services

• Reducing employment

Who described the entrepreneur as someone who searches for change and exploits it?

• Joseph Schumpeter

• Peter Drucker

• Adam Smith

• Jean Baptiste Say

What is the economic activity of a person who starts and manages a business called?

• Entrepreneurship

• Investment

• Capitalism

• Management

Which of the following is a task of the entrepreneur?

• Focusing solely on profits

• Delegating all responsibilities

• Assuming the risk of a business

• Avoiding risks