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Worksheets1.02 Career Opportunities - Entrepreneurship 1
Total questions: 20
Worksheet time: 10mins
Which of the following is a way that entrepreneurship helps our society:
Creates new jobs
Reduces taxes
Eliminates financial concerns
Decreases economic growth
One difference between entrepreneurs and small-business owners is that:
entrepreneurs usually purchase existing businesses or franchise rights.
small-business owners generally are not interested in expanding their businesses.
entrepreneurs rarely manage the day-to-day aspects of their businesses.
small-business owners usually employ between 500 and 1,000 workers.
While managers help make entrepreneurs’ visions a reality, they aren’t required to:
set business objectives.
assume the risk involved.
formulate company policy.
implement procedures.
The most likely reason an individual might turn a woodworking hobby into a business is because of:
higher taxes.
guaranteed financial security.
personal satisfaction.
sales quotas.
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.
advanced technology
tax breaks and deductions
personal commitment
flexibility and independence
Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of:
advertising.
money.
employees.
commitment.
In the early stages of a startup business, entrepreneurs assume sole responsibility for:
all aspects of their businesses.
global economic growth rates.
the demand of their products.
the daily activities of competitors.
Technological advancements have made it possible for some entrepreneurs to
reduce the need for maintaining financial records.
eliminate the need to pay income and Social Security taxes.
run their businesses with fewer computer skills.
operate their businesses entirely from their computers.
Governments can encourage entrepreneurial development by
increasing interest rates on loans.
establishing higher ethical standards.
deregulating and reducing taxes.
passing more legislation with strict guidelines.
What is a disadvantage of entrepreneurship?
Personal satisfaction
Uncertain income
Lower taxes
Fewer resources
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
empathy.
productivity.
outsourcing.
success.
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.
passion for
disinterest in
indifference to
aversion to
How are entrepreneurs similar?
They have strong personal traits, such as determination and confidence.
They are born with excellent leadership and communication skills.
Startup business owners rarely fail at their entrepreneurial ventures.
Most entrepreneurs go on to start other businesses.
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?
Organization
Creativity
Open-mindedness
Willingness to take risks
How do entrepreneurs develop their skills?
By reducing their flexibility
By seeking little or no advice from others
By training and practicing continuously
By becoming an autocratic leader
Which of the following statements is true regarding training for entrepreneurial ventures:
The type of training and education that entrepreneurs need depends on the nature of the startup business.
Most successful entrepreneurs have degrees from four-year colleges or universities.
Once entrepreneurs are educated or trained in their business field, they rarely need further education.
Most entrepreneurs must pass state-mandated exams to operate their businesses.
Which of the following statements is true regarding entrepreneurship:
Entrepreneurship offers limited personal and financial growth possibilities.
Most entrepreneurs are born with the skills they need for success.
Most people have the ability to become entrepreneurs.
Personal traits are behaviors that cannot be strengthened.
Before starting their business ventures, which of the following would entrepreneurs recognize first:
Regulations
Associations
Opportunities
Reductions
Entrepreneurs often discover business startup ideas by looking for gaps between what is currently being done and
what was done in the past.
when changes were last made.
how things are being done.
what needs to be done.
Environmental protection and the shift toward healthier lifestyles are examples of
problems.
trends.
solutions.
obstacles.
