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Entrepreneurship

Total questions: 112

Worksheet time: 51mins

Name
Class
Date
1.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
2.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
3.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
4.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
5.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
6.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
7.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
8.
ALL entrepreneurs have a college degree.
a)
True
b)
False
9.
How do many people become millionaires?
a)
They save aggressively.
b)
They avoid debt.
c)
The invest their money.
d)
All of these
10.

Which is a characteristic of a successful entrepreneur?

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

11.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

12.
Which type of business does this image represent? 
a)
Wholesale
b)
Retail
c)
Service
d)
Manufacturing
13.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
14.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

risk

c)

plans

d)

none of these

15.

Which trait or characteristic would describe a successful entrepreneur?

a)

Lazy

b)

Shy

c)

Bossy

d)

Self Starter

16.

What % of small businesses will fail in the first five years?

a)

30%

b)

15%

c)

50%

d)

70%

17.

60% of __________________ fail in the first three years

a)

Coffee shops

b)

Restaurants

c)

Retail shops

d)

Manufacturing plants

18.

What % of jobs are created by small businesses?

a)

60%

b)

50%

c)

80%

d)

30%

19.

What are the four P's of marketing

a)

product, produce, production, price

b)

person, place, produce, practice

c)

promotion, product, practice, price

d)

promotion, place, price, product

20.
A new or different product
a)
Harvesting
b)
Innovation
c)
Opportunity
d)
Risk
21.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
22.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
23.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
24.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
25.
ALL entrepreneurs have a college degree.
a)
True
b)
False
26.
What percentage of American workers are expected to be self-employed by 2020?
a)
10%
b)
20%
c)
30%
d)
40%
27.

How do MANY people become millionaires?

a)

They save aggressively, avoid debt, and invest their money.

b)

They win the lottery.

c)

The inherit it from family.

d)

They avoid the stock market.

28.

Entrepreneurs have to find their own health insurance and plan for retirement.

a)

True

b)

False

29.

Entrepreneurs do not pay taxes to the IRS.

a)

True

b)

False

30.

Which is a common characteristic of an entrepreneur?

a)

organized

b)

vindictive

c)

impressionable

d)

irresponsible

31.
Owners of stock in a company
a)
partnership
b)
sole proprietorship
c)
stockholders
d)
corporation
32.
Starting and owning a person's own business
a)
corporation
b)
entrepreneurship
c)
sole proprietorship
d)
partnership
33.
The right to sell a company's products in a specified area.
a)
sole proprietorship
b)
corporation
c)
franchise
d)
retail business
34.
A business that performs tasks for customers.
a)
retail business
b)
service business
c)
franchise
d)
corporation
35.
A business owned by two or more people.
a)
Sole proprietorship
b)
corporation
c)
Entrepreneurship
d)
Partnership
36.
A business that sells products like food, clothing, and cars.
a)
retail business
b)
service business
c)
franchise
d)
corporation
37.
A business owned by one person.
a)
Corporation
b)
Franchise
c)
Partnership
d)
Sole Proprietorship
38.
A business that can legally act as a single person, even though many people may own it.
a)
Corporation
b)
Entrepreneurship
c)
Franchise
d)
Partnership
39.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
40.
Some people become entrepreneurs by turning part-time work experiences into full-time businesses.
a)
True 
b)
False
41.
Entrepreneurs cannot own franchises.
a)
True
b)
False
42.
Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.
a)
True
b)
False
43.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
44.
A sole proprietorship is the most difficult type of business to start.
a)
True
b)
False
45.
Not planning for business expenses is one of the biggest mistakes entrepreneurs make.
a)
True
b)
False
46.
In most cases, stockholders have major responsibility for business decisions.
a)
True
b)
False
47.
Which of the following is a service business?
a)
Walmart
b)
Woodys Automotive
c)
The Great Pumpkin Patch
d)
McDonalds
48.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
49.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
50.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organised
d)
irresponsible
51.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
52.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
53.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
54.
ALL entrepreneurs have a college degree.
a)
True
b)
False
55.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
56.
All of the following are advantages of entrepreneurship, except
a)
isolation
b)
independence
c)
control
d)
personal satisfaction
57.
The chance of danger or loss
a)
Risk
b)
Options
c)
Reward
d)
Benefit
58.
All of the following are entrepreneurial skills, except
a)
business skills
b)
art skills
c)
mathematical skills
d)
communication skills
59.
All of the following are entrepreneurial skills, except
a)
business skills
b)
art skills
c)
mathematical skills
d)
communication skills
60.
These are all characteristics of an entrepreneur, EXCEPT...
a)
Flexible
b)
Confidence
c)
Innovative
d)
Lazy
61.

