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Entrepreneurship Quiz

Total questions: 107

Worksheet time: 1hrs 20mins

Name
Class
Date
1.

The following are drawbacks to entrepreneurship except........

a)

Disengagement

b)

Discouragement

c)

High levels of stress

d)

Risk of losing investment

2.

I am likely to be an entrepreneur because I have chosen a career path that offers entrepreneurial opportunities. This statement means I am motivated by.............

a)

Locus of control

b)

Perception of desirability

c)

Perception of feasibility

d)

Positive push

3.

One of the following is a psychological reason for pursuing entrepreneurship.

a)

Between things

b)

Locus of control

c)

Middle of things

d)

Need for satisfaction

4.

I am an entrepreneur who practices directly in daily work at a final product that reflects my competencies. What type of entrepreneur am I?

a)

Craft

b)

Nascent

c)

Opportunist

d)

Serial.

5.

One of the following is a sociological reason for pursuing entrepreneurship.

a)

Between things

b)

Locus of control

c)

Middle of things

d)

Need for satisfaction

6.

The word entrepreneur is derived from a French word enterprender, which means......

a)

To be creative

b)

To make profits

c)

To take over

d)

To undertake.

7.

I may not have a lot of skills, but I am a resourceful person who would be open to any entrepreneurial idea that has potential. What type of entrepreneur am I likely to be?

a)

Craft

b)

Portfolio

c)

Opportunist

d)

Serial

8.

My friends keep saying I am good at hair styling and so I have decided to start my own hair salon. This statement means I am motivated by.........

a)

Perception of desirability

b)

Perception of feasibility

c)

Positive pull

d)

Positive push

9.

The characteristics of an individual that causes consistent patterns in that individual's behaviour over time is referred to as entrepreneurial..........

a)

Attribute

b)

Mentality

c)

Personality

d)

Potential

10.

All the following are steps in the entrepreneurial process except.....

a)

Evaluation and exploitation of resources

b)

Idea generation

c)

Opportunity recognition

d)

Resource allocation

11.

I started selling bottled water to my colleagues in class last semester but I failed terribly. I think I'm not very lucky in life and doing successful business is not my fate. This statement means I have high.........

a)

External locus of control

b)

Extremes locus of control

c)

Internal locus of control

d)

Resources

12.

One way to avoid pitfalls of your business is to...........

a)

Make profits.

b)

Sell shares

c)

Take risk

d)

Understand your business in depth

13.

Entrepreneurs are not only motivated by profits and regard it as a yardstick for measuring achievement.

a)

True

b)

False

14.

Entrepreneurs are only motivated by profits and regard it as a yardstick for measuring achievement.

a)

True

b)

False

15.

One of the ways to keep the entrepreneurial fire going it to.....

a)

Learn

b)

Make profits

c)

Sell shares

d)

Take risk

16.

All the following are non - entrepreneurial attributes except.....

a)

Dependency

b)

Impulsiveness

c)

Invulnerability

d)

Values

17.

I am not likely to be an entrepreneur because I believe that what happens in my life is as a result of my personal decision. This statement means I have high.......

a)

External locus of control

b)

Extreme locus of control

c)

Internal locus of control

d)

Interval locus of control

18.

Akosua became an entrepreneur because she was motivated by Kofi's success story. The statement implies Akosua was influenced by........

a)

Desirability

b)

Feasibility studies

c)

Perceived desirability

d)

Perceived feasibility.

19.

Which of the following is not a drawback of entrepreneurship

a)

Uncertainty of income

b)

Long hours and hard work

c)

Making difference

d)

High levels of stress

20.

Which of the following describes a serial entrepreneur?

a)

Owns an equity stake in an independent business.

b)

Takes an idea to market and makes it happen

c)

Has no grand vision

d)

Expect to be the owner or part owner of a start-up business.

21.

Which of the following is true about an opportunist entrepreneur? He / She

a)

Has no grand vision

b)

Owns an equity in an independent business.

c)

Takes an idea to the market and makes it happen

d)

Trains apprentices

22.

