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CHAPTER 1 (exercise)

Total questions: 65

Worksheet time: 2hrs 9mins

Name
Class
Date
1.

_____________ is a process of creating something new and assuming the risks and rewards

a)

entrandende

b)

entreprenudre

c)

entrepreneurship

d)

entrandeneur

2.

Entrepreneurship refers to ___________________

a)

the process of creating something new with value by devoting the necessary time and effort

b)

the process of business expansion that creates wealth, a better standard of living and conditions for national development

c)

the process of creation and business expansion wealth, a better standard of living and conditions for national development,

d)

the process of creating something new

3.

Entrepreneurs are different from businessman because _________

a)

they maximize profits by providing various good and services

b)

they always try to upgrade their life

c)

they try to contribute toward economic development of the country

d)

they try to overcome competitors using various ways

4.

The term ' entrepreneurship' refers to

a)

the process of creating with value by devoting the necessary time and effort

b)

the process of creating something new with value by devoting the necessary time and effort

c)

the process of creating something new with value by devoting the necessary time and effort, and assuming the accompanying financial and physical aspects

d)

the process of creating something new with value by devoting the necessary time

5.

Money is the symbol of a non-monetary reward to an entrepreneur

a)

True

b)

False

6.

The following are almost all the definitions includes about the entrepreneur, except

a)

initiative-taking

b)

the organizing and reorganizing of social and economic mechanisms to turn resources and situations to practical account

c)

the acceptance of risk or failure

d)

makes their value greater than

7.
An entrepreneur must know...
a)
Only the parts of the business they like
b)
No parts of the business management
c)
all parts of business:  finance, marketing, etc.
8.

What is an entrepreneur?

a)

Someone who has set up their own business

b)

Someone who is employed

c)

Someone who doesn't work

d)

Someone who works from home

9.
Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.
a)
True
b)
False
10.
Intrapreneurs also notice opportunities and take initiative to mobilize resources, however they work in large companies and contribute to the innovation of the firm.
a)
True
b)
False
11.
Entrepreneurs are Made, Not Born!
a)
True
b)
False
12.

What French word does entrepreneurship mean?

a)

between-up

b)

between-go

c)

between-taker

d)

between-down

13.

What skills are required in Entrepreneurship?

a)

Technical skills

b)

Business management skills

c)

Personal entrepreneurial skills

d)

All of the above

14.

__________________ coined the term Intrapreneurship.

a)

Adam Smith

b)

Gifford Pinchot

c)

Peter F drucker

d)

Joseph Schumpter

15.

Which process helps aspiring entrepreneurs generate venture ideas?

a)

Financial planning

b)

Decision-making

c)

Goal-setting

d)

Creative thinking

16.

Which is the first factor that a business should consider when it is deciding if it should sell a product?

a)

Promotional strategy

b)

Market demand

17.

What is the science and art of creating or producing goods and services?

a)

Entrepreneur

b)

Entrepreneurship

c)

Transform

d)

Selling

18.

Which of the following are good qualities of an entrepreneur?

a)

Willingness to take risk

b)

Adaptability

c)

Impulsive decision making

d)

Easily swayed by external force

19.

Entrepreneurs realise that every event and situation is a business...............

a)

Opportunity

b)

Benefit

c)

Profit

d)

Strong

20.

The term Entrepreneur came from ..............

a)

Latin

b)

Dutch

c)

English

d)

None of these

21.

To be successful in an entrepreneurial venture, you need...........

a)

Money

b)

Hard word

c)

Innovative idea

d)

All of these

22.

Which of the following shows the process of creating something new ?

a)

Business model

b)

Modeling

c)

Creative flexibility

d)

Innovation

23.

Entrepreneurs are generally less educated than the general population.

a)

True

b)

False

c)

None of these

24.

An Entrepreneur must be self confident.

a)

True

b)

False

c)

None of these

25.

Entrepreneurs originates from the Latin Word which means to evaluate.

a)

True

b)

False

c)

None of these

26.

Entrepreneur and Entrepreneurship are the same.

a)

True

b)

False

c)

None of these

27.

Entrepreneurs are always rich.

a)

True

b)

False

c)

None of these

28.
Not afraid to do new things  is what characteristic?
a)
Risk Taker
b)
Human Relations Skills
c)
Problem-solving & Decision-making Skills
d)
Independent
29.
Knowledge of computers and how to use them productively is what characteristic?
a)
Goal-Oriented
b)
Basic Business Skills
c)
Technical Skills
d)
Math Skills
30.
An individual who undertakes the risk associated with creating, organizing, and owning a business is?
a)
a farmer
b)
a trained salesperson
c)
an entrepreneur
d)
Mathematician
31.