Which is a characteristic of a successful entrepreneur? (hint: choose 3 correct answers)

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

62.

What is a disadvantage of being an entrepreneur?

a)

You have more control over your work

b)

You have a more flexible schedule

c)

You do not always receive a regular paycheck

d)

Your work schedule is always predictable

63.

Elon Musk is one of the greatest innovators in the last 30 years. He... ((hint: choose 3 correct answers)

a)

Co-founded Google

b)

Co-founded Paypal

c)

Founded the company SpaceX

d)

Founded the company Tesla

64.

What is the purpose of a business plan? (hint: choose 2 correct answers)

a)

To document your financial activity during one year

b)

Legal document to be filed with the SEC

c)

States the purpose and vision of your company

d)

States the amount of capital you need to run the company

65.

Why do you need a business plan? (hint: choose 3 correct answers)

a)

To raise capital

b)

Gets everyone involved to focus on the same goals

c)

Gives an objective look at what you are doing and why

d)

It is required by law

66.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

67.

What information should NOT be included in a business plan?

a)

Your financing needs

b)

Your basic business concept

c)

Your marketing plan

d)

Your assets and liabilities

68.

True or False: A standard business plan is one page in length.

a)

True

b)

False

69.

Reid Hoffman is one of the greatest innovators in the last 30 years. He was the founder of

a)

Snapchat

b)

Twitter

c)

Groupon

d)

LinkedIn

70.

Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are

a)

an example of a startup

b)

an example of a small business

71.

What does the term "boot-strapping" refer to?

a)

Strapped with maximum amount of debt to start a business

b)

Tying yourself to a business partner to fund a venture

c)

Self-funding a business or project

d)

Starting a business with very few assets

72.

This round of funding helps a company add a few employees & launch an early product.

a)

Seed Funding

b)

Series A Funding

c)

Series B Funding

d)

Series C Funding

73.

Which is a way to advertise your business or product? ( hint: choose 2 correct answers :)

a)

Support Media

b)

Product Placement

c)

Broadcast Media

d)

The Internet

74.

Which is NOT one of the reasons startups typically fail?

a)

Run out of cash

b)

No business model

c)

Poor marketing

d)

Market demand

75.

An elevator pitch is a way to convey information about your business. How long should it be?

a)

5 minutes

b)

3 minutes

c)

60 seconds

d)

30 seconds

76.

This famous innovator & entrepreneur was a scientist, printer, inventor, author, & businessman.

a)

John D. Rockefeller

b)

Benjamin Franklin

c)

Thomas Edison

d)

Henry Ford

77.

The process of creating something new that makes life better is called...

a)

Technology

b)

Innovation

c)

Brand recognition

d)

Opportunity cost

78.

A venture capitalist is

a)

The co-founder of a successful startup

b)

The net worth of a company

c)

A manager of a business's investment, aligning with goals

d)

An investor in a business providing capital for startup

79.

Which is NOT part of the procedure of developing an advertising campaign?

a)

Define your market

b)

Prototype your product

c)

Establish your budget

d)

Create an advertising strategy

80.