Craft entrepreneurs can further be classified into.........

a)

Nascent and novice entrepreneurs

b)

Growth oriented and income oriented entrepreneurs.

c)

Opportunist and portfolio entrepreneurs

d)

Serial and strategic entrepreneurs

23.

Which of the following is/are not a core attribute of an entrepreneur?

a)

Determination

b)

Intelligence

c)

Tolerance of Risk

d)

Courage

24.

Entrepreneurship is all about the following except....

a)

Having the tenacity to push an idea through to reality

b)

Innovation and invention

c)

Seeking opportunities

d)

Taking risk below security

25.

The first person who introduced the term entrepreneur is.......

a)

Adam Smith

b)

Peter F. Drucker

c)

Richard Cantillon

d)

Joseph Schumpeter

26.

Akosua decided to enter into petty trading because of poverty. Who is Akosua?

a)

Novice entrepreneur

b)

Social entrepreneur

c)

Subsistence entrepreneur

d)

Scalable and start up entrepreneur

27.

An approach in which individuals, groups, start-up companies or entrepreneurs develop, fund and implement solutions to social, cultural or environmental issues is......

a)

Corporate entrepreneurship

b)

High Growth entrepreneurship

c)

Social entrepreneurship

d)

Subsistence entrepreneurship

28.

Which of the following is not a role of entrepreneurship in economic development?

a)

Entrepreneurs exploiting only from the community

b)

Harnessing resources that were previously lying down

c)

New venture creation

d)

Redistribution of wealth

29.

The characteristics of an individual that causes consistent patterns in individual's behaviour over time referred to as entrepreneurial..........

a)

Attribute

b)

Attitude

c)

Mentality

d)

Personality

30.

All the following are ways to avoid pitfalls of small business failure except.....

a)

Knowing your business depth

b)

Maintain positive attitude

c)

Setting your business along with the competition

d)

Understanding financial statement.

31.

An individual who actively engage in creating new venture either alone or with someone and is expected to be the owner or part owner of this start up is....

a)

Serial entrepreneur

b)

Nascent entrepreneur

c)

Novice entrepreneur

d)

Portfolio entrepreneur

32.

An individual who has no prior business ownership experience as a founder, inheritor of a business, or a purchaser of a business is.....

a)

Habitual entrepreneur

b)

Novice entrepreneur

c)

Portfolio entrepreneur

d)

Serial entrepreneur

33.

If an entrepreneur has internal locus of control, this means that he or she.....

a)

Has a high need for achievement

b)

Feels comfortable in an unstructured

c)

Believes that success depends on his or her own actions

d)

Believes fate is a powerful force.

34.

Which of the following is a common entrepreneurial traits?

a)

A high need for achievement

b)

A need for structured environment

c)

Viewing changes as threatening

d)

All of the above.

35.

The process of gathering information about trends is......

a)

Need for achievement

b)

Neuroticism

c)

Scanning the environment

d)

Tenacity

36.

An entrepreneur who owns more than one business at a time is......

a)

Corporate entrepreneur

b)

Entrepreneur

c)

Portfolio entrepreneur

d)

None of the above.

37.

According to.......... the entrepreneur is a person with unusual foresight and could recognise the potential of goods and services.

a)

Adam Smith

b)

Charles Darwin

c)

Joseph Alois

d)

Richard Cantillon

38.

An organisation that is focused on executing a repeatable and scalable business model can be described as......... enterprise

a)

Large or small

b)

Start up

c)

Transformational

d)

Transactional

39.

Which of these functions of entrepreneurs relate to opportunity?

a)

Analysing, Directing, Scanning

b)

Analysing, Focusing, Scanning

c)

Attracting, Leading, Analysing

d)

Scanning, Identifying, Analysing

40.

Entrepreneurship is more than mere creation of business. It is about......

a)

Being interested in everything

b)

Having thought of creativity

c)

Overlooking opportunities

d)

Taking risks beyond security

41.

