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WorksheetsNFTE Cycle 1 Week 6 Quiz
Total questions: 18
Worksheet time: 11mins
Name
Class
Date
1.
When private entrepreneurs purchase the rights to open and run a location of a larger company.
a)
corporate model
b)
franchise
c)
partnership
d)
private enterprise
2.
The activity of setting up a business or businesses, taking on financial risk in hope of profit.
a)
Leadership
b)
Entrepreneurship
c)
Planning
d)
designing
3.
What does a SWOT analysis evaluate?
a)
a. Strengths, Weaknesses, Opportunities, Threats
b)
b. Strengths, Weaknesses, Opposition, Threats
c)
c. Symptoms, Weaknesses, Opportunities, Threats
d)
d. Strengths, Weaknesses, Opportunities, Targets
4.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
5.
Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.
a)
True
b)
False
6.
A person who organizes and operates a business.
a)
entrepreneur
b)
corporation
c)
team member
d)
partner
7.
In a __________ economy, the government determines what, how, and for whom goods and services should be produced.
a)
Traditional
b)
Market
c)
Command
d)
Mixed
8.
The U.S. can be categorized as a _____________ economy.
a)
Mixed
b)
Traditional
c)
Command
d)
Market
9.
Entrepreneurs are essential to the U.S. economy and help with growth an innovation.
a)
FALSE
b)
TRUE
10.
__________ occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs are limited.
a)
DEMAND
b)
SUPPLY
c)
CAPITALISM
d)
SCARCITY
11.
_______ is the quantity of a good or service a producer is willing to produce at different prices.
a)
SUPPLY
b)
DEMAND
12.
________________ is the quantity of a good or service that consumers are willing to buy at a given price.
a)
DEMAND
b)
SUPPLY
13.
Where supply and demand meet is called ________
a)
Proft
b)
Net Loss
c)
Equilibrium Price
d)
Law of Supply and Demand
14.
In a market economy, the consumer wants to purchase the product/service for as ______ as they can.
a)
High
b)
Low
c)
Equilibrium
15.
_______ happens when the demand for a product is higher than the supply.
a)
Shortage
b)
Surplus
c)
Equilibrium
16.
Entrepreneurs take a big _______ when deciding to start their own business, because their success or failure is all their responsibility.
a)
Profit
b)
Risk
c)
Prototype
d)
Sale
17.
What level of risk is there for an employee?
a)
High
b)
Low
c)
Average
d)
None
18.
An entreprenuer works for ___________________, while an employee works for ____________________________.
a)
themselves; someone else
b)
someone else; themselves
c)
business; boss
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