This quiz works best with JavaScript enabled. Home > Entrepreneurship > General > Entrepreneurs – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business plan should be ..... to convey critical information to potential investors. A) Long and detailed. B) Crisp and concise. C) Complex and technical. D) None of above. Show Answer Correct Answer: B) Crisp and concise. 2. Which of the following is not a reward of running your own business? A) Keep all the profit. B) Change in tastes and trends which can be a problem if busineses don't adapt to meet these needs. C) Be your own boss, work when you want. D) Job protection-can't be fired. Show Answer Correct Answer: B) Change in tastes and trends which can be a problem if busineses don't adapt to meet these needs. 3. It refers to the attribute that distinguishes an entrepreneur from the owner of an ordinary small business. A) Etiquette. B) Good manners. C) Right conduct. D) Character trait. Show Answer Correct Answer: D) Character trait. 4. In this economic system, also known as capitalism or a free market economy, people have the freedom to own property, buy products, and they can choose to start their own businesses. A) Communism. B) Free Enterprise. C) Socialism. D) Command Economy. Show Answer Correct Answer: B) Free Enterprise. 5. Despite long hours andhard work, a ..... entrepreneur will workuntil the job is done, nomatter how long it takes. A) Persistent. B) Creative. C) Restless. D) Action-oriented. Show Answer Correct Answer: A) Persistent. 6. Only ..... entrepreneurs believe in themselves. A) Self-confident. B) Inquisitive. C) Persistent. D) Creative. Show Answer Correct Answer: A) Self-confident. 7. Assets-liabilities = A) Owner's equity. B) Owner's payments. C) Profit. D) Loss. Show Answer Correct Answer: A) Owner's equity. 8. This entrepreneur started working at library, he is widely considered the wealthiest American of all time. A) Bill Gates. B) John D. Rockefeller. C) Jeff Bezos. D) None of above. Show Answer Correct Answer: B) John D. Rockefeller. 9. Which of the following is a reward of entrepreneurship? A) Relying on cash flow. B) Estimating popular cash. C) Flexibility and power. D) Donating personal time. Show Answer Correct Answer: C) Flexibility and power. 10. What is NOT a benefit of being an entrepreneur? A) Owning the company. B) Financial Risk. C) Personal Growth. D) Creating a Positive Impact. Show Answer Correct Answer: B) Financial Risk. 11. How can a business get involved in its community? A) Sponsor community events. B) Donating products or services to non-profit organizations. C) Organize special events. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. In an income statement, subtracting the cost of goods sold from the net sales provides the A) Revenue. B) Net operating income. C) Gross profit. D) Net income. Show Answer Correct Answer: C) Gross profit. 13. Which agency helps small business owners? A) Small Business Agency. B) Super Business Administration. C) Small Business Administration. D) Someone Buys Agencies. Show Answer Correct Answer: C) Small Business Administration. 14. Your company decided to produce and stock 100, 000 of their newest product. Sales are not moving as quickly as you thought and the merchandise just taking up space in the warehouse. This is an example of A) Risk. B) Loss. C) Speculative Risk. D) Pure Risk. Show Answer Correct Answer: C) Speculative Risk. 15. Entrepreneurs must have a basic understanding of how the economy works and of the fundamental concepts of finance, marketing, and management A) Basic Business Skills. B) Technical Skills. C) Human Relations Skills. D) Problem Solving/Decision Making. Show Answer Correct Answer: A) Basic Business Skills. 16. Who started Amazon? A) Nolan Bushnell. B) Marcel BishMarcel Bich. C) Jeff Bezos. D) Howard Schultz. Show Answer Correct Answer: C) Jeff Bezos. 17. To explain the meaning of something A) Interpret. B) Demonstrate. C) Produce. D) Show. Show Answer Correct Answer: A) Interpret. 18. Choose the type of entrepreneur that is not based on motivation A) Pure. B) Corporate. C) Spontaneous. D) Induced. Show Answer Correct Answer: C) Spontaneous. 19. The amount of money an entrepreneur or business earns after paying their expenses A) Soybeans. B) Profit. C) Capital. D) Labor. Show Answer Correct Answer: B) Profit. 20. A person who starts a new business and takes on the risks, responsibilities, and potential rewards of owning and operating a new business. A) Stockbroker. B) Entrepreneur. C) CEO. D) Principal. Show Answer Correct Answer: B) Entrepreneur. ← PreviousNext →Related QuizzesEntrepreneurship QuizzesEntrepreneurs Quiz 1Entrepreneurs Quiz 2Entrepreneurs Quiz 4Entrepreneurs Quiz 5Entrepreneurs Quiz 6Entrepreneurs Quiz 7Entrepreneurs Quiz 8Entrepreneurs Quiz 9Entrepreneurs Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books