Which of the following is not a classification of entrepreneurs?

a)

Portfolio entrepreneur

b)

Movice entrepreneur

c)

Nascent entrepreneur

d)

Serial entrepreneur

42.

Entrepreneurial personality can also be referred to as.........

a)

Entrepreneurial attribute

b)

Entrepreneurial knowledge

c)

Entrepreneurial traits

d)

Entrepreneurial self-efficacy.

43.

All the following are psychological reasons that influence one's decision to become an enterprenuer except....

a)

High need for achievement

b)

Locus of control

c)

Need for achievement

d)

Positive push

44.

I am not likely to become entrepreneur because I believe that what happens in my life is as a result of fate. This statement means I have high.......

a)

Need for achievement

b)

External locus of control

c)

Perceived feasibility

d)

Positive push

45.

According to Cantillon, the entrepreneur is one who.......... at a certain price and ............. at an uncertain price

a)

Buys, sells

b)

Markets, earns

c)

Sells, buys

d)

Trades, gains

46.

Which of the following is not true about entrepreneurs?

a)

They challenge the unknown

b)

They continuously create the future

c)

They see chaos where others see opportunities

d)

They are aggressive catalyst for change.

47.

A group of level 300 students are working actively to establish, for the first time, an enterprise which was born out of their business concept paper. Which category of entrepreneurs will t

4 lines
48.

A group of level 300 students are working actively to establish, for the first time, an enterprise which was born out of their business concept paper. Which category of entrepreneurs will they constitute?

a)

Portfolio entrepreneurs

b)

Nascent entrepreneurs

c)

Serial entrepreneurs

d)

Craft entrepreneurs

49.

Which of the following best describes Kwame Despite?

a)

Portfolio entrepreneur

b)

Craft entrepreneur

c)

Novice entrepreneur

d)

Gambler

50.

The Entrepreneur process includes all the following except.....

a)

Entrepreneur

b)

Opportunity

c)

Risk

d)

Organisation

51.

The reason why people become entrepreneurs can be classified as all of the following except......

a)

Physiological

b)

Psychological

c)

Situational

d)

Sociological

52.

A collection of resources under the control of the entrepreneur is known as.....

a)

Organization

b)

Business

c)

Firm

d)

Small firm

53.

Which of the following is a non entrepreneur attributes?

a)

Values

b)

Authoritarian

c)

Self-reliance

d)

Intelligence

54.

Akua became an entrepreneur because she did not fit into the main flow of social and economic life. This statement implies that Akua as influenced by.....

a)

Feeling of being between things.

b)

Internal locus of control

c)

Perception of feasibility

d)

Negative displacement

55.

Which of the following represents the highest level of creative behaviour?

a)

Creation

b)

Invention

c)

Modification

d)

Synthesis

56.

Creative ideas can be protected by.......

a)

Creating disclosure agreement

b)

Following role models

c)

Sharing ideas only with friends

d)

Using analogies

57.

Applying creative ideas to useful application is called.......

a)

Creativity

b)

Innovation

c)

Invention

d)

Talent

58.

Abena is thinking of starting a mobile money business. The period within which it makes sense for Abena to realistically enter market is referred to as the......

a)

Doorway of opportunity

b)

Opportunity entryway

c)

Portal of opportunity

d)

Window of opportunity

59.

Which of the following is a quality of an opportunity?

a)

Accessibility

b)

Adaptability

c)

Durability

d)

Feasibility

60.

On way of protecting creative ideas is to........

a)

Use disclosure agreement

b)

Tell everybody about your idea

c)

Rely on referrals

d)

Follow your role model.

61.

The ability to bring something new into existence is called....

a)

Creativity

b)

Innovation.

c)

Invention

d)

Talent

62.

Which of the following is not applicable to brainstorming?

a)

All ideas are captured

b)

All members must contribute.

c)

Criticisms are accepted

d)

Facilitator is needed.

63.

The process of doing new things is called. ....

a)

Creativity

b)

Innovation

c)

Invention

d)

Opportunity

64.

