Chpt 1: Entrepreneurship Quiz

What does the term "Status Quo" refer to?

• The existing state of affairs or current situation.

• A new business venture.

• A paid occupation.

• A general increase in prices.

Who is considered an entrepreneur?

• Someone who changes the traditional way an industry functions.

• A person who starts and runs their own business, taking on financial risks in hopes of making a profit.

• A person with a strong feeling of suitability for a particular career.

• Someone who manages inflation.

Which of the following best describes entrepreneurship?

• The process of hiring external companies.

• The activity of setting up and running a business, often involving innovation and risk-taking.

• A paid occupation with formal qualifications.

• The existing state of affairs.

What is a disruptor in the context of business?

• A person who starts a business.

• Someone or something that changes the traditional way an industry or market functions.

• A general increase in prices.

• A paid occupation.

Which term describes a strong feeling of suitability for a particular career or occupation?

• Profession

• Vocation

• Inflation

• Outsourcing

What is the main difference between a profession and a vocation?

• A profession is a paid occupation with formal qualifications, while a vocation is a strong feeling of suitability for a career.

• A profession is unpaid, while a vocation is always paid.

• A vocation requires formal qualifications, while a profession does not.

• A profession is about innovation, while a vocation is about tradition.

Which of the following best defines inflation?

• The process of hiring external companies.

• A general increase in prices and fall in the purchasing value of money over time.

• The activity of setting up a business.

• A strong feeling of suitability for a career.

What is the practice of hiring external individuals or companies to perform certain business functions or services called?

• Outsourcing

• Innovation

• Intrapreneurship

• Franchising

Which of the following best defines a small business?

• A privately owned company with a relatively small number of employees and lower annual revenue compared to larger corporations

• A government-owned company with a large number of employees

• A multinational corporation with high annual revenue

• A non-profit organization with no employees

What is innovation in a business context?

• The process of introducing new ideas, methods, or products that create value or improve existing ones

• The act of hiring new employees

• The process of reducing company expenses

• The act of selling a business