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E.O.Y. Entrepreneurship Exam Review

Total questions: 62

Worksheet time: 32mins

Name
Class
Date
1.

Define the term entrepreneur

a)

The act of opening a new business

b)

Operating a new business

c)

a person who opens a new business

2.

Monies left over after business expenses have been paid is called (a)   .

3.

Who can be a entrepreneur?

a)

Only rich people

b)

Only business people

c)

anyone with an idea

d)

only smart people

4.

Which of the following is not a good quality of an entrepreneur?

a)

Responsible

b)

Impulsive

c)

Creative

d)

Confident

5.

Which of the following is NOT a characteristic of a successful entrepreneur?

a)

Self-Confident

b)

Takes minimal risk

c)

Innovative

d)

Goal-Oriented

6.

A business owned by two or more people is called...

a)

Sole proprietorship

b)

Corporation

c)

Entrepreneurship

d)

Partnership

7.

Which characteristic of an entrepreneur involves thinking of new ways to sell their products or services to people or to solve financial or operational problem?

a)

Goal Oriented

b)

Determination

c)

Act Quickly

d)

Creative

8.

The ability to make choices alone & bounce back from a poorly made decision, to be able to think, act & plan without a boss or team to lean on.

a)

Independent

b)

Setting High Standards

c)

Creative

d)

Self Confident

9.

This is a type of business that allows one person the right to sell another company's product or service for profit in a certain area. 

a)

Profit

b)

Merger

c)

Franchise

d)

Business Plan 

10.

Believing that anything can be accomplished with enough hard work is what characteristic of an entrepreneur?

a)

Optimistic

b)

Initiator

c)

Forward thinking

d)

Resilient

11.

Not being afraid to do new things  is which characteristic of an entrepreneur?

a)

Risk Taker

b)

Human Relations Skills

c)

Problem-solving & Decision-making Skills

d)

Independent

12.

What are the resources called that are needed to produce a good or service?

a)

Goods and services.

b)

Needs and wants.

c)

Factors of production.

d)

All of the above.

13.

Which one of the four factors of production does the picture show?

a)

Natural Resources

b)

Labor

c)

Capital

d)

Entrepreneur

14.

Forests are examples of which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

15.

A bulldozer is an example of which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

16.

A garbage man is an example of which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

17.

How many factors of production do we have?

a)

1

b)

4

c)

2

d)

3

18.

Gold and oil can be seen as:

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

19.
What part of the picture is the natural resource?
a)
rope
b)
rock mountain
c)
rock climber
20.

Which of the factors of production is shown in this picture?

a)

capital

b)

entrepreneur

c)

land

d)

labor

21.

Which one is a need and not a want?

a)

going out to eat

b)

drinking a glass of water

c)

going to the movies

d)

luxury sports car

22.

Primary Production (Industry) is _______?

a)

When you offer a service

b)

The removal of raw materials from the earth

c)

The making of products

d)

The selling of goods or services

23.

All of the following industries are in the primary sector EXCEPT?

a)

Agricultural Industry

b)

Tourist Industry

c)

Fishing Industry

d)

Forestry Industry

24.

Which of the following industries involves manufacturing?

a)

Primary

b)

Secondary

c)

Tertiary

25.

What sector is the chef of a restaurant working in?

a)

Primary

b)

Secondary

c)

Tertiary

26.

Agriculture would be an example of which type of industry?

a)

secondary industry

b)

tertiary industry

c)

primary industry

27.

Insurance is an example of which stage of production

a)

primary industry

b)

secondary industry

c)

tertiary industry

28.

Which type of industry (stage of production) involves providing goods and services for the public?

a)

Primary industries

b)

Secondary industries

c)

Tertiary industries

29.

Among the following, which is a part of secondary industries?

a)

Farming

b)

Transport

c)

Food processing

30.

A rice farmer is in what stage of production?

a)

Primary

b)

Secondary

c)

Tertiary

31.

Which of the following best describes the term stakeholder? An individual or organisation that:

a)

Owns part of a business

b)

Provides a business with materials

c)

Is affected by, or has an interest in, the activities of a business

d)

Provides finance for a business

32.

