Entrepreneurship Quiz

Entrepreneurship is best defined as:

• Working for a large corporation

• Starting and managing a business venture while taking financial risks

• Being self-employed without legal registration

• A hobby someone occasionally earns money from

Which of the following is a common characteristic of successful entrepreneurs?

• Avoids risk at all costs

• Works only independently

• Shows initiative and resilience

• Prefers routine tasks

Brainstorming, trend analysis, and observing customer pain points are examples of:

• Legal filings

• Entrepreneurial discovery strategies

• Manufacturing processes

• Accounting tools

A feasibility study helps entrepreneurs:

• Eliminate competition

• Determine if a business idea can realistically succeed

• Hire employees

• Avoid paying taxes

Entrepreneurship strengthens a market economy because entrepreneurs:

• Reduce competition

• Create new jobs, innovations, and consumer choices

• Eliminate government intervention

• Replace all large companies

Supply and demand, scarcity, and opportunity cost are examples of:

• Marketing tools

• Accounting errors

• Basic economic concepts

• Legal restrictions

Principled entrepreneurship requires:

• Maximizing profits at any cost

• Taking responsibility for personal and business actions

• Avoiding ethical concerns

• Ignoring feedback

Government influences business through:

• Setting regulations and providing incentives

• Designing company logos

• Running all small businesses

• Replacing entrepreneurs

Which is an example of a business owned by one person?

• Corporation

• Sole proprietorship

• Cooperative

• Franchise chain

Ethical managers:

• Use pressure and intimidation

• Make decisions based on integrity and fairness

• Hide financial information

• Prioritize short-term gains only