The process of evaluating a business idea to determine its viability is called. .....

a)

Feasibility analysis

b)

Market feasibility

c)

Product feasibility

d)

Usability testing

65.

Creativity occurs at the intersection of all these forces except. ....

a)

Domain of knowledge

b)

Individual

c)

Innovation

d)

Social context

66.

Developing a prototype for potential customers to use in order to measure the product's/service's ease of use, and perception of usage experience is referred to as....

a)

Beta testing/ user test/ field trial

b)

Concept testing

c)

Product feasibility

d)

Trailing

67.

The creative act of joining two previously unrelated things, for example bringing together the telephone and the computer is called......

a)

Invention

b)

Modification

c)

Synthesis

d)

Creation

68.

Introducing a new way of doing business can be termed.........

a)

Business model Innovation

b)

Organizational innovation

c)

Product innovation

d)

Process innovation

69.

All ideas can be converted into successful businesses.

a)

True

b)

False

70.

A collection of resources under the control of the entrepreneur are known as.........

a)

Money

b)

Organisation

c)

Technology

d)

Opportunity

71.

According to Barringer and Ireland (2008) ... can be defined as a favourable set of circumstances that creates a need for a new product, service or business.

a)

Opportunity

b)

Industry trend

c)

Invention

d)

Creativity

72.

Which of the following is not a type of innovation?

a)

Process innovation

b)

Marketing innovation

c)

Business model Innovation

d)

Industry innovation

73.

Creative behaviour includes all the following except. .....

a)

Synthesis

b)

Modification

c)

Creation

d)

Production

74.

Assessing a product's ease of use and user experience by offering samples to potential consumers is called.....

a)

Concept testing

b)

Usability testing

c)

Market testing

d)

Standard testing

75.

An innovative employee of an organisation is called. ....

a)

Intraprenuer

b)

Entrepreneurs

c)

Social commentator

d)

Creative person

76.

Which of the following is a force that creates opportunity in the economy?

a)

Changing trends

b)

Chaos, confusion, inconsistencies

c)

Other vacuum in an industry or market

d)

All the above

77.

The seven year engineering programme has finally come to an end and kofi kakra still holds on to the burning desire of coming out with a car that can be used on both the land and the sea without any external GPS support. This mental process connotes that Kofi Kakra is........

a)

Innovative

b)

Creative

c)

Brilliant

d)

Curious

78.

A business arrangement where one partly allows another party to use a business name and sell its products or services is known as.......

a)

Cooperative

b)

Franchise

c)

Owner manager business

d)

Limited company

79.

Partnership is registered under......

a)

Incorporated private partnerships act, 1962 (Act 152)

b)

Companies act, 2019 (Act 992)

c)

Incorporated partnerships private act, 1962 (Act 152)

d)

Incorporated private partnerships act, 1972 (Act 152)

80.

One of the disadvantages of a franchise business for a franchisee is........

a)

Franchise businesses typically have a high failure rate.

b)

Lack of independence

c)

Lack of brand identity

d)

Training is not normally provided by a franchisor.

81.

One of these is an advantage of a company as a form of business ownership.

a)

Easy to set up

b)

Enjoy economies of scale.

c)

Division of labour is seldom realised.

d)

Quick decision making

82.

In the provisions of the New Companies Act 2019 (Act 992), Public Companies Unlimited by shares will now use the abbreviation......

a)

LBG

b)

LTD

c)

PLC

d)

PUC

83.

Kwame is a partner in a recently established electronic company. He contributed about 80% of the capital invested into the business but does not take part in the day to day running of the organisation. Kwame is a/an............... partner.

a)

Active

b)

Dormant

c)

General

d)

Limited

84.

In the provisions of the New Companies Act 2019 (Act 992), Public Companies Limited by shares will now use the abbreviation.........

a)

LBG

b)

LTD

c)

PLC

d)

PUC

85.

