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Entrepreneurship Study Guide

Total questions: 100

Worksheet time: 50mins

Name
Class
Date
1.

Fill in the blank: __________ is when you start a new business or create a product.

a)

Entrepreneurship

b)

Employment

c)

Investment

d)

Management

2.

Fill in the blank: An __________ is someone who engages in Entrepreneurship.

a)

Entrepreneur

b)

Employee

c)

Manager

d)

Investor

3.

Fill in the blank: An __________ is someone who engages in innovation for a business.

a)

Intrapreneur

b)

Accountant

c)

Manager

d)

Technician

4.

Who created Amazon in his garage?

a)

Rene Arend

b)

Jeff Bezos

c)

Bill Gates

d)

Steve Jobs

5.

Who invented the McRib sandwich while working at McDonald's?

a)

Jeff Bezos

b)

Rene Arend

c)

Steve Jobs

d)

Elon Musk

6.

What is one benefit of entrepreneurship? (Fill in the blank)

a)

Start businesses

b)

Increase pollution

c)

Discourage innovation

d)

Reduce employment

7.

What is one benefit of entrepreneurship? (Fill in the blank)

a)

Create products

b)

Increase pollution

c)

Discourage innovation

d)

Reduce employment

8.

What is one benefit of entrepreneurship?

a)

Create jobs

b)

Increase pollution

c)

Reduce innovation

d)

Discourage investment

9.

What is one benefit of entrepreneurship? (Fill in the blank)

a)

Generate economic growth

b)

Decrease innovation

c)

Reduce job opportunities

d)

Limit market competition

10.

What is one benefit of entrepreneurship?

a)

Help society solve problems

b)

Increase unemployment rates

c)

Discourage innovation

d)

Limit economic growth

e)

Reduce competition

11.

According to the model of the entrepreneurial process, which of the following is NOT an activity in Stage 1?

a)

Conception

b)

Information search

c)

Resource acquisition

d)

Feasibility study - Market research

12.

Fill in the blank: The stage in the entrepreneurial process that involves 'Making the decision to proceed' and 'The business plan' is called ________.

a)

Stage 2

b)

Stage 1

c)

Stage 3

d)

Stage 4

13.

Which stage of the entrepreneurial process includes 'Launching the new venture' and 'Business strategy'?

a)

Stage 1

b)

Stage 2

c)

Stage 3

d)

Stage 4

14.

In the model of the entrepreneurial process, what is the main focus of Stage 4?

a)

Harvesting the rewards

b)

Identifying opportunities

c)

Securing funding

d)

Developing a business plan

15.

Which of the following correctly matches the stage with its main theme?

a)

Stage 1 - Growth

b)

Stage 2 - Triggering event

c)

Stage 3 - Innovation

d)

Stage 4 - Implementation

16.

'Screening or creation of ideas for service or good' is an activity in Stage 1 of the entrepreneurial process.

a)

True

b)

False

17.

Fill in the blank: The four main stages of the entrepreneurial process, in order, are ________, ________, ________, and ________.

a)

Stage 1: Innovation, Stage 2: Triggering event, Stage 3: Implementation, Stage 4: Growth

b)

Stage 1: Planning, Stage 2: Execution, Stage 3: Evaluation, Stage 4: Expansion

c)

Stage 1: Ideation, Stage 2: Funding, Stage 3: Marketing, Stage 4: Exit

d)

Stage 1: Research, Stage 2: Development, Stage 3: Launch, Stage 4: Maturity

18.

Which type of entrepreneur is described as the most common, often barely profitable, and typically hires family and friends?

a)

Scalable startup entrepreneurs

b)

Small business entrepreneurs

c)

Large company entrepreneurs

d)

Social entrepreneurs

19.

Entrepreneurs that start a business knowing it could change the world and attract big investors are called ________.

a)

Scalable startup entrepreneurs

b)

Small business owners

c)

Lifestyle entrepreneurs

d)

Franchise owners

20.

Disney, Tesla, or Walmart are examples of companies that have which type of entrepreneur?

a)

Social entrepreneurs

b)

Large company entrepreneurs

c)

Small business entrepreneurs

d)

Scalable startup entrepreneurs

21.

