Free Printable MIDTERM IN ENTREPRENEURIAL MANAGEMENT

1.

Check all of the benefits entrepreneurship can provide for a society.

a)

provide jobs

b)

can cause prices to increase

c)

new ideas

d)

new products

e)

more borrowing

2.

Check all of the benefits that entrepreneurship can provide to an economy.

a)

higher standard of living for all

b)

money is subtracted from the economy

c)

society's needs can be met

d)

more ways to find resources

e)

government keeps all the resources

3.

Check all of the ways entrepreneurship benefits an economy.

a)

helps increase job opportunities for society

b)

causes countries to put up more trade barriers

c)

causes consumers to spend more money than they have

d)

causes the government to save more money

e)

creates economic growth

4.

A person who has the idea for a new business venture or enterprise and accepts the responsibility for launching, running and developing it is called a/an:

a)

citizen

b)

business

c)

entrepreneur

d)

manager

5.

Which of the two statements are true about entrepreneurs?

a)

they can provide income for themselves

b)

they need a lot of money to start a business

c)

they can create employment opportunities for others

d)

they have to do everything themselves

6.

Social Security is an examples of what type of government action.

a)

Provide public goods and services

b)

Redistribute income

c)

Protect property rights

d)

Resolve market failures

7.

All of the following are ways the government promotes competition except

a)

collecting taxes

b)

prohibiting (preventing) monopolies

c)

engaging in trade

d)

supporting new businesses

8.

The government can borrow money and collects taxes.

a)

true

b)

false

9.

If the government increases borrowing, then private borrowing

a)

increases

b)

decreases

c)

stays the same

10.

If the government decreases taxes, then private spending

a)

increases

b)

decreases

c)

stays the same

11.

An increase in government spending can result in all the follow EXCEPT

a)

lower taxes

b)

higher taxes

c)

more production

d)

more demand

12.

It is crucial in putting up a business enterprise.

a)

manpower

b)

capital

c)

skills

d)

market

13.

These are positive and favorable factors in the environment, which you should take advantage of or which can make a project idea potentially viable or feasible.

a)

strength

b)

weaknesses

c)

opportunities

d)

threats

14.

It is crucial in putting up a business enterprise.

a)

manpower

b)

capital

c)

skills

d)

market

15.

Robin has been working throughout the week to get ready for the store opening on Friday. The tiles for the entryway weren’t delivered on time, but Robin took the company van and picked up the tiles at the vendor’s warehouse. When the utility didn’t connect the electricity on Monday, Robin stayed on hold for an hour before finding a supervisor who sent a utility tech right away.

The type of entrepreneurial behavior that Robin has been exhibiting over the past week can best be described as:

a)

(a) independence

b)

(b) optimism

c)

(c) determination

d)

(d) computer literacy

16.

Equipment, inventory or other goods that are pledged to the bank in the case the company can not make a loan payment

a)

mortgage

b)

securities

c)

share

d)

collateral

17.

Money earned when something is sold. It is usually stated as a percentage

a)

commission

b)

collateral

c)

liquid asset

d)

liability

18.

Sara asks her friends Khalid and Reem to be a partner in the business. They identifies each partner responsibilities.

Sara will be responsible for making over all decisions.

Khalid will be responsible for recording transactions and tracking the movement of money in the business and Reem is responsible for advertising the business in social media.

The business ownership is considered as:

a)

Sole proprietorship

b)

Partnership

c)

Company

19.

An organization that use inputs to provide goods or services to customers in exchange for money.

a)

Enterprise

b)

Entrepreneur

c)

Small Business

d)

Business Idea

20.

An organization that use inputs to provide goods or services to customers in exchange for money.

a)

Business idea

b)

Entrepreneur

c)

Small Business

d)

Business

21.

A concept that can be used to make money.

a)

Business

b)

Entrepreneur

c)

Small Business

d)

Business idea

22.

A good Business idea must be profitable.

a)

True

b)

False

23.

Full form of MSME is

a)

a. Mini, small and Micro Enterprises

b)

b. Micro, Small and Medium Enterprises

c)

c. micro, Small and Macro enterprises

d)

d. Micro, small and Mini Enterprises

24.

The process of starting & operating one's own business.

a)

Entrepreneurship

b)

Entrepreneur

c)

Venture

25.

Who can own a small business?

a)

Only a college graduate

b)

Anyone

c)

Only someone with a lot of money

d)

Only smart people

26.

