Entrepreneurship 1 - Standard 2

Question 1

One who takes action when he or she is unsure of the outcome is able to perform which action?

Accepted Answer

tolerate ambiguity

Question 2

The entrepreneurial discovery process requires knowledge and the recognition of which situation

Accepted Answer

market need

Question 3

Process when an entrepreneur considers the location and financial needs of a business venture

Accepted Answer

planning

Question 4

When conducting an environmental scan, which is an economic factor

Accepted Answer

Consumer spending habits

Question 5

Which is an example of a demographic trend that has encouraged entrepreneurial discovery?

Accepted Answer

market need

Question 6

In mind mapping, it is best to begin by writing down the main problem and what other component

Accepted Answer

market opportunity

Question 7

What is often a positive result of accepting responsibility for a poor decision?

Accepted Answer

gain of respect of others

Question 8

The financial needs to start a new business depend on the nature of the

Accepted Answer

venture

Question 9

The costs of operating a business are often called which expenses

Accepted Answer

overhead

Question 10

Many entrepreneurs encounter which situations of emotional risks?

Accepted Answer

marital tensions and family problems

Question 11

Which is a tool that an entrepreneur develops to project sales for a new business venture?

Accepted Answer

sales forecast

Question 12

When it comes to starting a brand new business, a feasibility study forms a foundation for

Accepted Answer

a business plan

Question 13

A business that identifies products to sell that fill needs is making which decision?

Accepted Answer

product mix

Question 14

Which global trend might encourage an entrepreneur to consider international businesses?

Accepted Answer

Lower tariffs

Question 15

Ben is doing a feasibility study for a new venture. Which financial question should he ask?

Accepted Answer

How will the business obtain the money it needs?

Question 16

Which is a characteristic of a well conducted feasibility study?

Accepted Answer

general

Question 17

The facilitator of a brainstorming session is compile all the ideas and to

Accepted Answer

keep the group on taks

Question 18

Costs of sales for a new manufacturing venture typically include which factors?

Accepted Answer

Raw materials, equipment, and product inventory

Question 19

Variable expenses increase in direct proportion to the rate of which factor

Accepted Answer

production

Question 20

Which process helps aspiring entrepreneurs generate venture ideas?

Accepted Answer

goal setting

Question 21

A business's profit, is its operating cost identified as____ to the gross margin.

Accepted Answer

less than

Question 22

A way a business can determine if a product will fulfill the needs of a target market

Accepted Answer

ask the customers

Question 23

The primary purpose of a feasibility study is to answer which question?

Accepted Answer

Should we proceed with this project?

Question 24

Because of free enterprise, an entrepreneur will most likely accomplish which goal?

Accepted Answer

satisfy an unmet demand

Question 25

Which statement is true with group creative thinking techniques in the idea-generation process?

Accepted Answer

Members generate new ideas by building upon another idea

Question 26

The brainstorming process is used to accomplish which primary goal?

Accepted Answer

Come up with as many ideas as possible

Question 27

Which is usually a characteristic of a creative person?

Accepted Answer

likes to seek out new challenges

Entrepreneurship 1 - Standard 2

Questions 27

Entrepreneurship 1 - Standard 2

Questions 27