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WorksheetsIncentives, Consumers Rule & Entrepreneurship
Total questions: 20
Worksheet time: 12mins
Name
Class
Date
1.
Which of the following is a good?
a)
cutting grass
b)
car wash
c)
food
d)
restaurant
2.
Which of the following is a service?
a)
car
b)
shoes
c)
teacher
d)
computer
3.
A buy one get one free sale at a shoe store is an example of what economic concept?
a)
incentive
b)
profit
c)
choice
d)
opportunity cost
4.
The amount of a good or service producers are willing and able to sell at a certain price is called -
a)
scarcity
b)
supply
c)
demand
d)
price
5.
The amount of a good or service that consumers are willing and able to buy at a certain price.
a)
supply
b)
demand
c)
resources
d)
consumption
6.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
7.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
8.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
9.
Any reward or benefit that motivates people to do something.
a)
incentive
b)
money
c)
bonus
d)
financial gain
10.
Exclusive rights given to the inventor of a product, for a specific period of time, to protect them from others copying their product.
a)
copyright
b)
trademark
c)
patent
d)
exclusivity rights
11.
Exclusive rights to symbols or designs.
a)
trademark
b)
patent
c)
copyright
d)
exclusivity rights
12.
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.
a)
reservations about
b)
concerns about
c)
apathy for
d)
passion for
13.
Even when times are tough for Caitlin's business venture, she tends to remain positive—she looks at the glass as half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?
a)
Organization
b)
Optimism
c)
Innovation
d)
Determination
14.
Jack, a manager, said to his staff, "I know that many of you think that this is a risky course of action. But, I've decided that we should proceed. If this is successful, it could greatly benefit the company. If it fails, I'll accept the consequences and work to find a new solution." What is Jack doing?
a)
Requesting that his staff support his decision
b)
Indicating that he doesn't think he's made a good decision
c)
Asking his staff to share the blame, if the action fails
d)
Accepting responsibility for his decision
15.
Which of the following is a financial concern that entrepreneurs often face when starting new businesses:
a)
Irregular paychecks
b)
Lower production standards
c)
Shorter vacations
d)
Long working hours
16.
As a new business owner, Thomas is willing to work long hours, watch his spending, and sacrifice his social life to focus on building his clientele. What entrepreneurial trait is Thomas exhibiting
a)
Objectivity
b)
Humility
c)
Organization
d)
Determination
17.
Producers are
a)
People that make products/services
b)
Entrepreneuers
c)
Consumers
d)
Tired people
18.
Every consumer has a vote, your choices (where you spend and what you buy) drive
a)
People crazy
b)
Behavior of consumers
c)
Behavior of producers
d)
Decision making process
19.
Concept that consumers rule and buyers ultimately determine which goods and services remain in production is referred to as
a)
Cromers Law
b)
Consumer Demand
c)
Consumer Supply
d)
Consumer Soverighnty
20.
BONUS Question!
What is Mrs. Cromers son's middle name?
What is Mrs. Cromers son's middle name?
a)
Chainsaw
b)
Stihl
c)
Steele
d)
Steel
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