Entrepreneurship Review

The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.

• profit

• Plastic Chair

• contribution margin

• overhead

What is the definition of an entrepreneur?

• An entrepreneur is someone who manages a business.

•  An entrepreneur is someone who creates a business and potentially makes money and runs the business.

• Someone who inspects the strength of plastic chairs

• all of the above

Which of the following is NOT true about an entrepreneur?

• An entrepreneur gets to act as his own boss.

• HATING PLASTIC CHAIRS

•  An entrepreneur is responsible for the success of their business

•  An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him

Which of the following is an advantage of starting your own business?

• You have control over where and when you work

• plastic chairs

• During the startup phase, you do not have to think about funding

•  You are in charge of the decision making so there is little to no risk

Which factor of economic growth is being described in the statement below? In 2007, Jordi Munoz hacked the sensors on the controller of his Nintendo Wii game console, wrote some code, and created the first autopiloted drone. A few years later, he launched the 3D Robotics company which has more the 180 employees in North America and over 30,000 customers worldwide.

• Natural Resources

• Human Capital

• Entrepreneurship

• Capital Goods

What does "entrepreneur" refer to?

• a) An individual who inherits wealth from family

• b) A person who disrupts traditional industries

• c) Someone who works as an employee in a large corporation

• d) A professional mentor

What role do entrepreneurs play in economics?

• None of the above

• Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers

• They act as plastic chairs

• Entrepreneurs borrow money from the economy to start their businesses

What is the primary role of an entrepreneur in a business?

• To manage daily operations

• To create and innovate new ideas

• To work as an employee

• To follow instructions from a manager

Which of the following best describes entrepreneurship?

• A hobby

• A form of employment

• A process of designing, launching, and running a new business

• A type of investment

What is a key characteristic of a successful entrepreneur?

• Risk aversion

• Creativity and innovation

• Dependence on others

• Lack of ambition