wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Chapter 6 Unit Test - Entrepreneurship

Total questions: 45

Worksheet time: 41mins

Name
Class
Date
1.

After starting a web design company while still in college, Ricardo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Ricardo is an example of a(n):

a)

serial entrepreneur.

b)

social entrepreneur.

c)

lifestyle entrepreneur.

d)

classic entrepreneur.

2.

An entrepreneur:

a)

is a risk taker in the private enterprise system.

b)

is a gambler in the private enterprise system.

c)

does not tolerate ambiguity.

d)

does not tolerate failures.

3.

Harold is opening his own bakery. Harold is most likely to be categorized as a(n)

a)

manager

b)

entrepreneur

c)

angel broker

d)

venture capitalist

4.

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:

a)

to be one’s own boss.

b)

to achieve financial success.

c)

to avoid taking risks.

d)

to create one’s own job security.

5.

Who is most likely to succeed as an entrepreneur?

a)

Someone who is scared of failures.

b)

Someone who hates to take a risk.

c)

Someone who blames others for failures.

d)

Someone who is driven by the need to excel.

6.

Sam is opening a home health care business that he knows will do well in his community. He makes this assumption based on prior research. Although he must repay borrowed funds, Sam chooses _____ to maintain complete control over the business without having to answer to investors or partners.

a)

debt financing

b)

funding from venture capitalists

c)

funding from angel investors

d)

equity financing

7.

Business organizations or groups of private individuals who invest in early-stage, high-potential growth companies are _______

a)

Share Brokers

b)

Intrapreneurs

c)

Venture Capitalist

d)

Franchisee

8.

Unlike small-business owners, one of the major goals of entrepreneurs is:

a)

the desire to succeed.

b)

to possess creative energy.

c)

expansion and growth.

d)

to seek a profitable opportunity.

9.

Stephen is the CEO of a not-for-profit organization. He runs the organization to provide quality education for the underprivileged children. Stephen is most likely to be categorized as a:

a)

serial entrepreneur.

b)

social entrepreneur.

c)

lifestyle entrepreneur.

d)

classic entrepreneur.

10.

Concerning education and entrepreneurs, all of the following statements are correct EXCEPT:

a)

today, many U.S. universities offer full-fledged majors in entrepreneurship.

b)

a number of schools offer opportunities to intern with a start-up.

c)

one has to major in business to become an entrepreneur.

d)

some colleges and universities offer entrepreneurship courses outside the usual business curriculum.

11.

Information technology can help entrepreneurs in all of the following ways EXCEPT:

a)

provide improved customer service.

b)

guarantee financial success.

c)

work quickly and efficiently.

d)

increase sales.

12.

All of the following are important characteristics of entrepreneurs EXCEPT:

a)

tolerance for failure.

b)

internal locus of control.

c)

creativity.

d)

dependence on others.

13.

Paul wants to start a new business, but his bank will not lend him the money he needs. Paul saw an advertisement sponsored by a business organization that provides financing for early-stage, high-potential growth companies. The organization sponsoring the advertisement would be considered a _____.

a)

franchisor

b)

franchisee

c)

stock broker

d)

venture capitalist

14.

John is trying to start a new business. A local business network puts him in touch with a wealthy investor who is willing to invest in his company in exchange for an equity stake. This investor is most likely to be a(n) _____.

a)

angel investor

b)

franchisor

c)

stock broker

d)

banker

15.

Phillip invests in his new venture along with the fund supplied by Deccan Corp., the co-owner of his start-up. This type of funding is known as _____.

a)

social venture capital funding

b)

equity financing

c)

focused funding

d)

debt financing

16.

_____ focus on solving society’s challenges through their businesses.

a)

Classic entrepreneurs

b)

Change agents

c)

Atypical entrepreneurs

d)

Social entrepreneurs

17.

Marcus works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Marcus is most likely to become an entrepreneur in order to _____.

a)

avoid taking risks

b)

obtain job security

c)

pay his car loan

d)

guarantee financial success

18.

Jeff and Mike come up with an idea for making sugar-free ice cream. They open their own small business to cater to the needs of those who are health conscious. Their products are distributed nationwide and their sales continue to increase. Jeff and Mike are examples of _____.

a)

serial entrepreneurs

b)

classic entrepreneurs

c)

change agents

d)

lifestyle entrepreneurs

19.

