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Entrepreneurship Semester 1 Review Flashcards | StudBud
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Entrepreneurship Semester 1 Review
Entrepreneurship Semester 1 Review
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Answers
1
A lateral thinker:
Looks for alternate ways to solve problems
Follows the steps in solving problems
Builds concept prisons
2
US System where anyone is free to start a business
Socialism
Communism
Collectivism
Capitalism
3
When supply and demand are equal, it is called?
Elastic
Nonequilibrium
Equilibrium
Inelastic
4
You can improve your Entrepreneurial characteristics and habits?
False
True
5
What stage of the 6 step problem solving procedure do I exhibit when I consider Pros and Cons
Brainstorm
Select best solution
Evaluate solutions
Identify a Problem
6
Benefits of being an entrepreneur don't include the following:
creative and fulfulling
setting your own schedule
Following your boss' rules
control working conditions
7
Which of the following is NOT a characteristic of an Entrepreneur?
Understanding
Competitive
Persuasive
Stubborn
8
Which of the following is not included in a SWOT analysis?
Strengths
Threats
Occurences
Weaknesses
9
Which of the following is not one of the 3 C’s?
Company
Customers
Competition
Creativeness
10
According to the Law of Supply, when prices rise, the quantity supplied will?
Decrease
Increase
Need more information
Remain the same
11
Which is not 1 of the 4 basic types of business?
Service
Product
Manufacturing
Wholesale
12
According to the Law of Demand, as price rises, the quantity demanded by the consumer will ?
Need more information to answer
Decrease
Increase
Remain the same
13
The US has a
Pure command economy
Mixed economy
None of these are true
Pure Market economy
14
Entrepreneurs need to be optimistic?
NO
YES
15
Which is not a Competitive Advantage?
Practice
Quality
Service
Speed
16
Which of the following is an External Threat in a SWOT Analysis
Weaknesses
Threats
Strengths
Opportunities
17
Which of the following is not part of PEST?
Technological
Sociocultural
Political
Environmental
