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ENTREP Ch 1 & 2
Things necessary for survival
Environmentally conscience entrepreneurship is known as
ENTREP Ch 1 & 2
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1
Environmentally conscience entrepreneurship is known as
Blue entrepreneurship
Entrepreneurship
Green entrepreneurship
2
Things necessary for survival
needs
wants
3
Which of the following are reasons businesses succeed?
The owner's business experience
Having adequate capital
The owner's education level
All of the above
4
People who work for someone else
entrepreneurs
employees
5
Which of the following is the first step of the problem-solving model?
identify various solutions
evaluate the action
identify the problem
take action
6
Entrepreneurs use economic resources to create the goods and services consumers use.
True
False
7
Which of the following is the fourth step?
identify various solutions
gather information
evaluate alternatives and select the best option
take action
8
Things you think you must have in order to be satisfied
wants
needs
9
The "A" in SMART goals stands for
attainable
accomplished
artistic
active
10
Many small businesses in the US are owned by people who created their own businesses.
False
True
11
A desire for material goods and services is a(n)
Need
Noneconomic need
Economic want
Noneconomic want
12
Which of the following is not a characteristic of a successful entrepreneur?
goal-oriented
fear
independence
creative
13
Divides the production process into separate tasks
division of labor
employees
14
Needs and wants are unlimited.
False
True
15
The "M" in SMART goals stands for
maddening
measurable
money
motivation
16
Products you can see and touch
services
goods
17
Small businesses are often more creative than larger companies.
False
True
18
This type of business sells products to other businesses rather than the final customer
Maufacturing
Service
Wholesaling
Retailing
19
Which of the following is the second step of the problem-solving process?
gather information
identify the problem
identify various solutions
evaluate the action
20
The "R" in SMART goals stands for
recognized
ready
realistic
rationale
21
Entrepreneurs identify unmet needs in the market place.
True
False
22
Which of the following are reasons people become entrepreneurs?
To pursue a personal dream
To work out of your home
To set your own schedule
All of the above
23
Which of the following is characteristic of a good team member?
communication
all of the above
commitment
cooperation
24
Which is an example of a resource that would be sold through a mining & extracting business?
Oil
Corn
Both A & B
Coal
25
The "T" in SMART goals stands for
tabulated
tackled
taxed
timely
26
People who own, operate, and take the risk of a business venture.
entrepreneurs
managers
CEO's
employees
27
67% of new businesses survive at least two years.
False
True
28
People who own, operate, and take the risk of a business venture are known as
Managers
Entrepreneurs
Investors
Employees
29
Special meetings where companies of the same or related industry display their products
trade shows
noneconomic wants
goods
opportunities
30
This type of business sells products directly to the people who consume them
Manufacturing
Service
Wholesaling
Retailing
31
Goals not centered on business operations, but rather personal sastifscation
nonfinancial goals
financial goals
32
Possibilities that arise from existing conditions
ideas
opportunities
self-assessment
consequences
33
The ability to learn a particular kind of job.
transferrable skill
aptitude
34
This factor of production is raw materials supplied by nature
capital resources
human resources
natural resources
corporate resources
35
Which of the following is the sixth step?
take action
identify various solutions
evaluate the action
evaluate alternatives and select the best option
36
The process of running a business of one's own is
Entrepreneurship
Partnering
Managing
Investing
37
Which of the following is not an example of a noneconomic want?
fresh air
sunshine
vehicles
happiness
38
Activities that are consumed as they are produced
goods
services
39
Which of the following is not an advantage of entrepreneurship?
entrepreneurs are their own boss
entrepreneurs can make large sums of money
entrepreneurs work long hours
entrepreneurs can choose a business that interests them
40
Which is an example of a resource that would be sold through an agricultural business?
Soil
Corn
Tractor supplies
Chemicals and related products
41
A creative problem-solving technique that involved generating a large number of fresh ideas.
problem-solving model
brainstorming
42
Goals that are realistic, measureable, and focus on business operations
nonfinancial goals
financial goals
43
The means through which goods and services are produced are
motivation
quality
economic resources
production
44
This type of business produces the products it sells
Service
Manufacturing
Retailing
Wholesaling
45
Evaluation of your strengths and weaknesses.
aptitude
self-assessment
46
All business started out as small business.
False
True
47
Nonmaterial wants
noneconomic wants
economic wants
48
Thoughts or concepts that come from creative thinking
ideas
brainstorming
opportunities
financial goals
49
Small businesses with less than 500 employees represent 99% of American Business.
True
False
50
The "S" in SMART goals stands for
standard
specific
sturdy
strong
51
Which of the following is not an example of a need?
Chocolate
Food
Water
Oxygen
52
Needs are different for each person.
True
False
53
This factor of production includes assets used in the production of goods and services
corporate resources
natural resources
human resources
capital resources
54
A formal process used to help solve problems in a logical manner.
problem-solving model
self-assessment
55
Which of the following is the third step?
evaluate the action
identify the problem
gather information
identify various solutions
56
Which of the following is the fifth step?
take action
identify various solutions
gather information
evaluate alternatives and select the best option
57
When individuals work on single tasks
division of labor
specialization
