Free Printable Entrepreneurship: Q1 Midterm Key Terms

1.

Corporate social responsibility:

a)

is the legal requirement that companies make charitable donations before paying dividends

b)

is a government program required for all companies

c)

are voluntary steps beyond a company's financial self-interest that reflect what business leaders believe their companies can or should accomplish

d)

is a form that must be completed each year and filed with the Louisiana Secretary of State

2.

Which is an entrepreneur?

a)

a parking lot attendant

b)

a corporate vice president of human relations

c)

a state government official

d)

a woman who designs and makes her own line of clothing and sells them to her friends

3.

Which is an entrepreneur?

a)

the bank CEO who started out as a teller 30 years ago

b)

the convenience store clerk

c)

an adult who started cutting grass as a pre-teen and now runs a gardening business with a sibling

d)

a manager of the biggest chain grocery store in the state

4.

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.

5.

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.

6.

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.

7.

Grit

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)

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.

d)

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.

8.

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.

9.

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.

10.

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.

11.

Comfort Engaging with Strangers

a)

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

b)

Abilities an individual develops that helps him/her succeed. Personal capabilities are developed by a combination of observation, training and hands-on trial and error.

c)

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

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.

12.

Computer Literacy

a)

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

b)

Abilities an individual develops that helps him/her succeed. Personal capabilities are developed by a combination of observation, training and hands-on trial and error.

c)

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

d)

Relationships and resources that help individuals succeed. Support relationships are often with "mentors" (experienced individuals who help you learn and succeed). Support resources include both information sources (like the LA Star Jobs website) and the opportunity to experience new things (like an internship).

13.

Personal Capabilities

a)

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. (

b)

A person who coaches and supports an entrepreneur...or a student studying to become an entrepreneur. Mentors have "been there, done that," so they are a great source of experienced advice to an entrepreneur or a student.

c)

Relationships and resources that help individuals succeed. Support relationships are often with "mentors" (experienced individuals who help you learn and succeed). Support resources include both information sources (like the LA Star Jobs website) and the opportunity to experience new things (like an internship).

d)

Abilities an individual develops that helps him/her succeed. Personal capabilities are developed by a combination of observation, training and hands-on trial and error.

14.

Personal Support Systems

a)

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.

b)

Relationships and resources that help individuals succeed. Support relationships are often with "mentors" (experienced individuals who help you learn and succeed). Support resources include both information sources (like the LA Star Jobs website) and the opportunity to experience new things (like an internship).

c)

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.

d)

A person who coaches and supports an entrepreneur...or a student studying to become an entrepreneur. Mentors have "been there, done that," so they are a great source of experienced advice to an entrepreneur or a student.

15.

Mentor

a)

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.

b)

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.

c)

A person who coaches and supports an entrepreneur...or a student studying to become an entrepreneur. Mentors have "been there, done that," so they are a great source of experienced advice to an entrepreneur or a student.

d)

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

16.

Financial Literacy

a)

Abilities an individual develops that helps him/her succeed. Personal capabilities are developed by a combination of observation, training and hands-on trial and error.

b)

A person who coaches and supports an entrepreneur...or a student studying to become an entrepreneur. Mentors have "been there, done that," so they are a great source of experienced advice to an entrepreneur or a student.

c)

Relationships and resources that help individuals succeed. Support relationships are often with "mentors" (experienced individuals who help you learn and succeed). Support resources include both information sources (like the LA Star Jobs website) and the opportunity to experience new things (like an internship).

d)

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

17.

Which of the following is a work expectation:

a)

unsafe behaviors are addressed tolerantly

b)

OK not to worry about a budget

c)

serious consequences for failures in self-discipline

d)

coming into contact with strangers during a typical day is unusual

18.

Which of the following is a school expectation:

a)

perfect attendance or expulsion / termination

b)

two weeks of vacation

c)

driving and texting results in expulsion / termination

d)

two months of summer vacation

19.

6) According to the textbook, entrepreneurs are ________.

a)

A) gamblers

b)

B) moderate risk takers

c)

C) aggressive risk takers

d)

E) minimal risk takers

20.

5) Which of the following is NOT one of the five common myths about entrepreneurs?

a)

A) Entrepreneurs are tenacious.

b)

B) Entrepreneurs are moderate risk takers.

c)

C) Entrepreneurs should be young and energetic.

d)

D) Entrepreneurs love the spotlight.

21.

3) Stacey Wills, who is at heart a craftsperson, recently started a firm to manufacture a new innovative food blender. Stacey's desire is to sell her food blender to as many people as possible because she firmly believes in the merits of her product. Stacey's story best illustrates which of the following characteristics, or attributes, of a successful entrepreneur?

a)

A) Product/customer focus

b)

B) Execution intelligence

c)

C) Tenacity despite failure

d)

E) A desire to gain financial rewards

22.

9) Entrepreneurial firms ________.

a)

A) are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer

b)

B) bring to market new products and services that are not particularly innovative

c)

D) provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so

d)

E) bring new products and services to market by creating and seizing opportunities

23.

13) ________ is the process of creating something new, which is central to the entrepreneurial process.

a)

A) Modernism

b)

B) Innovation

c)

C) Execution

d)

D) Creativity

24.

8) The three primary reasons that people become entrepreneurs and start their own firms are to ________.

a)

A) gain prestige, realize financial rewards, and eliminate risk in their lives

b)

B) do what they were "born" to do, be their own boss, and gain prestige

c)

C) take big risks, be their own boss, and do what they were "born" to do

d)

D) be their own boss, pursue their own ideas, and pursue financial rewards

25.