Valerie is a single mother who is required to work evenings and weekends at a local retail store. She is thinking of starting a consulting business primarily so she can _____.

a)

avoid taking risks

b)

pay more bills

c)

have guaranteed financial success

d)

enjoy working more hours

20.

Financial success _____.

a)

rarely results from starting a business

b)

is part of the appeal of becoming an entrepreneur

c)

plays little role in motivating people to become entrepreneurs

d)

is virtually guaranteed if people work hard enough starting their own businesses

21.

Which of the following demographic/economic trends has increased the opportunities for entrepreneurs?

a)

Stagnating wages

b)

Steady interest rates

c)

Aging population

d)

Increase in wages

22.

An overall idea for how to convert a business idea into a success is called _____.

a)

creativity

b)

internal locus of control

c)

vision

d)

investing in your future

23.

Which of the following persons is LEAST likely to become an entrepreneur?

a)

A person with tolerance for ambiguity

b)

A person with internal locus of control

c)

A person with a competitive drive

d)

A person with low energy level

24.

Which of the following statements best describes how entrepreneurs view failure?

a)

They enjoy risk.

b)

They are easily discouraged when things don’t go as planned..

c)

They view failure as a learning experience.

d)

They worry that if they fail they’ll never get another opportunity.

25.

Curtis is a wealthy person who focuses on investing in new ventures. He is looking to invest money directly into a new consulting business in return for equity in the company. Curtis is an example of a(n) _____.

a)

franchisor

b)

stock broker

c)

angel investor

d)

franchisee

26.

Gary is in the process of using debt financing to fund his new venture. In this case, he is most likely to:

a)

borrow loans from banks.

b)

obtain funding from venture capitalists.

c)

secure funding from angel investors.

d)

exchange a share of ownership in his company for money.

27.

Entrepreneurs possess all of the following traits EXCEPT _____.

a)

tolerance for ambiguity

b)

creativity

c)

vision

d)

low self-confidence

28.

Victoria is an employee at Pegasys Inc., a consulting firm. She uses the resources of the firm to expand and diversify into related fields. Victoria is most likely to be classified as a(n)

a)

manager

b)

entrepreneur

c)

stock broker

d)

venture capitalist

29.

Promoting innovation within the organizational structures of established companies is known as:

a)

Intrapreneurship

b)

Venture Capitalist

c)

Franchisee

d)

Entrepreneurship

30.

Mr. MacAulay's favorite phrase for the class is:

a)

Entrepreneurs are cool

b)

"Make Money"

c)

I love to cut grass

d)

I am always tired

31.

True or False: Owning a business, by definition, means that you are an entrepreneur.

(a)  

32.

True or False: Studies confirm that the personality traits common to entrepreneurs are very similar to those required for managerial success.

(a)  

33.

True or False: Elon Musk, founder of PayPal, and CEO of Tesla Motors, Solar City, and SpaceX, is a serial entrepreneur.

(a)  

34.

True or False: Social entrepreneurs recognize a societal problem and use business principles to develop innovative solutions.

(a)  

35.

True or False: The desire to work fewer hours is one of the main drives for those who choose to become entrepreneurs.

(a)  

36.

True or False: Nancy started her own business because she was tired of worrying about corporate downsizing despite her highly positive annual reviews. This is a common motivation for becoming an entrepreneur.

(a)  

37.

True or False: Desire for improved quality of life is often a motivation for becoming an entrepreneur.

(a)  

38.

True or False: Overall, in the United States the current outlook for becoming an entrepreneur is positive.

(a)  

39.

True or False: Entrepreneurs take necessary risks to set up and operate a business.

(a)  

40.

True or False: Entrepreneurs may also perform a managerial role, but their overriding responsibility is to use the resources of their organizations to accomplish their goals.

(a)  

41.

True or False: Classic entrepreneurs start one business, run it, and then start and run additional businesses in succession.

(a)  

42.

True or False: Jamie began a furniture company and ran it for five years. Afterward, he started another company for selling home appliances and then an interior designing company. Jamie is a social entrepreneur.

(a)  

43.

True or False: Overseas, workers have yet to discover the benefits of entrepreneurship compared to employment by big firms.

(a)  

44.

True or False: Entrepreneurs enjoy guaranteed job security because no one can fire them.

(a)  

45.

True or False: A lifestyle entrepreneur is a person who starts a business to gain flexibility in work hours and control over his or her life.

(a)