Who is an example of a social entrepreneur mentioned in the chart?

a)

Blake Mycoskie (creator of TOMS Shoes)

b)

Elon Musk (creator of Tesla)

c)

Jeff Bezos (founder of Amazon)

d)

Mark Zuckerberg (founder of Facebook)

22.

Who are people who create their own business?

a)

Entrepreneurs

b)

Employees

c)

Customers

d)

Managers

23.

Who are people who own a small business and typically spend most of their time working in the business themselves? They could also be Entrepreneurs.

a)

Small-Business Owners

b)

Investors

c)

Corporate Executives

d)

Freelancers

24.

Who are hired by small business owners to help run the business, but do not own the business?

a)

Managers

b)

Owners

c)

Customers

d)

Suppliers

25.

Fill in the blank: One reason to become an entrepreneur is to ________ passions.

a)

pursue

b)

ignore

c)

hide

d)

suppress

26.

Fill in the blank: One reason to become an entrepreneur is to work for ________.

a)

yourself

b)

the government

c)

a large corporation

d)

your friends

27.

Fill in the blank: One reason to become an entrepreneur is to have a flexible ________ schedule.

a)

work

b)

eating

c)

sleeping

d)

shopping

28.

Fill in the blank: One reason to become an entrepreneur is to gain financial ________.

a)

independence

b)

difficulty

c)

confusion

d)

restriction

29.

Fill in the blank: One reason to become an entrepreneur is because ________.

a)

you can

b)

it is mandatory for everyone

c)

it guarantees instant success

d)

it requires no effort

30.

Which of the following is a leading cause of failure?

a)

Excellent management

b)

Poor management

c)

High profits

d)

Strong planning

31.

Which of the following is a leading cause of failure?

a)

Poor planning

b)

Sufficient capital

c)

High sales

d)

Overexpansion

32.

Fill in the blank: One of the leading causes of failure is ________ capital.

a)

insufficient

b)

excessive

c)

unlimited

d)

abundant

33.

Which of the following is NOT a leading cause of failure?

a)

Dismal sales

b)

Overexpansion

c)

Lack of experience

d)

High employee satisfaction

34.

Fill in the blank: ________ sales is listed as a leading cause of failure.

a)

Dismal

b)

Excellent

c)

Average

d)

Rising

35.

Lack of experience is a leading cause of failure.

a)

True

b)

False

36.

Fill in the blank: One of the challenges mentioned is _________.

a)

Sole-responsibility

b)

Teamwork

c)

Overconfidence

d)

Lack of resources

37.

Fill in the blank: One of the challenges mentioned is _________.

a)

Liability

b)

Profitability

c)

Simplicity

d)

Popularity

38.

Fill in the blank: One of the challenges mentioned is _________.

a)

Financial concerns

b)

Weather changes

c)

Technological advances

d)

Cultural celebrations

39.

Fill in the blank: One of the challenges mentioned is _________?

a)

Personal commitment

b)

Financial gain

c)

Technological advancement

d)

Global expansion

40.

According to the slide 'Entrepreneurship is Easier Today', what are some technological factors that make entrepreneurship easier?

a)

Technological opportunities, cheap websites, easy advertising

b)

Strict regulations, high startup costs, limited internet access

c)

Lack of online resources, expensive marketing, slow communication

d)

Manual paperwork, limited technology, high barriers to entry

41.

According to the slide 'Entrepreneurship is Easier Today', what has increased to support entrepreneurs?

a)

Increased availability of free resources and support

b)

Decreased access to technology

c)

Reduced number of networking events

d)

Limited funding opportunities

42.

According to the slide 'Entrepreneurship is Easier Today', what are some easier ways of raising money for entrepreneurs?

a)

GoFundMe, Kickstarter

b)

Traditional bank loans

c)

Personal savings only

d)

Government bonds

43.

What is one quality that most entrepreneurs have in common, starting with 'S'?

a)

Self-awareness

b)

Stubbornness

c)

Selfishness

d)

Silence

44.

What is one quality that most entrepreneurs have in common, starting with 'P'?

a)

Passion

b)

Pessimism

c)

Procrastination

d)

Poverty

45.

What is one quality that most entrepreneurs have in common, starting with 'C'?

a)

Creativity

b)

Carelessness

c)

Cowardice

d)

Cruelty

46.

What is one quality that most entrepreneurs have in common, starting with 'I'?

a)

Innovation

b)

Ignorance

c)

Impatience

d)

Indifference

47.

