NEW
Font size
S
M
L
XL
WorksheetsEntrepreneurship Chapter 1 Review
Total questions: 72
Worksheet time: 36mins
Name
Class
Date
1.
Entrepreneurs try to meet the needs of the marketplace by supplying a product or service.
a)
true
b)
false
2.
Entrepreneurs and employees are both directly affected by the consequences of the decisions they make.
a)
true
b)
false
3.
There are generally four types of businesses: manufacturing, wholesaling, retailing, and franchising.
a)
true
b)
false
4.
Entrepreneurial businesses include retailing businesses, such as clothing and furniture stores, but do not include service businesses.
a)
true
b)
false
5.
Manufacturing businesses produce the products they sell.
a)
true
b)
false
6.
A travel agency is a retailing business.
a)
true
b)
false
7.
Small businesses with fewer than 500 employees represent about 25 percent of all businesses in the United States today.
a)
true
b)
false
8.
Small businesses contribute billions of dollars to the U.S. economy every year.
a)
true
b)
false
9.
The failure rate for restaurants is higher than for other types of small businesses.
a)
true
b)
false
10.
The owner's business experience is a factor that contributes to the likelihood of success.
a)
true
b)
false
11.
A person who takes the risk of a business venture is
a)
an entrepreneur
b)
an employee
c)
not directly affected by the consequences of his or her decisions
d)
sure to be successful
12.
A person who works for someone else is
a)
the one who receives the profits of the business
b)
taking the rist of the business venture
c)
an entrepreneur
d)
an employee
13.
Manufacturing businesses
a)
takes resources out of the ground so that they can be consumed
b)
sell services rather than products
c)
produce the products they sell
d)
sell products directly to the people who consume them
14.
Which of the following is a retailing business?
a)
travel agency
b)
farm
c)
automotive repair shop
d)
grocery store
15.
An entrepreneur who is green focuses on
a)
helping others who are in need
b)
finding societal needs that are not being met by the governement
c)
conserving resources
d)
operating with integrity
16.
Since the end of the recession in 2009, small businesses have
a)
struggled more than large businesses
b)
generated the majority of new jobs
c)
decreased in number
d)
contributed an average of $2 billion per year to the US economy
17.
About how many new businesses do not survive beyond five years?
a)
nearly one-quarter
b)
about 10 percent
c)
about half
d)
almost 90 percent
18.
Which of the following is a major factor in a small business's success?
a)
having adequate capital
b)
the owner's education level
c)
the owner's reason for starting a business
d)
all of these
19.
Successful entrepreneurs need to be self-confident because they must make decisions alone, but they do not need to be creative because they can hire creative people.
a)
true
b)
false
20.
Being a good team member involves commitment, cooperation, and creativity.
a)
true
b)
false
21.
Everyone has the qualities and aptitude needed to become a successful entrepreneur.
a)
true
b)
false
22.
To determine if entrepreneurship is right for you, you need to perform a self- assessment.
a)
true
b)
false
23.
Many entrepreneurs center a business on a hobby.
a)
true
b)
false
24.
Aptitude is the ability to evaluate your strengths and weaknesses.
a)
true
b)
false
25.
Entrepreneurship involves risk, which is both an advantage and a disadvantage.
a)
true
b)
false
26.
An advantage of entrepreneurship is that nobody tells an entrepreneur what to do.
a)
true
b)
false
27.
An advantage of entrepreneurship is that entrepreneurs make all decisions by themselves.
a)
true
b)
false
28.
Researchers have determined that successful entrepreneurs
a)
want to make their own decisions
b)
do not always know what they want
c)
do not need to set gaols
d)
like to have someone else make decisions
29.
Which of the following is not a characteristic of a successful entrepreneur?
a)
determination
b)
creativity
c)
dependence
d)
self-confidence
30.
Competency involves
a)
working well with others
b)
being able to look at things from different perspectives
c)
having the right set of skills needed to get the job done
d)
sharing ideas with others both verbally and in written form
31.
Competency involves
a)
ability to act quickly
b)
strengths and weaknesses
c)
past job experience
d)
hobbies and interests
32.
To determine your suitability for entrepreneurship, you should assess your
a)
strengths and weaknesses
b)
interests
c)
aptitude
d)
all of these
33.
Two key factors that aid an entrepreneur's commitment to a business are
a)
interests ans past experiences
b)
interests and sales experience
c)
hobbies and athletic ability
d)
hobbies and sales experince
34.
Aptitude is the ability to
a)
act quickly
b)
evaluate interests
c)
learn a particular kind of job
d)
all of these
35.
An advantage of entrepreneurship is that entrepreneurs
a)
can work in a field that interests them
b)
do not need to set goals
c)
can supervise others
d)
make all decisions by themselves
36.
A disadvantage of entrepreneurship is that entrepreneurs
a)
face irregular incomes
b)
must make all decisions by themselves
c)
work long hours
d)
all of these
37.
