This quiz works best with JavaScript enabled. Home > Economics > Entrepreneurship > General > Entrepreneurs – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The flow of goods and services around the whole world. A) Mixed Economy. B) Local Economy. C) Global Economy. D) Market Economy. Show Answer Correct Answer: C) Global Economy. 2. This means satisfying customer's wants and needs while making a profit. It is a company-wide consumer orientation. A) Marketing concept. B) Promotional concept. C) Promotional concept. D) Revenue generating concept. Show Answer Correct Answer: A) Marketing concept. 3. T century entrepreneurs A) Rely heavily on brick & mortar stores. B) Are primarily funded by commercial banks. C) Are typically associated with start-ups. D) Are 100% self-funded. Show Answer Correct Answer: C) Are typically associated with start-ups. 4. What could cause a new business to run short of cash during its first year? A) Failure to apply for a loan or a grant. B) Failure to pay taxes for the new business. C) Failure to secure proper permits and licenses. D) Failure to pay the employees. Show Answer Correct Answer: A) Failure to apply for a loan or a grant. 5. Shark Tank is a reality TV program that allows entrepreneurs to pitch their business ideas to a panel of potential investors. However, for the entrepreneur, Shark Tank is really a: A) Product development tactic. B) Investment strategy. C) Promotional tool. D) Focus group experience. Show Answer Correct Answer: C) Promotional tool. 6. Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of A) Empathy. B) Success. C) Outsourcing. D) Productivity. Show Answer Correct Answer: B) Success. 7. ..... is looking for new ways to solve old problems A) Responsibility. B) Uncertainty. C) Creativity. D) None of above. Show Answer Correct Answer: C) Creativity. 8. Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable. A) Self Confidence. B) Optimistic. C) Opportunity Seeker. D) Hardworking. Show Answer Correct Answer: B) Optimistic. 9. What is the purpose of a business plan? A) 1. Creates the Business Model for Investor. B) 2 It is just a plan on paper. C) 3. Highlights risks and challenges and opportunities for a idea or company. D) 4. It is just way to do more research about various businesses. Show Answer Correct Answer: C) 3. Highlights risks and challenges and opportunities for a idea or company. 10. Why is collecting feedback from customers important? A) To generate ideas for the business's marketing campaigns. B) To better understand what your customers like and dislike about your business. C) So your customers think you care about what they think. D) None of above. Show Answer Correct Answer: B) To better understand what your customers like and dislike about your business. 11. All of the following are advantages of entrepreneurship, except A) Isolation. B) Independence. C) Personal satisfaction. D) Control. Show Answer Correct Answer: A) Isolation. 12. ..... is one who is always focused on introducing a new project or introducing something new in the venture already started . A) Innovative entrepreneur. B) Imitative entrepreneur. C) Fabian entrepreneur. D) Drone entrepreneur. Show Answer Correct Answer: A) Innovative entrepreneur. 13. Commitment to get something done. A) Obligation. B) Determination. C) Credit-worthiness. D) None of above. Show Answer Correct Answer: B) Determination. 14. ..... is the main reason why people want to become entrepreneurs A) Being your own boss. B) Run home based businesses. C) Uncertain income levels. D) Long work hours. Show Answer Correct Answer: A) Being your own boss. 15. How much did JK Rowling earn in 2019? A) $ 115 million. B) $ 17 million. C) $ 14.6 million. D) $ 92.6 million. Show Answer Correct Answer: D) $ 92.6 million. 16. Which is the best short-term option to reach profitability? A) Create a new product. B) Cut total expenses. C) Open new locations. D) Develop new markets. Show Answer Correct Answer: B) Cut total expenses. 17. Anyone can be an entrepreneur and: A) You must be 21 years of age to get started. B) You must have another job. C) You can begin at any age. D) None of above. Show Answer Correct Answer: C) You can begin at any age. 18. Which of the following of Maslow's needs must be satisfied first? A) Social. B) Physiological. C) Self-actualization. D) Security. Show Answer Correct Answer: B) Physiological. 19. An entrepreneur should prepare a cash flow statement A) Quarterly. B) Yearly. C) Daily. D) Monthly. Show Answer Correct Answer: D) Monthly. 20. Entrepreneurs believed that the success or failure of a new business venture depends primarily on: A) Educational training taught in business schools. B) Luck or fate. C) Their own attitude, skills and abilities. D) None of above. Show Answer Correct Answer: C) Their own attitude, skills and abilities. 21. Entrepreneurs must make decisions and solve problems every day. A) Human Relations Skills. B) Technical Skills. C) Problem Solving/Decision Making. D) Communication Skills. Show Answer Correct Answer: C) Problem Solving/Decision Making. 22. An organization or enterprising entity engaged in commercial, industrial, or professional activities. A) Entrepreneurship. B) Business. C) Businessman. D) Entrepreneur. Show Answer Correct Answer: B) Business. 23. Entrepreneurs must be willing to risk the chance of failure in order to be successful. What important characteristic of entrepreneurs is this? A) Risk-taking. B) Self-confident. C) Perseverance. D) Creativity. Show Answer Correct Answer: A) Risk-taking. 24. Who is the person that organizes and operates a business, takes risk? A) Intrapreneur. B) Business owner. C) Entrepreneur. D) Manager. Show Answer Correct Answer: C) Entrepreneur. 25. Read the song lyric below. "I went to school, got good grades, could behave when I wanted/ But I had demons deep inside that would raise when confronted. "What is the meaning of "demons" as Jay Z uses in the quote above? A) Questions. B) Problems. C) Violence. D) Devils. Show Answer Correct Answer: B) Problems. 26. Competency involves (a), (b), (c), (d) A) Being able to look at things from different perspectives. B) Sharing ideas with others both verbally and in written form. C) Working well with others. D) Having the right set of skills needed to get the job done. Show Answer Correct Answer: D) Having the right set of skills needed to get the job done. 27. A balance sheet includes A) Assets. B) Liabilities. C) Owner's equity. D) All of these options. Show Answer Correct Answer: D) All of these options. 28. Which of the following represents cognitive skills? A) Skills in listening. B) Negotiate easily with suppliers. C) Ability to create ideas. D) None of above. Show Answer Correct Answer: C) Ability to create ideas. 29. The reasons customers choose to buy A) Can. B) Benefits. C) Rich. D) None of above. Show Answer Correct Answer: B) Benefits. 30. The chance of danger or loss A) Options. B) Risk. C) Benefit. D) Reward. Show Answer Correct Answer: B) Risk. Next →Related QuizzesEntrepreneurship QuizzesEconomics QuizzesEntrepreneurs Quiz 2Entrepreneurs Quiz 3Entrepreneurs Quiz 4Entrepreneurs Quiz 5Entrepreneurs Quiz 6Entrepreneurs Quiz 7Entrepreneurs Quiz 8Entrepreneurs Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books