This quiz works best with JavaScript enabled. Home > Economics > Entrepreneurship > General > Entrepreneurs – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 21 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What could cause a new business to have very few sales during its first year? A) Failure to pay taxes for the new business. B) Lack of a good advertising campaign. C) Lack of a trademark for the company logo. D) Failure to apply for a loan or a grant. Show Answer Correct Answer: B) Lack of a good advertising campaign. 2. The assets invested in the production of goods and services are called: A) Economic resources. B) Human resources. C) Land resources. D) Capital resources. Show Answer Correct Answer: D) Capital resources. 3. A market economy is also called A) Socialism. B) Capitalism. C) Free enterprise. D) B and c. Show Answer Correct Answer: D) B and c. 4. What is NOT a skill of an entrepreneur? A) Problem-Solving. B) Motivational. C) Communication. D) Caring. Show Answer Correct Answer: D) Caring. 5. What is the main difference between a personal characteristic and a skill? A) Many people are born with business skills, but not characteristics. B) You can learn a characteristic, but not skills. C) Skills can be learned while characteristics are inherent qualities. D) None of above. Show Answer Correct Answer: C) Skills can be learned while characteristics are inherent qualities. 6. The rate at which the business needs to spend cash to cover overhead costs before beginning to generate a positive cash flow is called the A) Clash flow rate. B) Start up rate. C) Burn rate. D) Over head rate. Show Answer Correct Answer: C) Burn rate. 7. Which of the following statements is most likely to have a negative effect on domestic small-business growth: A) Low interest rates. B) Slow inflation. C) Restrictive loan policies. D) Involuntary tax reductions. Show Answer Correct Answer: C) Restrictive loan policies. 8. Who can be an entrepreneur? A) Anyone. B) Only the wealthy. C) People over 40 year old. D) People who go to college. Show Answer Correct Answer: A) Anyone. 9. How long did it take to make a Model T car without the Assembly Line? A) 12 Seconds. B) 12 Minutes. C) 12 Days. D) 12 Hours. Show Answer Correct Answer: D) 12 Hours. 10. Which of the following characteristics are essential when on the frontier of "uncharted waters" ?I tolerance of ambiguity II flexibility III innovative IV cautious A) All. B) I III II. C) III II. D) I IV. Show Answer Correct Answer: B) I III II. 11. Entrepreneurs are curious about things that may affect their business. They are not afraid to ask questions or to conduct research in order to solve problems. A) Independent. B) Inquisitive. C) Self-Confident. D) Goal-Oriented. Show Answer Correct Answer: B) Inquisitive. 12. Who started Under Amour? A) George Williams. B) Jerry Yang. C) David Filo. D) Kevin Plank. Show Answer Correct Answer: D) Kevin Plank. 13. When an entrepreneur decides on a marketing strategy that emphasizes how inexpensive their product is when compared to other competing products: A) Price competition. B) Non-sales competition. C) Sales competition. D) Non-price competition. Show Answer Correct Answer: A) Price competition. 14. What is a target customer? A) The ideal customers a business should try to attract. B) The possible customers for a business. C) The customers marketed to by competitors. D) The customers a business should avoid. Show Answer Correct Answer: A) The ideal customers a business should try to attract. 15. Which component of a business plan presents all the processes involved in producing and delivering products and services to customers? A) Financial Plan. B) Marketing plan. C) Operational plan. D) Organizational plan. Show Answer Correct Answer: C) Operational plan. 16. An estimate of the amount of money that an entity needs to begin a business. A) Price Comparison. B) Startup Costs. C) Organizational Structure. D) Pricing. Show Answer Correct Answer: B) Startup Costs. 17. ..... keep on conceiving new ideas to develop alternative projects A) Motivated entrepreneur. B) Induced entrepreneur. C) Pure entrepreneur. D) Professional entrepreneur. Show Answer Correct Answer: D) Professional entrepreneur. 18. Which of the following are assets? A) Time. B) Money. C) All of the above. D) None of above. Show Answer Correct Answer: C) All of the above. 19. The individual who started Microsoft. A) Ray Kroc. B) Dave Thomas. C) Bill Gates. D) Steve Jobs. Show Answer Correct Answer: C) Bill Gates. 20. Personal characteristics of successful entrepreneurs include A) Persistence. B) Recklessness. C) Pessimism. D) Greed. Show Answer Correct Answer: A) Persistence. 21. Which of the following is NOT considered a risk of being an entrepreneur? A) Providing value to others. B) Potential Business Failure. C) Long hours and hard work. D) Financial Insecurity. Show Answer Correct Answer: A) Providing value to others. 22. What is Innovation? A) Invention or creation that is brand new. B) Designed change that increase usefulness. C) Another source of money for some new businesses. D) Start a new business. Show Answer Correct Answer: A) Invention or creation that is brand new. 23. Being consistent in your actions, values, attitudes, principles, and methods A) Humorous. B) Intelligent. C) Integrity. D) Courtesy. Show Answer Correct Answer: C) Integrity. 24. Shark Tank is a reality TV program that allows entrepreneurs to pitch their business ideas to a panel of venture capitalists. What is a venture capitalist? A) Investor. B) Lawyer. C) Banker. D) Judge. Show Answer Correct Answer: A) Investor. 25. The idea of returning the favor to those who have done good deeds. A) PAKIKIBAGAY. B) UTANG NA LOOB. C) PAKIKIPAGKAPWA-TAO. D) PAGKAMATIPID. Show Answer Correct Answer: B) UTANG NA LOOB. 26. Is a person that works forsomeone else. A) Entrepreneur. B) Entrepreneur. C) Enthusiastic. D) Employee. Show Answer Correct Answer: D) Employee. 27. What is the term that:allows for expansion and competition. Creates new demand and helps form niche markets? A) Trending movement. B) Sector marketing. C) Globalization. D) Segmentation. Show Answer Correct Answer: C) Globalization. 28. A ..... is a document that thoroughly explains a business idea and how it will be carried out. A) Marketing plan. B) Financial analysis. C) Business plan. D) None of above. Show Answer Correct Answer: C) Business plan. 29. What is also innovation? A) 2.Creating new methods of production. B) 3. Working in existing markets only. C) 4. Using existing sources of raw material. D) 1. Creating or finding old products. Show Answer Correct Answer: A) 2.Creating new methods of production. 30. Deciding how much to charge for goods and services. A) Selling. B) Goods. C) Marketing. D) Pricing. Show Answer Correct Answer: D) Pricing. ← 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