An opportunity is a thought or concept that comes from creative thinking.
a)
true
b)
false
38.
Analyzing past experiences and jobs is a good way to come up with a business idea.
a)
true
b)
false
39.
You can learn about business opportunities by talking to other entrepreneurs.
a)
true
b)
false
40.
You can learn about business opportunities by talking to other entrepreneurs.
a)
true
b)
false
41.
Assessing different business opportunities helps you identify those that have the best chance for success.
a)
true
b)
false
42.
It is not necessary to determine how much money it will take to start a business because you will be able to borrow the money that you need.
a)
true
b)
false
43.
To decide whether or not a business opportunity is realistic for you, compare your background and experience with the experience of people who own that kind of business.
a)
true
b)
false
44.
A SMART goal is specific, measurable, attainable, realistic, and timely.
a)
true
b)
false
45.
Financial goals may include how quickly you can pay off your debts.
a)
true
b)
false
46.
Nonfinancial goals are only for entrepreneurs who are solely interested in financial gain.
a)
true
b)
false
47.
Possibilities that arise from existing conditions are
a)
dreams
b)
goals
c)
opporunities
d)
ideas
48.
People who excel at their jobs
a)
have generally learned much about their profession
b)
see how successful marketing is conducted
c)
know how to satisfy customer needs
d)
all of these
49.
The Small Business Administration (SBA)
a)
publishes information that may be helpful for small businesses
b)
has a department in most public libraries
c)
holds trade shows
d)
buys products from entrepreneurs to help them make a profit
50.
Special meetings where companies of the same industry or related industries display their products are
a)
trade shows
b)
poor places to learn about opportunities
c)
job fairs
d)
entrepreneurial conventions
51.
All of the following can help you determine if a business opportunity is realistic except
a)
the rate of business failure
b)
the market for that kind of business
c)
the background needed to run that kind of business
d)
the interest rates for loans at different banks
52.
When comparing different business opportunities, an entrepreneur should
a)
set nonfinancial goals
b)
perform a self-assessment.
c)
determine the hours a week needed to run the business.
d)
set financial goals.
53.
Financial goals can include
a)
how much money you will earn
b)
the monetary value of serving a community need
c)
the best retirement age
d)
how many employess you will have in ten years
54.
Nonfinancial goals are important for an entrepreneur because they
a)
determine personal satisfaction
b)
enable a business to earn a profit
c)
increase salse
d)
guarantee success
55.
The best entrepreneurs use a formal problem-solving model to make decisions.
a)
true
b)
false
56.
Defining and quantifying the problem is the first step in the problem-solving model.
a)
true
b)
false
57.
Quantifying a problem helps a business owner determine how much it is worth to them to solve it.
a)
true
b)
false
58.
Identifying one or two possible solutions is usually sufficient.
a)
true
b)
false
59.
The problem-solving process is not complete until the action is evaluated.
a)
true
b)
false
60.
Good communication and listening skills are vital to the problem-solving process.
a)
true
b)
false
61.
Brainstorming is always done in a group setting; it is a useless activity for an individual.
a)
true
b)
false
62.
Following a brainstorming session, a decision should be made immediately.
a)
true
b)
false
63.
Entrepreneurs should not be afraid of making mistakes.
a)
true
b)
false
64.
A formal problem-solving model
a)
is never necessary for everyday decisions.
b)
consists of five steps.
c)
helps people solve problems in a logical manner.
d)
is used only to gather information.
65.
Which of the following is not a step in the decision-making process?
a)
Evaluate the problem
b)
Take action
c)
Gather information
d)
Identify various solutions
66.
After the problem is defined and information gathered, you
a)
make your decision
b)
reach a consensus
c)
identify various solutions
d)
try to quantify the problem
67.
In evaluating alternatives and selecting the best option, you
a)
gather information about each alternative
b)
see if the selected alternative works
c)
decide how to impelement the best option
d)
quatify or rank the alternatives
68.
The final step in the problem-solving model is to
a)
evaluate alternatives and select the best option
b)
evaluate the action
c)
take action
d)
identify various solutions
69.
Good communication is important in the problem-solving process because when trying to resolve problems and make decisions, you will likely need to
a)
interact with others.
b)
request information and express your ideas.
c)
listen to suggestions from others.
d)
all of these
70.
Brainstorming
a)
involves discussing a large number of ideas
b)
is used to analyze practical ideas
c)
is a createive problem-solving technique
d)
none of these
71.
In a brainstorming session, you should
a)
a. evaluate each idea as soon as it is proposed.
b)
b. always work with at least two other trusted colleagues.
c)
c. write down only solutions that seem practical.
d)
d. come up with as many ideas as possible.
72.
From an entrepreneur's perspective, mistakes
a)
will never be made if the problem-solving process is correctly followed.
b)
should be viewed as a learning experience.
c)
are always a negative.
d)
have no place in the problem-solving process.
Reset
