CSEC Entrepreneurship and Establishing a Business

Ashley is the owner of her bakery. She is the person that bears all risks and combines the factors of production efficiently and effectively with hopes of making a profit. She is a/an

• manager

• supervisor

• counsellor

• entrepreneur

An entrepreneur who wants to maintain control of the business would be advised to register the business as a

• Sole Trader

• Partnership

• Limited Company

• Private Limited Company

The functions of an entrepreneur include

I accessing funds and organizing the business

II completing tasks given by the government

III operating and evaluating the business’ performance

• I only

• I and II only

• I and III only

• II and III only

Which of the following is LEAST LIKELY to be a function of the entrepreneur?

• Forming new business ideas

• Bearing the business’ risks

• Preparing financial statements

• Evaluating the business’ performance

The characteristics displayed by an entrepreneur in determining goals and objectives of the business, setting targets and ways for accomplishing those targets are referred to as

• Planning for the business

• Conceptualizing the business

• Operating the business

• Evaluating the business

Which is not a personal characteristic of the entrepreneur?

• Innovative

• Inflexible

• Persistent

• Persevering

From the answers given below, which provides a list of ONLY entrepreneurial characteristics?

• Flexible, Creative, and lazy

• Risk-taker, innovative and flexible

• Creative, goal-oriented, and non-risk taker

• Persistent, innovative and goal-oriented

The ability of the entrepreneur to respond quickly to changes in the market and economy refers to the characteristic of

• Creativity

• Flexibility

• Persistency

• Goal-oriented

The propensity to take calculated risks and to be goal-oriented identifies the entrepreneur’s

• Functions

• Characteristics

• Persistence

• Weaknesses

Which personal characteristic of entrepreneurs reflects that successful entrepreneurs are accountable for their actions?

• Responsible

• Inquisitive

• Persistent

• Creative