This quiz works best with JavaScript enabled. Home > Economics > Entrepreneurship > General > Entrepreneurs – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 20 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A ..... entrepreneur must know what they want for their business from the beginning, at present, and in the future A) Goal-oriented. B) Resourceful. C) Passionate. D) Legitimate. Show Answer Correct Answer: A) Goal-oriented. 2. One who takes advantage of the country's social problems and turn them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit. A) Social entrepreneur. B) Extrapreneur. C) Intrapreneur. D) Technopreneur. Show Answer Correct Answer: A) Social entrepreneur. 3. SBA helps entrepreneurs by providing resources regarding business plans, loans, etc. SBA stands for A) Small Business Alliance. B) Smith Blackwell Association. C) Small Business Association. D) Small Brand Association. Show Answer Correct Answer: C) Small Business Association. 4. Of ..... fail in the first three years A) Retail shops. B) Coffee shops. C) Manufacturing plants. D) Restaurants. Show Answer Correct Answer: D) Restaurants. 5. A reward for running your own business is ..... A) You could lose money. B) Suppliers might not deliver the goods to when you need them. C) You can't get fired. D) Machinery might break down. Show Answer Correct Answer: C) You can't get fired. 6. Which of the following would NOT be a good place to go to get advice? A) The Better Business Bureau. B) A Community Workshop. C) An Embezzlers Anonymous Meeting. D) The Chamber of Commerce. Show Answer Correct Answer: C) An Embezzlers Anonymous Meeting. 7. The individual who started Wendy's. A) Bill Gates. B) Dave Thomas. C) Ray Kroc. D) Steve Jobs. Show Answer Correct Answer: B) Dave Thomas. 8. Faced with a problem, an ..... entrepreneur will research and ask questions to solve the problem. A) Creative. B) Inquisitive. C) Restless. D) Persistent. Show Answer Correct Answer: B) Inquisitive. 9. This is the amount the customer will pay for the product. The value of money or its equivalent placed on a good or service. A) Place. B) Promotion. C) Product. D) Price. Show Answer Correct Answer: D) Price. 10. Which of the following is a disadvantage of a partnership? A) Everyone is happy. B) Two sets of ideas and financial assets. C) Potential friction when making decisions. D) Can split duties and responsibilties. Show Answer Correct Answer: C) Potential friction when making decisions. 11. Which of the statement is NOT true? A) An entrepreneur will patiently wait for his efforts to bear fruit. B) The profit of the entrepreneur is immediate. C) All entrepreneurs are successful. D) Entrepreneurs are researchers. Show Answer Correct Answer: A) An entrepreneur will patiently wait for his efforts to bear fruit. 12. When entrepreneurs spot an opportunity to trade and make a difference to society? A) Organic enterprise. B) Social enterprise. C) Trade enterprise. D) Business enterprise. Show Answer Correct Answer: B) Social enterprise. 13. Who started Disney? A) Wibur Disney. B) William Disney. C) Washur Disney. D) Walt Disney. Show Answer Correct Answer: D) Walt Disney. 14. What could cause a new business to not be able to keep up with the demand for its new service? A) Failure to apply for a loan or a grant. B) Lack of a good advertising campaign. C) Shortage of trained employees. D) Failure to pay taxes for the new business. Show Answer Correct Answer: C) Shortage of trained employees. 15. Future expansion ofthe business should beincluded in the ..... part of thebusiness plan. A) Dog. B) Person. C) Boat. D) GrowthPlan. Show Answer Correct Answer: D) GrowthPlan. 16. When the entrepreneur markets a new product that emphasizes how unique and special the product is and that other businesses have nothing like it: A) Sales competition. B) Non-price competition. C) Non-sales competition. D) Price competition. Show Answer Correct Answer: B) Non-price competition. 17. ..... are not afraid to take risks. A) Excited. B) Creative. C) Reliable. D) Risk-takers. Show Answer Correct Answer: D) Risk-takers. 18. This is the practice of displaying products from different categories together, in order to generate additional sales from both. Think about a display of mustard above a display of hot-dogs. A) Personal selling. B) Industrial marketing. C) Cross merchandising. D) Visual merchandising. Show Answer Correct Answer: C) Cross merchandising. 19. This is the rivalry among businesses for customers. It forces companies to operate efficiently while keeping prices down and quality up. A) Industrialization. B) Competition. C) Supply. D) Demand. Show Answer Correct Answer: B) Competition. 20. Which personal characteristic of successful entrepreneurs reflects that successful entrepreneurs work until the job is done? A) Persistent. B) Inquisitive. C) Creative. D) Self-Condident. Show Answer Correct Answer: A) Persistent. 21. An advantage of entrepreneurship is that entrepreneurs A) Can supervise others. B) Make all decisions by themselves. C) Can work in a field that interests them. D) Do not need to set goals. Show Answer Correct Answer: C) Can work in a field that interests them. 22. How much did Dwayne 'the rock' Johnson earn in 2019? A) $ 115 million. B) $ 92.6 million. C) $ 19.5 million. D) $ 89.4 million. Show Answer Correct Answer: D) $ 89.4 million. 23. Entrepreneurs are primarily connected to A) Feudalism. B) Globalization Phase III. C) Globalization Phase I. D) Globalization Phase II. Show Answer Correct Answer: B) Globalization Phase III. 24. Owner's equity is calculated by A) Dividing total liabilities by total assets. B) Subtracting total assets from total liabilities. C) Dividing total assets by total liabilities. D) Subtracting total liabilities from total assets. Show Answer Correct Answer: D) Subtracting total liabilities from total assets. 25. These are the resources used in the production A) Money, materials, machinery, moments, methods, Manpower. B) Land, Labor, Capital, Materials, Machine. C) Business planning, Capital, Equipment, Materials. D) None of above. Show Answer Correct Answer: A) Money, materials, machinery, moments, methods, Manpower. 26. A person possesses managerial and decision-making skills needed to run a business enterprise A) Entrepreneurship. B) Leader. C) Business person. D) Entrepreneur. Show Answer Correct Answer: D) Entrepreneur. 27. This characteristics helps entrepreneur to be the greatest entrepreneurs in times of crisis. A) Creative and innovative. B) Boldly takes calculated risks. C) Finds opportunity in crisis. D) Ability to organize resources. Show Answer Correct Answer: C) Finds opportunity in crisis. 28. Many businesses use Facebook, Twitter, YouTube, or Instagram to communicate with customers. This is referred to as: A) Guerrilla marketing. B) Social media marketing. C) Product seeding. D) Viral marketing. Show Answer Correct Answer: B) Social media marketing. 29. Who is the richest entrepreneur in the world? A) Warren Buffett. B) Jeff Bezos. C) Bill Gates. D) Bernard Arnault. Show Answer Correct Answer: B) Jeff Bezos. 30. Entrepreneurs must get along with others and enjoy meeting and talking to people. A) Human Relation Skills. B) Basic Business Skills. C) Math Skills. D) Communication Skills. Show Answer Correct Answer: A) Human Relation Skills. ← 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