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WorksheetsIntro to Entrepreneurship Quiz
Total questions: 55
Worksheet time: 33mins
What type of business is owned by one person?
Corporation
Partnership
Sole Proprietorship
Non-profit organization
Which type of business is owned by two or more owners?
Corporation
Sole Proprietorship
Partnership
Cooperative
What type of business is a large company owned by shareholders?
Sole Proprietorship
Partnership
Non-profit organization
Corporation
What is the Small Business Administration (SBA)?
A) A private investment firm from the U.S. Government to regulate small businesses
B) A U.S. government agency that helps small businesses grow
C) A small business consulting company that deals with taxes and auditing
D) A non-profit organization
What percentage of all new jobs are created by small businesses?
A) 34%
B) 50%
C) 64%
D) 80%
According to the Small Business Administration (SBA), a small business is defined as a business with fewer than how many employees?
A) 50 employees
B) 100 employees
C) 200 employees
D) 500 employees
What distinguishes an entrepreneur from a small business owner?
A) An entrepreneur works in a business owned by someone else
B) An entrepreneur identifies and acts on an idea or problem that no one else has identified or acted on
C) An entrepreneur owns or starts a business that already has an existing model
D) An entrepreneur takes no risk in acting on an opportunity
Who is an employee?
A) A person who identifies and acts on an idea or problem that no one else has identified or acted on
B) A person who owns or starts a business that already has an existing model
C) A person who works in a business owned by someone else
D) A person who takes a significant financial risk in starting a new business venture
What is the approach that innovators take when starting their business?
Seek out opportunities to expand upon previously created methods, processes, or products
Make something new or see a problem that other people have not noticed
Find new approaches, methods, or products that add value through solving a problem in a unique manner
Innovate or reinvent their market from a future perspective by asking what the market could evolve into
Creators are entrepreneurs who:
Innovate or reinvent their market from a future perspective by asking what the market could evolve into
Make something new or see a problem that other people have not noticed
Find new approaches, methods, or products that add value through solving a problem in a unique manner
Seek out opportunities to expand upon previously created methods, processes, or products
Expander and scalers are types of entrepreneurs who:
Innovate or reinvent their market from a future perspective by asking what the market could evolve into
Find new approaches, methods, or products that add value through solving a problem in a unique manner
Make something new or see a problem that other people have not noticed
Seek out opportunities to expand upon previously created methods, processes, or products
Which of the following is NOT a reward of being an entrepreneur?
Making your own rules/ flexible schedule
Doing work you enjoy
Do whatever you want when you want in regards to your business and employees
Helping your community
What is an entrepreneurial venture?
A) A business with a guaranteed success rate
B) A business that has been passed down through generations
C) The creation of any business, organization, project, or operation that includes a level of risk in acting on an opportunity that has not previously been established
D) A government-funded project
Market makers are entrepreneurs who:
Make something new or see a problem that other people have not noticed
Seek out opportunities to expand upon previously created methods, processes, or products
Innovate or reinvent their market from a future perspective by asking what the market could evolve into
Find new approaches, methods, or products that add value through solving a problem in a unique manner
Which of the following is NOT a risk of entrepreneurs?
Potential business failure
Financial insecurity
Long hours and hard work
Potential to earn a lot of money
What is risk?
The certainty of achieving something
The investment of money, time and energy given the chance that you may lose it.
The process of making a plan
The act of hiring employees
What is the relationship between risk and reward?
The greater the risk, the lesser the reward
The greater the risk, the greater the reward
There is no relationship between risk and reward
The lesser the risk, the greater the reward
Who's risking the most when starting a business?
Employee of the business
Entrepreneur
What does SMART stand for in the context of a Goal Mindset?
Specific, Measurable, Attainable, Relevant, Timely
Simple, Manageable, Achievable, Realistic, Traceable
Specific, Measurable, Attainable, Realistic, Timely
Special, Meaningful, Appropriate, Reliable, Tangible
Why is risk taking considered important for entrepreneurs?
You do not want to take risks when starting a business.
If you don't take risks you will have no success at all.
It is important to grow your business and have continued success in the future.
It is important for financial decisions.
Which of the following is a characteristic of successful entrepreneurs?
College educated
Ability to Network
Traditional Thinking
Risk Aversion
What is the role of an entrepreneur in decision making?
They have to follow others' decisions.
They have no role in decision making.
They are in charge of making decisions.
They only make decisions when it's about finances.
Which of the following is NOT a characteristic of successful entrepreneurs?
Optimism
Vision
Contentment
Creativity
What is one of the roles of entrepreneurs?
Decreasing employment
Hindering economic growth
Major driver of economic growth
Reducing market competition
What proportion of small businesses survive 10 years?
About 2/3
About 1/2
About 1/3
About 3/4
What is a major factor of success for entrepreneurs?
Luck
Owner's experience
Government support
Social media presence
What can lead to a failing business?
Excessive funding
Lack of business knowledge
Too many customers
High-quality products
What is the first step in the Six-Step Problem Solving Model?
Gather information
Define the problem
Evaluate alternatives and select the best option
Take action
What is the second step in the Six-Step Problem Solving Model?
Define the problem
Determine the root cause(s) of the problem
Develop alternative solutions
Select a solution
Taking action is part of the Six-Step Problem Solving Model?
True
False
What is the final step in the Six-Step Problem Solving Model?
Implement the solution
Evaluate alternatives and select the best option
Evaluate the outcome
Develop alternative solutions
What should entrepreneurs do before solving a problem?
Talk to other professionals
Look for problems they can then solve
Explore different solutions
Quantify costs and benefits
What should you consider when gathering information about what type of business you should start?
Skills, experience, and interests
Costs and benefits
Various solutions
The best solution
What is recommended to do before settling on a solution?
Define the problem
Evaluate alternatives
Explore different solutions
Gather information
When evaluating alternatives to solve a problem, what is a useful approach?
Defining the problem again
Talking to other professionals
Quantifying costs and benefits when possible
Gathering more information
What should you do once a solution is determined according to the 'Take Action' step in problem-solving?
Wait for a better solution
Take action to implement it
Discuss the solution with more people
Ignore the solution and find a new problem
Why is it important to 'Evaluate the Action' in problem-solving?
To start a new problem
Because sometimes solutions do not always work out and changes need to be made
To take a break after solving the problem
To celebrate the solution found
Which of the following is NOT a necessary skill of entrepreneurs?
Business skills
Communication skills
Reading skills
Organizational skills
What type of skills are necessary for most jobs that operate online?
Negotiation skills
Computer skills
Athletic skills
Culinary skills
Which of the following is an advantage of sole proprietorship?
Owner has complete control
Owner gets all the stress
Cannot raise capital
All the above
What percentage of the profits in sole proprietorship is the owner designated to?
75%
100%
54%
0%
Partnership requires at least three people
True
False
In partnership, decisions require agreement
True
False
Business owned by shareholders is
Partnership
Sole proprietorship
Corporation
Franchise
An assessment of your interests is
self-discipline
an advantage of entrepreneurship
helpful in deciding what business is right for you
a nonfinancial goal
Disadvantage of entrepreneurship include
uncertain income
risk
working long hours
all of these
An entrepreneur can expect to earn large profits immediately after starting a business.
True
False
Which trait or characteristic would describe a successful entrepreneur?
Lazy
Shy
Bossy
Self Starter
