Finals Prep - Entrepreneurship

Question 1

A team creates a five-step plan to achieve a company’s long-term goal. What type of planning is this an example of?

Accepted Answer

Strategy

Question 2

In a city with only two airlines providing flights, the companies set ticket prices and control the market.

Accepted Answer

Oligopoly

Question 3

A CEO prioritizes effective communication and teamwork among employees while planning for future growth.

Accepted Answer

Management

Question 4

Before opening a bakery, an entrepreneur secures funding, purchases equipment, and hires staff.

Accepted Answer

Resourcing

Question 5

Accounting is the process of recording, maintaining, and reporting an organization’s financial transactions and records.

Accepted Answer

True

Question 6

In a monopoly, many companies compete to provide the same good or service.

Accepted Answer

False

Question 7

A company receives raw materials and transforms them into finished goods for sale.

Accepted Answer

Operations

Question 8

A new startup develops an app to solve traffic congestion issues in urban areas. This aligns with the company’s:

Accepted Answer

Mission

Question 9

A person notices a lack of healthy food options in their community and starts a meal prep business to address this gap.

Accepted Answer

Entrepreneur

Question 10

An entrepreneur notices a trend in increased demand for sustainable products and creates eco-friendly packaging.

Accepted Answer

Entrepreneurial Discovery

Question 11

Disruptive Innovation is when a business innovation slightly improves existing products.

Accepted Answer

False

Question 12

Coca-Cola and PepsiCo compete for the same customers by offering similar products. What type of competition is this?

Accepted Answer

Direct Competition

Question 13

A business owner develops a detailed document outlining their company's goals, and strategies.

Accepted Answer

Business Plan

Question 14

An organization sets a long-term goal to reduce carbon emissions by 50% in the next decade. This statement reflects

Accepted Answer

Vision

Question 15

A college student sees a need for affordable tutoring & creates a service connecting tutors with students.

Accepted Answer

Entrepreneurship

Question 16

Which of the following describes pure competition?

Accepted Answer

Prices are set by supply and demand, Many suppliers offer identical products

Question 17

A utility company that provides electricity to a region is the only supplier and operates without competition.

Accepted Answer

Monopoly

Question 18

What are the characteristics of monopolistic competition? Select more than one

Accepted Answer

Many suppliers, Product differentiation

Question 19

Monopolistic competition involves suppliers differentiating their products to gain a competitive advantage.

Accepted Answer

True

Question 20

Primary data refers to information collected directly by the individual conducting research.

Accepted Answer

True

Question 21

An oligopoly exists when a small number of companies control the supply of a good or service.

Accepted Answer

True

Question 22

After 5 years in business, the owner analyzes its performance to decide to expand, sell, or close the company.

Accepted Answer

Harvesting

Question 23

Marketing is primarily concerned with selling and advertising products.

Accepted Answer

False

Question 24

A tech entrepreneur monitors demographic and regulatory shifts to identify untapped markets for their product.

Accepted Answer

Entrepreneurial Discovery

Question 25

A new startup collects customer feedback through surveys to improve their product.

Accepted Answer

Primary Data

Finals Prep - Entrepreneurship

Questions 25

Finals Prep - Entrepreneurship

Questions 25