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Entrepreneurship Quiz

Total questions: 46

Worksheet time: 46mins

Name
Class
Date
1.

What systems discourage people from coming forward with entrepreneurial ideas? (Select all that apply.)

a)

sustainable production within an economy

b)

bureaucratic prevention of access to information

c)

valuing self-reliance and ingenuity

d)

corruption within an economy

2.

Which of the following best describes an entrepreneurial mindset?

a)

having an entrepreneurial education

b)

desiring to take business risk for growth

c)

having sufficient venture capital funding

d)

knowing what business will be successful

3.

What element(s) of potential success are crucial beyond simply having an entrepreneurial mindset?

a)

funding and education

b)

access to a larger pool of money

c)

the number of businesses in your country

d)

having an angel investor and a team

4.

Part of the entrepreneurial perspective is solving problems to make lives easier.

a)

True

b)

False

5.

What is institutional venture capital?

a)

group of people pooling money to invest in ventures

b)

those who provide funding early in a venture

c)

money from family and friends

d)

entrepreneurs who fund their own startup ventures

6.

Why is the United States a country that “grows” successful entrepreneurs?

a)

because there are few prescribed conformity traditions

b)

because there are many immigrants

c)

because of affinity marketing supporting immigrants

d)

because there are a lot of retirees with pensions

7.

All of the following except ________ describe entrepreneurs.

a)

non conformists

b)

corporate rebels

c)

corporate sponsors

d)

activists

8.

Which of the following is not an example of a social-environmental entrepreneurial problem?

a)

concern about pollution

b)

concern for quality of life

c)

concern for air quality

d)

concern for government funding

9.

There is only one type of entrepreneur.

a)

True

b)

False

10.

Evernote cofounder, Phil Libin, said that changing the world is the only legitimate reason to start a company.

a)

True

b)

False

11.

Which of the following is an example of an entrepreneur?

a)

market leader

b)

innovator

c)

strategist

d)

nonprofit

12.

Which of the following is a key characteristic that encourages entrepreneurship?

a)

support for freedom to innovate

b)

geopolitical mindset

c)

group-prescribed conformity

d)

access to funding through bank channels

13.

Which is not a contributing factor to the desire to become an entrepreneur?

a)

moving a concept to materialisation of an idea

b)

combination of retirement and longer life expectancy

c)

certainty of employment and income

d)

excitement and fun of creating something new

14.

Which answer least describes the entrepreneurial aspect of Starbucks?

a)

They wanted to compete with McDonalds and Dunkin Donuts which serve coffee.

b)

There were few coffee shops in the US with a European flair.

c)

They wanted to focus on producing high-quality coffee.

d)

Its founder wanted to establish an American coffee empire.

15.

Which of the following is not an example of a lifestyle venture?

a)

creating a pasta company to increase jobs in Maine

b)

starting a fashioned focused eyeglass company

c)

organising trips and events for women traveling to India

d)

making candles to earn money to support her family

16.

Entrepreneurs launch only for-profit ventures.

a)

True

b)
  1. False 

17.
  1. Most theorists believe there is only one definition of entrepreneurial success, which is to make money.

a)

True

b)

False

18.
  1. The Burt’s Bees product line grew from an idea for a lifestyle entrepreneurial venture into a major company.

a)

True

b)

False

19.
  1. An opportunity-identifying perspective determines how a problem can be translated into a new opportunity to create a new venture.

a)

True

b)

False

20.
  1. Outside of the United States, there are few entrepreneurial ventures.

a)

True

b)

False

21.
  1. When a venture grows, less money is typically needed as early funding will yield greater profitability returns.

a)

True

b)

False

22.
  1. What are examples of entrepreneurship education that are driving growth? (Select all that apply.)

a)
  1. Students are connecting with business ideas. 

b)
  1. Students receive scholarships for studying entrepreneurship. 

c)

Most universities are offering funding to young entrepreneurs.

d)
  1.  More colleges are teaching entrepreneurship through classes and clinics.

