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WorksheetsCAD3113P/TOU3124N: ENTREPRENUERSHIP
Total questions: 25
Worksheet time: 13mins
Entrepreneur is defined as…
he who is willing to work in an organization
he who punches his competitor face in order to win
he who accepts risks and opportunities of creating, operating and growing a business
he who is very good in drawing products
An entrepreneur who is involved in technological changes in producing goods and services is called a
Copreneur
Intrapreneur
Technopreneur
Computerenuer
What is the difference between a startup and a small business?
Startups intend to grow larger compared to a small business
Startups is high quality business
Small businesses have multiple locations, startups do not
Small business fail after 5 years
What is a disadvantage of entrepreneurship?
Personal satisfaction
Lower taxes
Uncertain income
Flexible schedule
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.
concerns about
ignore about
relax for
passion for
Which of the following is NOT considered a risk of being an entrepreneur?
Long hours and hard work
Potential Business Failure
Providing value to others
Financial Insecurity
Below are the competencies of successful entrepreneurs EXCEPT
Information-seeker
High work quality
Systematic planning
Introvert
1) Which of the following is an accurate characterization of interest in entrepreneurship?
A) There is tremendous interest in entrepreneurship across the world.
B) There is minimal interest in entrepreneurship across the world.
C) There is minimal interest in entrepreneurship in North America and Europe, but significant interest in Asia and Australia.
D) There is significant interest in entrepreneurship in North America and Europe, but minimal interest in Asia and Australia.
E) While interest in entrepreneurship was once high, it is waning in popularity across the world.
What is the main difference between a businessman and an entrepreneur?
A businessman is a market leader, while an entrepreneur is a market player
A businessman is people focused, while an entrepreneur is profit oriented
A businessman is a risk taker, while an entrepreneur is risk averse
A businessman creates the market for his own business, while an entrepreneur starts a business on an old concept or idea
What are the three primary reasons that people become entrepreneurs?
Desire to pursue own ideas, financial reward, desire to be a market leader
Desire to be own boss, desire to work for a large corporation, financial reward
Desire to be own boss, desire to pursue own ideas, financial reward
Desire to work for a large corporation, desire to pursue own ideas, financial reward
Which of the following is a characteristic of successful entrepreneurs?
Inability to execute plans effectively
Risk averse
Passion for the business
Lack of focus on customers
What is a common myth about entrepreneurs?
Entrepreneurs are gamblers
Entrepreneurs are not risk takers
Entrepreneurs are not born, they are made
Entrepreneurs are not motivated by money
What is the impact of entrepreneurial firms on larger firms?
No impact on larger firms
Creation of new products and services for larger firms
Enhancement of productivity at work for larger firms
Decrease in efficiency of larger firms
What is the economic impact of entrepreneurial firms?
Reduction in job opportunities
No impact on society
Innovation and job creation
Decrease in new products and services
A form of business which owned, managed, controlled by an individual is termed as...........
Sole - concern
Sole- proprietor
Sole proprietorship
Sole proprietership
The liability of a sole trader is
Limitted
Unlimited
Partly limitted
None of these
Lack of business continuity in sole proprietorship due to
Death
Insanity
Insolvency
All of the above
In a partnership, a limited partner is a person who,
invests money in the business
has no management responsibility
has no liability for loss beyond his or her investment in the partnership
receives a portion of profits and tax benefits
all of the above
What is the maximum number of partners in partnership firm?
10
100
50
200
Which of the following is the advantage of partnership?
More Financial Resources
Easy Formation
Secrecy
All the above
A corporation is a legal entity that is:
a) Owned by a single individual.
b) Owned by multiple individuals called shareholders.
c) Managed by a sole proprietor.
d) Not subject to government regulations.
Which term refers to the individuals elected to oversee the management of a corporation?
a) Partners
b) Owners
c) Board of Directors
d) Sole traders
What is a key advantage of a corporation in terms of liability?
a) Shareholders have unlimited personal liability
b) Shareholders' personal assets are protected from business debts.
c) The corporation is exempt from taxes.
d) The corporation is not subject to legal proceedings.
How do shareholders participate in the profits of a corporation?
a) By receiving dividends based on their ownership shares.
b) By receiving fixed salaries from the corporation.
c) By sharing profits equally with all employees.
d) By receiving interest payments from the corporation.
Which of the following is the disadvantage of sole trader?
A. Greater control.
B. Disagreement
C. Tax liability
D. Lack of continuity.
