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GEE-TEM Prelim Exam

Total questions: 50

Worksheet time: 26mins

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.
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
3.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
4.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
5.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
6.
ALL entrepreneurs have a college degree.
a)
True
b)
False
7.

Which is NOT a characteristic of a successful entrepreneur?

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

8.

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

9.
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
10.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

risk

c)

plans

d)

none of these

11.

Which trait or characteristic would describe a successful entrepreneur?

a)

Lazy

b)

Shy

c)

Bossy

d)

Self Starter

12.
A new or different product
a)
Harvesting
b)
Innovation
c)
Opportunity
d)
Risk
13.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
14.
Some people become entrepreneurs by turning part-time work experiences into full-time businesses.
a)
True 
b)
False
15.
Entrepreneurs want to be their own bosses, set their own working hours, and make their own decisions.
a)
True
b)
False
16.
Working capital is money needed to start a business.
a)
True
b)
False
17.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
18.
Not planning for business expenses is one of the biggest mistakes entrepreneurs make.
a)
True
b)
False
19.

Entrepreneurs do not pay taxes.

a)

True

b)

False

20.

A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—they truly believe they will.

a)

Creative

b)

Hardworking

c)

Perseverance

d)

RiskTAker

21.

They’re able to not only come up with ingenious ideas, but also turn those ideas into profits.

a)

Creative

b)

Perseverance

c)

Persistence

d)

Self Confidence

22.

Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable.

a)

Hardworking

b)

Opportunity Seeker

c)

Optimistic

d)

Self Confidence

23.

They genuinely love their work.

a)

COMMITTED

b)

DEDICATION

c)

PASSION

d)

STRONG PEOPLE SKILL

24.

Involves dedicating yourself to something, like a person or a cause.

a)

COMMITMENT

b)

CREATIVE

c)

PASSION

d)

RISK TAKER

25.

Quality related to inquisitive thinking such as exploration, investigation, and learning, evident by observation in humans and other animals.

a)

CREATIVE

b)

COMMITMENT

c)

CURIOSITY

d)

PASSION

26.

They have endless curiosity to discover new or different ideas and see whether these ideas will work in the marketplace.

a)

CURIOSITY

b)

HARDWORKING

c)

OPPORTUNITY SEEKER

d)

SELF CONFIDENCE

27.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
28.
Exclusive rights given to the inventor of a product, for a specific period of time, to protect them from others copying their product.
a)
copyright
b)
trademark
c)
patent
d)
exclusivity rights
29.
Exclusive rights to symbols or designs.
a)
trademark
b)
patent
c)
copyright
d)
exclusivity rights
30.
What's this called?
a)
patent
b)
trademark
c)
company thing
d)
copyright
31.

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

32.

Being creative is only for a few?

a)

True

b)

False

33.

The lesser ideas, the better it is....

a)

Ture

b)

False

34.

Which of the following is correct?

a)

Creativity is all pervasive

b)

Creativity has limitations/restrictions

35.

Writing down the idea will help?

a)

True

b)

False

36.

Which of the following is the most important factor in forcing companies to focus on innovation?

a)

Organisational culture

b)

Intense competition

c)

Entrepreneurship

d)

Government laws

37.

What is the challenge of creativity and innovation?

a)

They refer to the same thing

b)

Too often there is an assumption that creativity automatically leads to actual innovation

c)

They are two different concepts that are hard to be put together

38.

Innovation is a major factor in competition because it can:

a)

help a company expand overseas

b)

guarantee the monopoly position of innovative companies

c)

reduce research and development costs for companies

d)

enable companies to make competitors' products obsolete

39.

Which of the following is an important source of idea generation due to their familiarity with the needs of market?

a)

Advertising methods

b)

State government

c)

Customers

d)

Disposable income

40.

The iPhone is an example of:

a)

creativity

b)

invention

c)

innovation

d)

entreprneurship

41.
Generating an idea may involve the whole process of observing, thinking (analyzing), communicating (discussing) and developing, which can be abstract, concrete and visual.
a)
True
b)
False
42.
A smart entrepreneur will systematically scan his environment to identify business ideas or to get an idea of the problems faced by the people and explore possibilities of offering products or services that may solve such problems.
a)
True
b)
False
43.
The entrepreneur should always be alert to customers’ complaints and frustrations that can form the basis of developing a new product or service.
a)
True
b)
False
44.
An entrepreneur could also explore business ideas from their work experience, hobbies or personal interests, a combination of two or more ideas, serendipity and others.
a)
True
b)
False
45.
Techniques such as brainstorming, focus groups and surveys are irrelevant to generate new business ideas.
a)
True
b)
False
46.

What kind of material can be covered on "Copyright"?

a)

Books and plays

b)

photographs and movies

c)

Music and dances

d)

All of the above.

47.

The business space has a limited capacity to entertain many customers at the same time.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

48.

The business is located in an area that has many customers.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

49.

New and popular products are being introduced in the market from other competitors.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

50.

The government strongly supports small and medium enterprises to boost the growth of the businesses.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

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