Quiz

Multiple choice questions (1 point each)

1. What is an entrepreneur?
a. The process of starting,organizing,managing and assuming the responsibility for
a business.
b. Someone who takes a risk in starting a business to earn a profit.
c. Principles of morality or rules of conduct.
d. Type of market
2. What is a Venture capital?
a. Money provided by large investors
b. Money provided by small investors
c. Money provided by the government
d. Money provided by a bank
3. What is an innovation?
a. A new business
b. A new investor
c. A loan
d. A new invention
4. A competitive advantage that small businesses have over large businesses is
a. Lower costs
b. More consumer research
c. Lower prices
d. Attention to unique customer needs
5. What is a designed change that increases the usefulness of a product, service, or
process?
a. Improvement
b. Opportunity
c. Innovation
d. Invention
6. Money provided by large investors to finance new products and new businesses that
have a good chance to be very profitable is know as?
a. A loan
b. Venture capital
c. Credit
d. Start-up funding
7. How many employees does a small business?
a. More than 2000
b. 1000-2000
c. 500-1000
d. Less than 500
8. How many types does financing have?
a. 3
b. 4
c. 5
d. 7
9. What is start-up financing?
a. The amount of employees needed to open the business
b. The amount of money needed to open the business
c. The amount of money needed to pay for the operating activities of a business
d. The amount of money needed for the main resources of a business
10. Which of the following is not one of the reasons small business fail?
a. Poor customer credit practice
b. The owner does not have adequate experience
c. A poor business location
d. not enough employees to do the work
11. What is productivity?
a. The availability of a service to match the demand.
b. Individuals and organizations that determine what products and services will be
available for sale.
c. The production output in relation to a unit of input.
d. Additions and improvements to the basic product.
12. The amount of money needed for the main resources of a business that will last for
many years is called
a. credit
b. start-up financing
c. short-term financing
d. long-term financing
13. Every business begins with
a. A customer
b. A profit
c. An idea
d. An invention
14. What does SBA stand for?
a. Small Business Administration
b. Small Business Assistance
c. Short-term Business Activity
d. Start-up Business Account
15. What is proprietorship?
a. A business that owned by one person
b. A type of employees
c. A small business
d. A profit of business
True or False (1 point each)
1. Everyone who owns or manage a business is an entrepreneur. T/F
2. Large companies often form teams of specialists to work with a client. T/F
3. Consultants provide a level of expertise to a business. T/F
4. Every business begin with capital. T/F
Short answer (2 points each)
1.What is the skill of entrepreneurship?
: Money management , problem solving, relationship skill
2. The primary reasons that businesses started by entrepreneurs close are...Give 3 examples
: -Lack of adequate capital
-Low sales
-Higher than expected expenses
-Competitive pressure
-An owner unprepared to manage a growing business
-Operations requiring more time than the owner is willing to commit
3. How to become entrepreneur?
: Examining your personates: List your strengths
Set your foundation: Research your market, Determine what you can risk
Writing your business plan: Write company description