What challenges does an entrepreneur face?

a)

money

b)

responsibility

c)

paperwork

d)

all of the above

32.

Is one benefit of being an entrepreneur having your own independence?

a)

True

b)

False

33.

At what age can you become an entrepreneur?

a)

20

b)

18

c)

50+

d)

any age

34.

What is a problem of being an entrepreneur?

a)

Making all the decisions by yourself

b)

Keeping all the profits

35.

Can entrepreneurs be high risk takers?

a)

Yes

b)

No

36.

Entrepreneurs should be?

a)

Stylish

b)

Lazy

c)

Creative

d)

Week

37.
Name one of the reasons people become entrepreneurs.
a)
Feeling insecure
b)
They like to be the ONLY one doing everything
c)
They are doing what they enjoy
38.
An entrepreneur must be...
a)
disorganized
b)
organized
c)
lazy
39.
An entrepreneur can own an online business...
a)
False - entrepreneurs can only create business in person
b)
True - there are companies online as well as in person
40.
Who isn't an Entrepreneur
a)
Person hired to mow lawns
b)
Person who buys lawnmower to cut neighbors yard for $20
41.
The process of turning an invention into a marketable  product
a)
Entrepreneurship
b)
Innovation
c)
Modification
d)
Deviation
42.

If you are an entrepreneur, you will

a)

take a risk

b)

spend all of your savings

c)

borrow from investors

d)

alll of the above

43.

A good is something a person can buy. Which is not an example of a good?

a)

cell phone

b)

car

c)

shoes

d)

teacher

44.
Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.
a)
True
b)
False
45.
Intrapreneurs also notice opportunities and take initiative to mobilize resources, however they work in large companies and contribute to the innovation of the firm.
a)
True
b)
False
46.
The entrepreneur is one who undertakes to organize, manage, and assume the risks of a business.
a)
True
b)
False
47.
A dynamic process of vision, change, and creation.
a)
Entrepreneurship
b)
Entrepreneur
c)
Intrapreneur
48.
It is the process by which entrepreneurs convert opportunities into marketable ideas.
a)
Innovation
b)
Successful
c)
Ideas
49.
It is a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation.
a)
Innovation
b)
Ideas
c)
Vision
50.
It is a key function in the entrepreneurial process.
a)
Innovation
b)
Process
c)
Promotion
51.
Combination of existing concepts and factors into a new formulation or use
a)
Synthesis
b)
Innovation
c)
Extension
52.
______ through which entrepreneurs create and grow enterprises
a)
Process
b)
Creation
c)
Modified
53.

what do you call a perosn who meets the needs of other people by fulfilling their demands for products and services?

a)

Seller

b)

Buyer

c)

Manager

d)

Entrepreneur

54.

Which of these is NOT a skill of an entrepreneur?

a)

Creativity

b)

Interpersonal Skills

c)

Organisation

d)

Sleeping

55.

What is a problem of being an entrepreneur?

a)

Making all the decisions by yourself

b)

Keeping all the profits

56.

He identified person bearing risks is different from one supplying capital.

a)

Joseph A. Schumpeter

b)

Israel Kizner

c)

Richard Cantillon

d)

John Stuart Mill

57.

He defines distinguished between those who supplied funds and received interest and those who received profits from managerial capabilities.

a)

Francis Walker

b)

Richard Cantillon

c)

Jean-Baptiste Say

d)

David McClellend

58.

Are all business owners entrepreneurs?

a)

Yes

b)

No

59.

The ability to express thoughts and ideas is

a)

leadership skills

b)

communication skills

c)

self awareness

d)

financial knowledge

60.

The creation of new or unique products is

a)

innovation

b)

enterprenereurship

c)

networking

d)

self awareness

61.

The most likely reason an individual might turn a woodworking hobby into a business is

because of

a)

sales quotas.

b)

higher taxes.

c)

guaranteed financial security.

d)

personal satisfaction.

62.

Before starting their business ventures, which of the following would entrepreneurs recognize first:

a)

Associations

b)

Opportunities

c)

Regulations

d)

Reductions

63.

Which of the following statements is true regarding entrepreneurship:

a)

Entrepreneurship offers limited personal and financial growth possibilities.

b)

Most entrepreneurs are born with the skills they need for success.

c)

Personal traits are behaviors that cannot be strengthened.

d)

Most people have the ability to become entrepreneurs.

64.

Technological advancements have made it possible for some entrepreneurs to

a)

reduce the need for maintaining financial records.

b)

operate their businesses entirely from their computers.

c)

run their businesses with fewer computer skills.

d)

eliminate the need to pay income and Social Security taxes.

65.

What is a disadvantage of entrepreneurship?

a)

Personal satisfaction

b)

Fewer resources

c)

Uncertain income

d)

Lower taxes

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