WorksheetsCSEC: Entrepreneurship & Establishing A Business
Total questions: 15
Worksheet time: 15mins
Ashley is the owner of her bakery. She is the person that bears all risks and combines the factors of production efficiently and effectively with hopes of making a profit. She is a/an
manager
supervisor
counsellor
entrepreneur
An entrepreneur who wants to maintain control of the business would be advised to register the business as a
Sole Trader
Partnership
Limited Company
Private Limited Company
The functions of an entrepreneur include
I accessing funds and organizing the business
II completing tasks given by the government
III operating and evaluating the business’ performance
I only
I and II only
I and III only
II and III only
Which of the following is LEAST LIKELY to be a function of the entrepreneur?
Forming new business ideas
Bearing the business’ risks
Preparing financial statements
Evaluating the business’ performance
The characteristics displayed by an entrepreneur in determining goals and objectives of the business, setting targets and ways for accomplishing those targets are referred to as
Planning for the business
Conceptualizing the business
Operating the business
Evaluating the business
Which is not a personal characteristic of the entrepreneur?
Innovative
Inflexible
Persistent
Persevering
From the answers given below, which provides a list of ONLY entrepreneurial characteristics?
Flexible, Creative, and lazy
Risk-taker, innovative and flexible
Creative, goal-oriented, and non-risk taker
Persistent, innovative and goal-oriented
The ability of the entrepreneur to respond quickly to changes in the market and economy refers to the characteristic of
Creativity
Flexibility
Persistency
Goal-oriented
The propensity to take calculated risks and to be goal-oriented identifies the entrepreneur’s
Functions
Characteristics
Persistence
Weaknesses
Which personal characteristic of entrepreneurs reflects that successful entrepreneurs are accountable for their actions?
Responsible
Inquisitive
Persistent
Creative
An advantage of the small firm in the innovation process?
Ability to carry out R&D
Ability to raise finance
Ability by the entrepreneur to carry out multiple tasks
Ability by the entrepreneur to act on new ideas or product development
The most likely problem encountered by innovative entrepreneurs in raising finance is:
limited security since Research & Development is an intangible asset.
the costs of the patenting system.
the exhaustion of personal equity in Research & Development.
the inability of potential external funders to understand the technology
What factor(s) provide(s) an individual with the motivation to start a new business venture?
The financial rewards.
A desire to be independent.
Risk-taking.
All the above.
Which of the following is NOT recognized as a misconception about entrepreneurship?
Entrepreneurship needs only a great idea for success
Entrepreneurship is easy
Entrepreneurship is found only in small businesses
Entrepreneurial ventures and small businesses are different.
The creation of a new enterprise is important because this new enterprise contributes to economic development through benefits that include all of the following EXCEPT:
Product-process innovation
Increased tax revenues
Unemployment
Social betterment
