Entrepreneurship Week Review

What is the term for a person who starts and runs a new business, taking on financial risks in the hope of profit?

• Manager

• Entrepreneur

• Employee

• Investor

Which of the following best defines an employee?

• A person who invests in businesses

• A person who works for another person or company in exchange for wages or salary

• A person who starts their own business

• A person who buys products

Which of the following is a key difference between an entrepreneur and an employee?

• Entrepreneurs work for a salary, employees do not

• Employees take on business risks, entrepreneurs do not

• Entrepreneurs start businesses, employees work for businesses

• Employees own companies, entrepreneurs do not

What is one main risk that entrepreneurs face compared to employees?

• Losing income

• Having to follow strict work hours

• Not being able to invest money

• Receiving regular promotions

Which of the following is a benefit of being an employee rather than an entrepreneur?

• Having a guaranteed regular income

• Making all business decisions

• Taking on all financial risks

• Owning the company

Entrepreneurs can make their own schedules.

• True

• False

Trade-off means giving up one benefit in order to gain another.

• True

• False

What is the primary goal of entrepreneurship?

• To secure a job in a large corporation

• To innovate and create new products or services

• To invest in the stock market

• To become famous

Why do people go into business for themselves?

• they want to set their own schedules

• they hope to pursue a personal dream

• they want to work at home but still earn an income

• all are reasons

Positive outcome or advantages that result from a decision or action

• benefit

• risk

• skills

• trade-off