Elsie is a partner in a recently established clothing business. She contributed about 80% of the capital invested into the business and participate in the day to day running of the organisation. Elsie is a/an........... partner.

a)

Active

b)

General

c)

Limited

d)

Sleeping

86.

An alternative to starting a business from scratch for an individual is called.....

a)

Family business

b)

Franchising

c)

Joint venturing

d)

Trademarking

87.

Which one of the following would not be considered an advantage to a partnership formation?

a)

Potential for double taxation

b)

Less governmental control

c)

Ease of formation

d)

Division of labour and management responsibilities

88.

Which of the following is not an advantage of Sole proprietorship?

a)

Simple to create

b)

Easy to discontinue

c)

Profit incentive

d)

High risk bearing

89.

Among the factors that entrepreneurs consider before they decide on the kind of ownership (form of legal entity) their businesses take include all these expect..........

a)

The cost of setting up and maintaining the legal form

b)

The extent to which an entrepreneur can shield personal assets from liabilities of the business

c)

Time for launching the business and type of industry to go into

d)

The number and types of investors the enterprenuer want to attract.

90.

Which of these advantages is mostly associated with sole proprietorship?

a)

No special legal restrictions

b)

Divisions of profits

c)

Ability to attract limited partners

d)

Potential for personality and authority conflicts.

91.

A firm cannot carry on business as partnership unless it is registered under.....

a)

Act, 2002 (Act 612)

b)

Act, 2003 (Act 662)

c)

Act, 1963 (Act 179)

d)

Act, 1962 (Act 152)

92.

Which of these is a disadvantage that goes against franchisee under franchising arrangement?

a)

Training and support

b)

National advertising

c)

Restricted freedom over purchasing and product lines

d)

Small shareholders may have little voice in the firm

93.

A system of distribution in which legally independent business owners pay fees and royalties to a parent company in return for their right is........

a)

Franchising

b)

Licensing

c)

Corporation

d)

Privatisation

94.

Transformational entrepreneurship basically means..................

a)

Transforming your life into a luxurious one

b)

Remodelling a business idea and making it your own

c)

Having foresight for a country

d)

Business renewal.

95.

A form of entrepreneurship that has the tendency of growth is known as the

a)

Subsistence Entrepreneurship

b)

Social Entrepreneurship

c)

High-growth entrepreneurship

d)

Scalable start - up business entrepreneurship

96.

As an entrepreneur, you have to guarantee the concept of your idea

a)

True

b)

False

97.

The entrepreneurship process is

a)

Entrepreneurship Mindset, Opportunity, Idea, Resources and Organization.

b)

Entrepreneurship Mindset, Idea, Opportunity, Resources and Organization

c)

Opportunity, Mindset, Resources, Idea and Organization

d)

Idea, Mindset, Resources, Opportunity, Organization.

98.

Providing autonomy and copyrighting of ideas are both ways of managing style and creativity

a)

True

b)

False

99.

Below are the list of brainstorming ideas except

a)

No criticism

b)

Encouraging risk taking

c)

All ideas are captured

d)

No repetition of ideas

100.

The modernization of an existing concept is referred to as............

a)

Creativity

b)

Innovation

c)

Brainstorming

d)

Invention

101.

Relying on referrals is a technique for protecting creative idea.

a)

True

b)

False

102.

Creative behaviours include

a)

Creation

b)

Synthesis

c)

Modifications

d)

All of the above

103.

Brainstorming requires the following except

a)

No criticism

b)

Record of all ideas

c)

A facilitator

d)

Repetition of ideas

104.

For focus group discussion, between 8 and 14 people can be ideal

a)

True

b)

False

105.

In securing ideas, do the following except

a)

Doing background checks of entities, you want to partner

b)

Overlooking legal service because it is expensive and not necessary at the infantile stage of business

c)

Using non-disclosure agreements

d)

Using copyright.

106.

Being dependent is a core attribute of an entrepreneur

a)

True

b)

False

107.

The entrepreneurial process is made up of the following except

a)

Opportunity

b)

Resources

c)

Entrepreneur

d)

All of the ab