Entrepreneurship - Unit 5 Test

Question 1

Entrepreneurs are flexible & will refuse to give up despite obstacles, failures and discouragement from others. This is:

Accepted Answer

Perseverance

Question 2

Entrepreneurs must be willing to seek advice from others.

Accepted Answer

True

Question 3

This is a process that requires hard work, perseverance, and willingness to assume some degree of risk:

Accepted Answer

Entrepreneurship

Question 4

What is an example of different business activities that entrepreneurs take on when starting up a business?

Accepted Answer

Come up with a marketable idea to create and sell, Make changes to improve the business, Raise money and get resources, Manage the business

Question 5

The process of recognizing a business opportunity, starting the business, and operating and maintaining that business

Accepted Answer

Entrepreneurship

Question 6

The ability to use imaginative skills to find ways to solve problems:

Accepted Answer

Creativity

Question 7

Because of entrepreneurship, we have:

Accepted Answer

An abundance of goods and services from which to choose

Question 8

Entrepreneurs often start their business while working for another company, this allows them:

Accepted Answer

To increase their income

Question 9

Entrepreneurs do not receive a regular paycheck. This means that entrepreneurs:

Accepted Answer

Have an uncertain income

Question 10

Entrepreneurs will work very long hours - often 7 days a week. This means that:

Accepted Answer

Personal interests will often take a backseat to the business

Question 11

What are some qualities of a successful entrepreneur?

Accepted Answer

All of the above

Question 12

He is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity:

Accepted Answer

Elon Musk

Question 13

To be successful the entrepreneur must:

Accepted Answer

Focus on serving the needs and wants of customers

Question 14

This is someone who takes the initiative to start and operate a new business:

Accepted Answer

Entrepreneur

Question 15

Entrepreneurs must be willing to risk the chance of failure in order to be successful. What characteristic is this?

Accepted Answer

Risk-taking

Question 16

Someone who starts up their own business and takes on all the risks and rewards

Accepted Answer

Entrepreneur

Question 17

Anyone can be an entrepreneur and

Accepted Answer

You can begin at any age

Question 18

Belief in oneself and one's own abilities with an exception to be successful:

Accepted Answer

Self-confidence

Question 19

Entrepreneurs are guaranteed success when it comes to starting up their own business.

Accepted Answer

False

Question 20

The quality of being honest and having strong moral principles; moral uprightness

Accepted Answer

Integrity

Question 21

Someone who is hired to work for someone

Accepted Answer

Employee

Question 22

Pursing passions, turning ideas into a business, creating wealth and jobs, allows entrepreneurs to increase their:

Accepted Answer

Personal satisfaction

Question 23

Entrepreneurs should be business savvy, creative, and confident.

Accepted Answer

True

Question 24

Acting in ways consistent with what society and individuals typically think are good values

Accepted Answer

Ethical behavior

Entrepreneurship - Unit 5 Test

Questions 24

Entrepreneurship - Unit 5 Test

Questions 24