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What Is Entrepreneurship
What Is Entrepreneurship
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This quiz explores the role of small business and entrepreneurship in the economy.
Flashcards
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Questions
35
Answers
1
A business that has stopped operating with a loss to creditors is called a
failure
business failure
loss
discontinuance
2
Entrepreneurship has been a distinct features of American culture since the
Civil War
Industrial Revolution
American Revolution
1950s
3
An idea that has commercial value
profit
venture
risk
opportunity
4
Money left over after all expenses are paid.
change
profit
economics
scarcity
5
Acting like an entrepreneur is called
entrepreneurial
economics
entrepreneurship
venture
6
Small business owners that start mom-and-pop business generally do so to
meet personal goals
create a satisfying lifestyle
both
neither
7
Throughout American history, entrepreneurship has failed innovation.
True
False
8
Goods are physical products
False
True
9
Factors of reproduction are all of the things used in producing goods and services.
True
False
10
When spending decreases companies
reduce their production levels
none of these
both of these
lay off workers
11
Factors of production include
entrepreneurship
capital
all of these
labor
12
Services are intangible
True
False
13
Someone who owns his/her own business.
in charge
entepreneur
entrepreneur
business person
14
More than 90% of all businesses are small businesses with fewer than 100 employees.
False
True
15
Entrepreneurship satisfies wants and needs in the marketplace.
False
True
16
The study how people choose to allocate scarce resources to fulfill their unlimited wants is
economics
capitalism
marketplace
economy
17
The Federal Reserve (Fed)
controls the economy
is a government agency
all of these
regulates the nation's money supply
18
Another name for free-enterprise system
makret economy
risk
venture
market economy
19
A new business environment includes variables that affect the venture but aren't controlled by
the goods
the risk
the market
the entrepreneur
20
The "Decade of Entrepreneurship" took place during the
1960s
1970s
1990s
1980s
21
The primary catalyst for economic growth is
entrepreneurial
business
entrepreneur
entrepreneurship
22
In capitalism people can choose what products to buy
False
True
23
Operating under a new name is considered a failure
True
False
24
An example of a want is
stereo
all of these
purse
computer
25
Some reasons businesses fail include
business savy
poor location
learn from the experience
learn to live with failure
26
In a business cycle expansion and contraction is the pattern that the economy goes through.
False
True
27
The entrepreneurial evolution moved to a service-based business in
1980
1960
1970
1990
28
An example of a need is
phone
books
water
TV
29
Which two businesses are in the same industry
Nike/Jordan
BestBuy/Kroger
Kmart/Walmart
Belk's/Harris Teeter
30
Studies show that more businesses fail than succeed.
False
True
31
Fear of failure stops many people from starting ventures.
False
True
32
A business undertaking that involves a risk.
scarcity
venture
services
business opportunity
33
Scarcity occurs when supply exceeds demand
False
True
34
Land includes does not include air.
False
True
35
GDP is an acronym that means
Gross Domestic Price
Gross Domestic Product