These stakeholders want to buy quality goods from a business for a fair price.

a)

employees

b)

lenders

c)

customers

d)

managers

33.

These stakeholders want to make a profit on the money they have invested in the business.

a)

customers

b)

managers

c)

government

d)

owners / shareholders

34.

Businesses pay these stakeholders taxes.

a)

local community

b)

customers

c)

employees

d)

government

35.

These stakeholders often want to receive a promotion or a pay rise.

a)

customers

b)

local community

c)

employees

d)

suppliers

36.

These stakeholders supply products to a business (For example: coffee beans and milk to make a cup of coffee)

a)

lenders

b)

suppliers

c)

managers

d)

government

37.

Businesses can have a positive effect on these stakeholders. For example, businesses create jobs or support local charities.

a)

communities

b)

managers

c)

lenders

d)

employees

38.

Businesses borrow money form these stakeholders.

a)

managers

b)

employees

c)

local communities

d)

lenders

39.

These stakeholders try to make sure that the business achieves all of its objectives.

a)

lenders

b)

managers

c)

local communities

d)

suppliers

40.

Owners, shareholders, managers and employees are:

a)

Internal stakeholders

b)

External stakeholders

41.

Lenders, suppliers, customers, government, and local community are:

a)

Internal stakeholders

b)

External stakeholders

42.

Which stakeholder wants the business to make a profit because they will get a share of it?

a)

Owners

b)

Suppliers

c)

Customers

d)

Local Community

43.

What is a Sole Proprietorship?

a)

A business where 2 or more people share ownership

b)

A business owned by shareholders

c)

A business that is owned by one individual

d)

A business that is owned by one group of people

44.

Which of the following is an advantage of sole proprietorship?

a)

Owner has complete control

b)

Owner gets all the stress

c)

Cannot raise capital

d)

All the above

45.

A Partnership requires at least three people

a)

True

b)

False

46.

A business owned by shareholders is called...

a)

Partnership

b)

Sole proprietorship

c)

Corporation

d)

Franchise

47.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
48.

A father who wants to take his son into the business with him should form this type of business.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

49.

A business arrangement in which an established company sells the license for others to use the company's name and operating plan to sell its products or services is known as...

a)

Wholesaler

b)

Manufacturer

c)

Retailer

d)

Franchise

50.

Which is an example of a product/good?

a)

television repair

b)

pedicure

c)

shoes

d)

haircut

51.

The number of persons in a partnership business are.....

a)

Unlimited

b)

200 maximum

c)

2 to infinite

d)

2-20 partners

52.

When two or more people come together and set up a new business, it is called a joint venture

a)

True

b)

False

53.

Division of Labour can be defined as ....................

a)

the breaking down of work into smaller units

b)

a condition in which one has to work to earn a living

54.

In Division of Labour, each worker handles a specific task

a)

True

b)

False

55.

Which of these is an advantage of Division of Labour?

a)

It quickens the speed of work

b)

It wastes time and energy

56.

Which of the following is an advantage of division of labour?

a)

Less job satisfaction

b)

Delays in work

c)

Increased speed of production

57.

Division of labour reduces productivity

a)

True

b)

False

58.

The part of the Business Plan that looks at how the business will expand in the future is called the ...

a)

Growth Plan

b)

Product and Service Plan

c)

Contingency Plan

d)

Company Description

59.

The part of the Business Plan that provides an outline/description of a business is called ...

a)

Executive Summary

b)

Business Description

c)

Contingency Plan

d)

Mission Statement

60.

The part of the Business Plan that will have who will run the company as well as the qualifications is called the ...

a)

Management Plan

b)

Operational Plan

c)

Executive Summary

d)

Company Description

61.

The Part of the Business Plan that researches the potential(future) customer’s profile is ....

a)

Market Analysis

b)

Business Description

c)

Mission Statement

d)

Growth Plan

62.

The specific goals that a company will try to reach would be in which of section of the business plan?

a)

Financial Statement

b)

Company Description

c)

Mission Statement

d)

Executive Summary