What is one quality that most entrepreneurs have in common, starting with 'D'?

a)

Determination

b)

Distraction

c)

Doubt

d)

Delay

48.

What is one skill you need to be successful that involves managing risks?

a)

Risk-management skills

b)

Time-management skills

c)

Communication skills

d)

Technical writing skills

49.

What is one skill you need to be successful that involves sales and marketing?

a)

Sales and marketing skills

b)

Cooking skills

c)

Mathematical skills

d)

Gardening skills

50.

What is one skill you need to be successful that involves handling finances?

a)

Financial skills

b)

Artistic skills

c)

Cooking skills

d)

Athletic skills

51.

What is one skill you need to be successful that involves administrative tasks?

a)

Administrative skills

b)

Cooking skills

c)

Artistic skills

d)

Athletic skills

52.

What is one skill you need to be successful that involves managing your time?

a)

Time management

b)

Public speaking

c)

Art appreciation

d)

Physical strength

53.

What is one skill you need to be successful that involves communicating well?

a)

Ability to communicate well

b)

Mathematical calculation

c)

Physical strength

d)

Artistic drawing

54.

What is one skill you need to be successful that involves leading others?

a)

Ability to lead

b)

Ability to follow instructions

c)

Skill in solitary work

d)

Expertise in technical drawing

e)

Proficiency in silent reading

55.

What is one skill you need to be successful that involves making decisions and solving problems?

a)

Decision-making and problem-solving skills

b)

Physical strength

c)

Artistic ability

d)

Musical talent

56.

What is one skill you need to be successful that involves organizing and managing office tasks?

a)

Administrative skills

b)

Cooking skills

c)

Athletic skills

d)

Musical skills

57.

You can get better at these things or you are stuck with what you were born with.

a)

You can get better at these things.

b)

You are stuck with what you were born with.

c)

You cannot improve at all.

d)

Improvement is impossible.

58.

Fill in the blank: One way to improve your skills is by using the ________ (YouTube, Reddit, etc.).

a)

internet

b)

television

c)

radio

d)

newspaper

59.

Fill in the blank: Reading ________ is a method to improve your skills.

a)

publications

b)

television

c)

games

d)

comics

60.

Fill in the blank: Attending ________, classes, and internships can help you improve your skills.

a)

workshops

b)

movies

c)

concerts

d)

parties

61.

Fill in the blank: Seeking ________ is a way to improve your skills.

a)

mentorship

b)

punishment

c)

ignorance

d)

conflict

62.

Fill in the blank: Learning through ________ by fire is a way to improve your skills.

a)

trial

b)

error

c)

luck

d)

chance

63.

According to the slide on the Importance of Self-Assessment, your career should ______ your strengths.

a)

maximize

b)

ignore

c)

minimize

d)

hide

64.

According to the slide on the Importance of Self-Assessment, your career should ______ your weaknesses.

a)

minimize

b)

highlight

c)

ignore

d)

increase

65.

According to the tips for self-assessment, should you be too hard on yourself?

a)

True

b)

False

66.

According to the tips for self-assessment, should you make false generalizations?

a)

True

b)

False

67.

According to the tips for self-assessment, how often should you assess yourself?

a)

On a regular basis

b)

Only at the end of the year

c)

Whenever you feel like it

d)

Once in a lifetime

e)

Only when you make a mistake

68.

Fill in the blank: One of the steps for self-assessment is to ________ important questions.

a)

ask

b)

ignore

c)

forget

d)

avoid

69.

Fill in the blank: One of the steps for self-assessment is to review your ________ and experience.

a)

education

b)

hobbies

c)

location

d)

height

70.

Fill in the blank: One of the steps for self-assessment is to get input from ________.

a)

others

b)

yourself

c)

books

d)

computers

71.

Fill in the blank: One of the steps for self-assessment is to observe others whom you ________.

a)

admire

b)

ignore

c)

distrust

d)

envy

72.

Fill in the blank: One of the steps for self-assessment is to complete personal skills ________.

a)

inventories

b)

journals

c)

projects

d)

reports

73.

Fill in the blank: Ethics are the basic ________ that govern your behavior.

a)

principles

b)

rules

c)

opinions

d)

habits

74.