Which of the following is NOT a core characteristic of most entrepreneurs?

a)

Risk-taker

b)

Selfish

c)

Confident

d)

Independent

26.

The internet is a great tool for starting and running a business.

a)

True

b)

False

27.

The process of identifying an opportunity then setting up and running a business to address that opportunity.

a)

Entrepreneurship

b)

Responsibility

28.

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

29.

An entrepreneur is someone who works for themselves.

a)

True

b)

False

30.

ALL entrepreneurs have a college degree.

a)

True

b)

False

31.

Who created Facebook?

a)

Mark Zuckerberg

b)

Elon Musk

c)

JK Rowling

d)

Walt Disney

32.

Most entrepreneurs work long hours, but they create their own schedule.

a)

True

b)

False

33.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

risk

c)

plans

d)

none of these

34.

8) The three primary reasons that people become entrepreneurs and start their own firms are to ________.

a)

A) gain prestige, realize financial rewards, and eliminate risk in their lives

b)

B) do what they were "born" to do, be their own boss, and gain prestige

c)

C) take big risks, be their own boss, and do what they were "born" to do

d)

D) be their own boss, pursue their own ideas, and pursue financial rewards

35.

Which of the following is NOT a core characteristic of most entrepreneurs?

a)

Risk-taker

b)

Selfish

c)

Confident

d)

Independent

36.

The process of identifying an opportunity then setting up and running a business to address that opportunity.

a)

Entrepreneurship

b)

Responsibility

37.

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

38.

An entrepreneur is someone who works for themselves.

a)

True

b)

False

39.

ALL entrepreneurs have a college degree.

a)

True

b)

False

40.

Most entrepreneurs work long hours, but they create their own schedule.

a)

True

b)

False

41.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

risk

c)

plans

d)

none of these

42.

It is a practice and a process that results in one’s creativity, innovation and enterprise development and growth.

a)

A. ENTREPRENEUR

b)

B. ENTREPRENEURSHIP

c)

C. INDUSTRY

d)

D. KEY CONCEPTS

43.

Defined as someone who has the ability and desire to establish, administer and succeed in a start-up venture along risk entitled to it to make profits.

a)

A. ENTREPRENEUR

b)

B. KEY CONCEPTS

c)

C. ENTREPRENEURSHIP

d)

D. INDUSTRY

44.

Which of the statements below is true?

a)

a. Entrepreneur has limited career opportunities.

b)

b. Entrepreneurs are contributor to the development of society.

c)

c. Entrepreneurs are prone to constant high income.

d)

d. Entrepreneurs are the reasons for unemployment problem.

45.

Which of the following is a way that entrepreneurship helps our society:

a)

Creates new jobs

b)

Reduces taxes

c)

Eliminates financial concerns

d)

Decreases economic growth

46.

While managers help make entrepreneurs’ visions a reality, they aren’t required to

a)

set business objectives.

b)

assume the risk involved

c)

formulate company policy.

d)

implement procedures.

47.

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

a)

higher taxes.

b)

guaranteed financial security.

c)

personal satisfaction.

d)

sales quotas.

48.

Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.

a)

advanced technology

b)

tax breaks and deductions

c)

personal commitment

d)

flexibility and independence

49.

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of

a)

advertising.

b)

money.

c)

employees.

d)

commitment.

50.

What is a disadvantage of entrepreneurship?

a)

Personal satisfaction

b)

Uncertain income

c)

Lower taxes

d)

Fewer resources

51.

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of

a)

empathy.

b)

productivity.

c)

outsourcing.

d)

success.

52.

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.

a)

passion for

b)

concerns about

c)

apathy for

d)

reservations about

53.

How are entrepreneurs similar?

a)

They have strong personal traits, such as determination and confidence.

b)

They are born with excellent leadership and communication skills.

c)

Startup business owners rarely fail at their entrepreneurial ventures.

d)

Most entrepreneurs go on to start other businesses.

54.

Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop. What entrepreneurial trait is Sidney exhibiting?

a)

Organization

b)

Creativity

c)

Open-mindedness

d)

Willingness to take risks

55.

How do entrepreneurs develop their skills?

a)

By reducing their flexibility

b)

By seeking little or no advice from others

c)

By training and practicing continuously

d)

By becoming an autocratic leader

56.

A carbon footprint is a measurement of

a)

the amount of carbon one person or business uses

b)

the amount of carbon offsets purchased

c)

the degree of carbon in the environment

d)

the amount of alternative energy on person or business uses

57.

Which of the following relates to ethical sourcing?

a)

partnering for cause-related marketing

b)

associating with businesses that provide in-kind donations

c)

buying from suppliers who respect workers' rights

d)

greenwashing

58.

Your carbon ________ is the amount of carbon you use and thus release into the atmosphere.

a)

fingerprint

b)

footprint

c)

stamp

d)

occupation

59.

Cause-related ________ is a partnership between a business and a nonprofit group that benefits both.

a)

donations

b)

sponsorship

c)

marketing

60.

Using recycled packaging is an example of sustainability.

a)

True

b)

False

61.

By donating money to a nonprofit organization, an entrepreneur demonstrates

a)

sustainability

b)

philanthropy

c)

in-kind donation

d)

all of the answers are correct

62.

Corporate social responsibility balances

a)

profit and growth with the needs of the economy

b)

profit and growth with the personal benefit

c)

good of society with profit and growth

d)

good of society with the needs of the economy

63.

Is an action-based statement that declares the purpose of an organization and how they serve their customers.

a)

mission statement

b)

vision statement

Entrepreneurship: Q1 Midterm Key Terms

Total questions: 63

Worksheet time: 33mins

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