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