Fill in the blank: Your personal code of ethics guides you to make the right decisions, even in ________ situations.

a)

tough

b)

easy

c)

boring

d)

funny

75.

Fill in the blank: Business ethics are the basic principles that govern a ________'s actions.

a)

business

b)

student

c)

animal

d)

machine

76.

Fill in the blank: A business's code of ethics determines whether or not a certain action is ________ for that business.

a)

acceptable

b)

profitable

c)

legal

d)

efficient

77.

Which of the following is true about actions according to the topic 'Ethics and Law'?

a)

A) Actions can only be legal and ethical

b)

B) Actions can be legal but not ethical

c)

C) Actions can be ethical but not legal

d)

D) Both B and C

78.

Fill in the blank: According to the topic 'Ethics and Law', ethics are often ______ rules.

a)

unwritten

b)

strict

c)

legal

d)

scientific

79.

According to the topic 'Ethics and Law', which of the following statements is correct?

a)

A) Ethics are always written rules

b)

B) Ethics are often unwritten rules

c)

C) Ethics and law are always the same

d)

D) Ethics are never unwritten rules

80.

Fill in the blank: One reason why businesses behave unethically is because the action is not _____

a)

illegal

b)

profitable

c)

visible

d)

ethical

81.

Fill in the blank: One reason why businesses behave unethically is because the action saves them _____

a)

money

b)

time

c)

reputation

d)

customers

82.

Fill in the blank: One reason why businesses behave unethically is because the action is committed by _____ employees.

a)

unethical

b)

hardworking

c)

creative

d)

loyal

83.

Fill in the blank: One consequence of unethical actions is a negative ________.

a)

public image

b)

profit margin

c)

work schedule

d)

vacation policy

84.

Fill in the blank: Unethical actions can lead to decreased customer ________ and retention.

a)

loyalty

b)

spending

c)

complaints

d)

feedback

85.

Fill in the blank: Unethical actions can result in exposure to ________.

a)

lawsuits

b)

promotions

c)

vacations

d)

awards

86.

Fill in the blank: One possible legal consequence of unethical actions is potential ________ time.

a)

jail

b)

vacation

c)

study

d)

bonus

87.

Fill in the blank: Unethical actions can increase ________ risk for a business.

a)

financial

b)

physical

c)

seasonal

d)

technological

88.

A business owned and run by one person is called a _________?

a)

sole proprietorship

b)

partnership

c)

corporation

d)

cooperative

89.

Who typically manages a sole proprietorship?

a)

A) A board of directors

b)

B) The owner

c)

C) The government

d)

D) A group of investors

90.

Which of the following is an advantage of a sole proprietorship?

a)

Limited capital (money)

b)

Unlimited liability

c)

Easy to start up

d)

The business is limited to the lifetime of the owner

91.

Which of the following is a disadvantage of a sole proprietorship?

a)

Complete control of the business

b)

Owner receives all the profits

c)

Limited taxes (one time taxation)

d)

Unlimited liability (responsible for ALL debt)

92.

Fill in the blank: In a sole proprietorship, the owner receives _________.

a)

all the profits

b)

a fixed salary only

c)

no profits

d)

profits shared with shareholders

93.

One advantage of a sole proprietorship is complete control of the business.

a)

True

b)

False

94.

Limited taxes (one time taxation) is a disadvantage of a sole proprietorship.

a)

True

b)

False

95.

Which of the following is NOT an advantage of a sole proprietorship?

a)

A) Easy to start up

b)

B) Complete control of the business

c)

C) Limited capital (money)

d)

D) Owner receives all the profits

96.

Fill in the blank: A disadvantage of a sole proprietorship is that the business is limited to the ________ of the owner.

a)

lifetime

b)

location

c)

income

d)

education

97.

Which of the following best describes a disadvantage of a sole proprietorship?

a)

Limited taxes

b)

Unlimited liability

c)

Complete control of the business

d)

Owner receives all the profits

98.

In a sole proprietorship, the owner is responsible for all debt.

a)

True

b)

False

99.

What is a partnership? Fill in the blank: A partnership is a business owned and controlled by ________ who have entered a written agreement.

a)

two or more people

b)

one person

c)

a corporation

d)

the government

100.

The management of the company in a partnership depends on the partnership agreement.

a)

True

b)

False

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