What is the difference between a startup and a small business?

a)

Startups intend to grow larger compared to a small business

b)

Startups have been in business longer

c)

Small businesses have multiple locations, startups do not

d)

A small business has more employees than a startup

81.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
82.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
83.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
84.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
85.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
86.

Why are Entrepreneurs important?

a)

An important money maker

b)

An important engine of growth in the economy

c)

An important business model

d)

An important way to increase traffic

87.

Why do we need Entrepreneurship?

a)

Create new businesses and raise taxes

b)

To make people happy

c)

To take down big box stores

d)

Create social change and community development

88.

Entrepreneur is someone who

a)

Organizes, leads, manages, and assumes the risks of a business

b)

Makes mass amounts of money

c)

Is very controlling and close-minded

d)

You would not want to work for

89.

Which of the following is NOT a trait of successful entrepreneurs?

a)

Passion

b)

Procrastination

c)

Resilience

d)

Strong sense of self

90.

Leaders work in the system.

a)

True

b)

False

c)

I don't know

91.

Managers support problem solving and

a)

Inspiring

b)

Innovation

c)

Showing other the way

d)

Decision-making

92.

Monitoring and controlling expenses/budgets are responsibilities of

a)

Leaders

b)

Managers

c)

Co-workers

d)

Employees

93.

These people don't stop and watch unless they are learning and comparing

a)

Leaders

b)

Managers

c)

Co-workers

d)

Employees

94.

A merchandise shipment of laptops were destroyed in transit. This is an example of a(n)

a)

Market

b)

Risk

c)

Accident

d)

Loss

95.

Last night, you got a call that your warehouse had caught on fire. This is an example of

a)

Risk

b)

Loss

c)

Speculative Risk

d)

Pure Risk

96.

Your company decided to produce and stock 100,000 of their newest product. Sales are not moving as quickly as you thought and the merchandise just taking up space in the warehouse. This is an example of

a)

Risk

b)

Loss

c)

Speculative Risk

d)

Pure Risk

97.

How many steps are there in the entrepreneurial discovery process?

a)

4

b)

5

c)

6

d)

7

98.

Which of the following is NOT a step in the entrepreneurial discovery process?

a)

Investigate Trends

b)

Look For Business Opportunities

c)

Brainstorm Problems and Ideas

d)

Profitability Analysis

99.

When investigating trends, it is important to look at current and global trends.

a)

True

b)

False

100.

Why do people want to become entrepreneurs?

a)

Make a guaranteed amount of money

b)

To be their own boss and make decsions

c)

To work longer hours

d)

To show off how talented they are

101.

Which of the following is a disadvantage of a partnership?

a)

Everyone is happy

b)

Two sets of ideas and financial assets

c)

Potential friction when making decisions

d)

Can split duties and responsibilties

102.

Being an entrepreneur is the right choice for everyone

a)

True

b)

False

103.

SBA helps entrepreneurs by providing resources regarding business plans, loans, etc. SBA stands for

a)

Small Business Alliance

b)

Smith Blackwell Association

c)

Small Business Association

d)

Small Brand Association

104.

Being an entrepreneur is the right choice for everyone

a)

True

b)

False

105.

SBA helps entrepreneurs by providing resources regarding business plans, loans, etc. SBA stands for

a)

Small Business Alliance

b)

Smith Blackwell Association

c)

Small Business Association

d)

Small Brand Association

106.

Opening a franchise is less risky than starting a business from scratch.

a)

True

b)

False

107.
What is entrepreneurship?
a)
working with others to make create a business.
b)
the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
c)
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
d)
coming up with ideas to start a business.
108.
Having the courage to do the right thing because it is right is called
a)
Morality
b)
Integrity
c)
Honesty
d)
Immorality
109.
Space allowed between two or more people 
a)
Business space 
b)
Optional space 
c)
Personal Space 
d)
Appropriate Space 
110.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
111.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
112.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management

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