This quiz works best with JavaScript enabled. Home > Economics > Entrepreneurship > General > Entrepreneurs – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The advantage of partnership compared to company is A) Partnerships aren't taxed as a separate business entity. B) All partners can leave their partnership business any time without notice. C) All above answers. D) None of above. Show Answer Correct Answer: A) Partnerships aren't taxed as a separate business entity. 2. Which is the cost of goods or services used to operate a business? A) Revenue. B) Profit. C) Income. D) Expense. Show Answer Correct Answer: D) Expense. 3. Which of these is not a way for entrepreneurs to get into business? A) Buying a franchise. B) Taking someone's business by force. C) Buying another individual's business. D) Starting their own business. Show Answer Correct Answer: B) Taking someone's business by force. 4. When writing a letter of inquiry, when should you identify the purpose of your letter? A) After describing your company. B) Once the recipient has agreed to meet with you. C) After identifying what prompted your inquiry (such as advertisement). D) At the beginning of the letter. Show Answer Correct Answer: D) At the beginning of the letter. 5. Bigger risks can mean A) More people will get involved. B) Bigger opportunities for success. C) Certain failure. D) Bigger need for cash investment. Show Answer Correct Answer: B) Bigger opportunities for success. 6. Governments can encourage entrepreneurial development by A) Increasing interest rates on loans. B) Deregulating and reducing taxes. C) Establishing higher ethical standards. D) Passing more legislation with strict guidelines. Show Answer Correct Answer: B) Deregulating and reducing taxes. 7. Which of these is NOT a benefit of buying an existing business? A) Tax debt. B) Existing customers. C) Existing location(s). D) Trained and experienced staff. Show Answer Correct Answer: A) Tax debt. 8. A calendar year is A) January-December. B) Any 12 month period. C) March-February. D) February-January. Show Answer Correct Answer: A) January-December. 9. They genuinely love their work. A) DEDICATION. B) PASSION. C) STRONG PEOPLE SKILL. D) COMMITTED. Show Answer Correct Answer: B) PASSION. 10. You should seek the advice of a trained professional to A) Write off their services on your income taxes. B) Help you when you don't feel smart enough on your own. C) Provide funding for your idea. D) Get accurate and specialized information relevant to your situation. Show Answer Correct Answer: D) Get accurate and specialized information relevant to your situation. 11. This involves producing something new while ..... means putting into use that new creation. A) Resourceful. B) Creative. C) Organized and an organizer. D) Creative & Innovative. Show Answer Correct Answer: D) Creative & Innovative. 12. A new or different product A) Innovation. B) Opportunity. C) Harvesting. D) Risk. Show Answer Correct Answer: A) Innovation. 13. A good example of an entrepreneur is? A) Checkout Clerk at Target. B) UPS Delivery driver. C) Gift Shop Owner. D) Police Officer. Show Answer Correct Answer: C) Gift Shop Owner. 14. What is the primary factor of a monopolistic competition: A) Product advertisement. B) Product value. C) Product differentiation. D) Product price. Show Answer Correct Answer: C) Product differentiation. 15. The process of making changes to something that adds value to customers is ..... A) An innovation. B) A creativity. C) An idea. D) An opportunity. Show Answer Correct Answer: A) An innovation. 16. The key to effective direct e-mail marketing is ..... A) Easy to buy. B) Interested users. C) Offer of product. D) Buy now. Show Answer Correct Answer: C) Offer of product. 17. The right to sell a company's products in a specified area. A) Corporation. B) Franchise. C) Retail business. D) Sole proprietorship. Show Answer Correct Answer: B) Franchise. 18. Entrepreneurs should prepare income statements A) Daily. B) Quarterly. C) Yearly. D) Monthly. Show Answer Correct Answer: D) Monthly. 19. What is one of the main reasons why small businesses are strongly promoted and supported by local government? A) They are owned by one person. B) They serve only their local communities. C) They may become a big business. D) They are important to the economy. Show Answer Correct Answer: D) They are important to the economy. 20. Who started Google? A) Bill Gates. B) Mark Zuckerberg. C) Larry Page & Sergei Brin. D) Steve Jobs. Show Answer Correct Answer: C) Larry Page & Sergei Brin. 21. The following are the habits of successful entrepreneurs, except ..... A) Building a network of friends. B) Watch TV more. C) Listening. D) Read more. Show Answer Correct Answer: B) Watch TV more. 22. Details on how theproposed business has anadvantage over itscompetition is containedin the ..... part ofthe business plan. A) Dog. B) Car. C) Person. D) CompetitiveAnalysis. Show Answer Correct Answer: D) CompetitiveAnalysis. 23. Entrepreneurs are different from businessman because: A) They maximise profits by providing various goods and services. B) They always try to upgrade their life. C) They try to contribute toward economic development of the country. D) They try to overcome competitors using various ways. Show Answer Correct Answer: C) They try to contribute toward economic development of the country. 24. This entrepreneur fell in love with programming in High School and invented Facebook. A) Larry Ellison. B) Elon Musk. C) Mark Zuckerberg. D) None of above. Show Answer Correct Answer: C) Mark Zuckerberg. 25. Cash on hand divide by burn rate = A) Number of months before cash runs out. B) The number of days you can stay in business. C) Number of days before a bill comes due. D) None of these options. Show Answer Correct Answer: A) Number of months before cash runs out. 26. Which of the following countries has the most new business start ups happening every year? A) Brazil. B) UK. C) USA. D) India. Show Answer Correct Answer: C) USA. 27. A ..... entrepreneur takesresponsibility for theirdecisions and actions. A) Cool. B) Responsible. C) Funny. D) Bad. Show Answer Correct Answer: B) Responsible. 28. 'Risk-taker' in entrepreneurship means A) Bravely continuing the project even when attaining profit is not certain. B) Willing to take calculated risk. C) Bearing maximum loss. D) Continuing the project albeit experiencing loss. Show Answer Correct Answer: B) Willing to take calculated risk. 29. To determine your suitability for entrepreneurship, you should assess your (a), (b) s, (c), (d) . A) Strengths and weaknesses. B) Interests. C) Aptitude. D) All of these. Show Answer Correct Answer: C) Aptitude. 30. An entrepreneur who creates, starts and sells ventures A) Serial entrepreneur. B) Novice entrepreneur. C) Habitual entrepreneur. D) Portfolio entrepreneur. Show Answer Correct Answer: A) Serial entrepreneur. ← PreviousNext →Related QuizzesEntrepreneurship QuizzesEconomics QuizzesEntrepreneurs Quiz 1Entrepreneurs Quiz 2Entrepreneurs Quiz 3Entrepreneurs Quiz 4Entrepreneurs Quiz 5Entrepreneurs Quiz 6Entrepreneurs Quiz 7Entrepreneurs Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books