23.
  1. The US is one of the most attractive countries for entrepreneurial ventures.

a)

True

b)

False

24.
  1. Because of the stress of starting a business, entrepreneurs tend to have shorter life expectancies.

a)

True

b)

False

25.
  1. Innovators often work on problems that are widely recognised, rather than only those unnoticed by others. Innovation can involve finding better solutions to well-known issues or improving existing solutions in a significant way.

a)

True

b)

False

26.
  1. Mcdonald's introduced an “all day breakfast” menu in 2017 that was hugely successful; it also targeted a larger segment (in part younger consumers) and brought back consumers who had chosen other options.

a)

True

b)

False

27.
  1. An entrepreneur is someone who ________.

a)

creates a home-based business that sells products available through other retailers

b)
  1. creates a business around the idea of solving a problem 

c)
  1. creates a small business based on other existing businesses 

d)
  1. is highly creative 

28.
  1. Which of the following is not a reason for the downward slide in the number of employees working for self-employed businesses?

a)
  1. difficulty in finding qualified employees 

b)
  1. outsourcing activities 

c)
  1. desire over control of one’s career 

d)

 gig economy employment

29.
  1. What are the correct steps of the entrepreneurial journey?

a)
  1. Inspiration, Preparation, Assessment, Exploring Resources, Business Plan, Navigation, Launch 

b)
  1. Inspiration, Preparation, Business Plan, Exploring Resources, Navigation, Launch, Assessment 

c)
  1. Preparation, Assessment, Navigation, Inspiration, Business Plan, Exploring Resources, Launch 

d)
  1. Inspiration, Preparation, Business Plan, Assessment, Navigation, Exploring Resources, Launch

30.
  1. Which is the most pragmatic way to plan a venture?

a)

pursuing an existing franchise license

b)
  1.  being frustrated with a situation 

c)
  1. working for an independent contractor 

d)
  1.  quitting your job to start a venture

31.
  1. Which of the following is an example of bootstrapping?

a)
  1. completing a trial run of your launch 

b)
  1.  launching a venture under the radar 

c)
  1. starting a business in your parent’s garage 

d)
  1.  maxing out personal credit cards to start a business 

32.
  1. What is the most important aspect of the preparation step?

a)

research and evaluation

b)

research and gathering knowledge

c)

 gathering knowledge and exploring

d)

evaluation and gathering knowledge

33.
  1. Bootstrapping is a cash management technique that most entrepreneurs use.

a)

True

b)

False

34.
  1. Bartering is a type of business plan.

a)

True

b)

False

35.
  1. Assessment is determining the idea you plan to offer through your venture.

a)

True

b)

False

36.
  1. Late-stage entrepreneurial failures rates are similar to those of early-stage startups, often due to never achieving traction or growing too quickly.

a)

True

b)

False

37.
  1. The planning process of a venture includes the financial and human resources to implement the idea.

a)

True

b)

False

38.
  1. A business model canvas (BMC) offers a simple, one-page tool used to design an innovative business model that can be presented to key stakeholders including significant partners.

a)

True

b)

False

39.
  1. An entrepreneurial mindset is a progressive way of thinking with an intent toward engaging in entrepreneurial activities, productions or solutions from a willingness to accept and act on new information.

a)

True

b)

False

40.
  1. Cash management includes the management of cash inflows and outflows to support the cash needs of the venture.

a)

True

b)

False

41.
  1. New information and unexpected twists and turns require a closed mindset to adjusting to these changes.

a)

True

b)

False

42.
  1. An entrepreneurial journey entails an understanding of or selection from among a series of decisions, opportunities, or obstacles with seven steps that assist with the advancement toward an entrepreneurial goal or dream.

a)

True

b)

False

43.

A person might bootstrap when the venture is large enough or perfected to the point, even when attracting outside financing is feasible.

a)

True

b)

False

44.

There are only certain ways to create frameworks and action plans.

a)

True

b)

False

45.
  1. A framework is an organised, step-by-step outline or guide that pulls together the ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success. An action plan is a structure or outlined process that can be used as the basis for developing or improving a venture.

a)

True

b)

False

46.
  1. Entrepreneurial venture refers to any business, organization, project, or operation that might require a significant amount of activity, risk, sacrifice or investment to achieve specific entrepreneurial goals or results.

a)

True

b)

False