ALL entrepreneurs have a college degree.

a)

True

b)

False

27.

A new or different product

a)

Harvesting

b)

Innovation

c)

Opportunity

d)

Risk

28.

Which is NOT a common characteristic of an entrepreneur?

a)

risk-taker

b)

creative

c)

organized

d)

irresponsible

29.

Determination

a)

The ability to pursue what you think is right or necessary to do despite temptations to quit. Self-command, persistence and resolve.

b)

Commitment to get something done. Individuals with determination exhibit willpower to accomplish what they set out to do. Also called "tenacity." Spirit, courage, willpower and single-mindedness.

c)

The ability to pursue a task without being told to by someone else. Individuals who are self-motivated can find the strength to start and finish a task without giving up.

d)

An individual's self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience and backbone.

30.

Self-motivation

a)

The ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis--often under pressure--to reach a solution.

b)

An individual's self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience and backbone.

c)

The ability to pursue what you think is right or necessary to do despite temptations to quit. Self-command, persistence and resolve.

d)

The ability to pursue a task without being told to by someone else. Individuals who are self-motivated can find the strength to start and finish a task without giving up.

31.

Self-discipline

a)

The ability to pursue what you think is right or necessary to do despite temptations to quit. Self-command, persistence and resolve.

b)

The ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis--often under pressure--to reach a solution.

c)

An individual's self-commitment to overcome obstacles to achieve long-term goals. The ability to keep pursuing your dream despite challenges and defeats. Perseverance, resilience and backbone.

d)

Working with others to address a challenge. Individuals using their skills in harmony with others to complete a task. Effective team work involves trust among team members. Collaboration and cooperation.

32.

Problem Solving

a)

Working with others to address a challenge. Individuals using their skills in harmony with others to complete a task. Effective team work involves trust among team members. Collaboration and cooperation.

b)

The ability to interact in a friendly and effective way with people you don't know. The ability to seem welcoming and easy to talk to, even with people who are different in age, appearance or background.

c)

The ability to accurately convey information about what you are thinking, any questions you may have and what you feel needs to be accomplished to others. Both verbal (or spoken) and written communication skills are important.

d)

The ability to find solutions to difficult or complex issues. The process of working through the details of a challenge or crisis--often under pressure--to reach a solution.

33.

Teamwork

a)

The ability to use computers for basic tasks, such as developing documents, sending emails and searching the internet for information.

b)

Working with others to address a challenge. Individuals using their skills in harmony with others to complete a task. Effective team work involves trust among team members. Collaboration and cooperation.

c)

The ability to accurately convey information about what you are thinking, any questions you may have and what you feel needs to be accomplished to others. Both verbal (or spoken) and written communication skills are important.

d)

The ability to interact in a friendly and effective way with people you don't know. The ability to seem welcoming and easy to talk to, even with people who are different in age, appearance or background.

34.

Communications Skills

a)

The ability to accurately convey information about what you are thinking, any questions you may have and what you feel needs to be accomplished to others. Both verbal (or spoken) and written communication skills are important

b)

The ability to use computers for basic tasks, such as developing documents, sending emails and searching the internet for information.

c)

The ability to interact in a friendly and effective way with people you don't know. The ability to seem welcoming and easy to talk to, even with people who are different in age, appearance or background.

d)

Understanding how individuals and businesses earn money and what they spend money on. Understanding important financial terms. Learning how to create a budget.

35.

Which of the following is not a common reason for the failure of small businesses?

a)

A lack of sufficient start-up money

b)

Shortage of skilled workers

c)

lack of management experience

d)

failure to manage credit offered to customers

36.

A(n) ____ is an invention or creation that is brand new.

a)

Development

b)

Improvement

c)

Innovation

d)

Advancement

37.

Which is a key trait of an entrepreneur?

a)

Flexibility

b)

Risk Taking

c)

Creative Thinking

d)

All of the above

38.

Small businesses can have a positive impact on large businesses.

a)

True

b)

False

39.

An entrepreneur is...

a)

a business person who is innovative.

b)

a business person who is driven.

c)

both option 1&2.

d)

neither option 1&2.

40.

The advantage of a person becoming an entrepreneur is:

a)

more money'll always be earned than working for an employer

b)

there is more independence than when working for an employer

c)

Less risk of business failure

d)

no oppotunity cost involved in becoming anentepeneur

MIDTERM IN ENTREPRENEURIAL MANAGEMENT

Total questions: 40

Worksheet time: 20mins

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