Entrepreneurship Pretest

It is the capacity or willingness to create, organize and manage a business venture along with its risk in order to make profit.

• Entrepreneurship

• Business

• Management

• Economics

The following statements are the socio-economic contributions of entrepreneurship EXCEPT __________.

• It creates employment

• It improves the quality of life

• It utilizes and mobilizes resources for greater national productivity

• It leads to unfavourable distribution of income and aggravates poverty

An individual who undertakes the creation, organization and ownership of a business.

• Manager

• Creator

• Organizer

• Entrepreneur

The reason why not everyone wants to be an entrepreneur or to strike out on his own and start a business is due to the ___________.

• Fear of loss or damage

• Prestige or pride of being the boss

• Possibility of achieving financial rewards

• Opportunity of gaining wealth and building equity

Which of the following is not true about entrepreneurs?

• Entrepreneurs are risk-takers

• Entrepreneurs are goal oriented

• Entrepreneurs give up easily

• Entrepreneurs are innovative

This includes resources such as money, machinery and equipment which are used to extract and process raw materials into finished goods.

• Land

• Labor

• Capital

• Entrepreneur

The amount of money left after a business has paid for the cost of producing its goods and services.

• Price

• Profit

• Cost

• Sales

It is a social process which involves assembly and utilization of resources to produce goods and services in order to satisfy the needs of society.

• Entrepreneurship

• Business

• Management

• Economics

A person or organization who uses economic services or commodities.

• Competitor

• Supplier

• Manufacturer

• Consumer

A written document that details a proposed or existing business venture.

• Marketing plan

• Business plan

• Operational plan

• Strategic plan