Week 10-11 Quiz

Decision-making in entrepreneurship refers to:

• Guessing outcomes

• Choosing among alternatives

• Avoiding risks

• Following trends

Decision-making is best described as:

• A random process

• A problem-solving process

• A delayed action

• A fixed decision

Why is decision-making important in business?

• It has no impact

• It only affects employees

• It affects the future of the business

• It limits opportunities

Which type of decision focuses on long-term direction and goals?

• Operational

• Tactical

• Strategic

• Personal

Which type of decision involves day-to-day business activities?

• Strategic

• Tactical

• Operational

• Financial

What is the first step in the decision-making process?

• Evaluate alternatives

• Implement the solution

• Identify the problem

• Gather information

Which of the following is a factor that affects decision-making?

• Weather conditions

• Time pressure

Which tool helps analyze strengths, weaknesses, opportunities, and threats?

• Brainstorming

• Decision tree

• SWOT analysis

• Budgeting

Which of the following represents a potential risk in decision-making?

• Guaranteed success

• Financial loss

• Perfect timing

• No competition

The principle “Trust but verify” emphasizes:

• Trusting without checking

• Ignoring information

• Verifying information before making decisions

• Avoiding collaboration