This quiz works best with JavaScript enabled. Home > Entrepreneurship > General > Entrepreneurs – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurs Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A person possesses managerial and decision-making skills needed to run a business enterprise A) Entrepreneurship. B) Entrepreneur. C) Business person. D) Leader. Show Answer Correct Answer: B) Entrepreneur. 2. 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. 3. Many businesses use Facebook, Twitter, YouTube, or Instagram to communicate with customers. This is referred to as: A) Product seeding. B) Social media marketing. C) Viral marketing. D) Guerrilla marketing. Show Answer Correct Answer: B) Social media marketing. 4. Who is the richest entrepreneur in the world? A) Bill Gates. B) Jeff Bezos. C) Warren Buffett. D) Bernard Arnault. Show Answer Correct Answer: B) Jeff Bezos. 5. Entrepreneurs must get along with others and enjoy meeting and talking to people. A) Communication Skills. B) Math Skills. C) Basic Business Skills. D) Human Relation Skills. Show Answer Correct Answer: D) Human Relation Skills. 6. What could cause a new business to have very few sales during its first year? A) Failure to apply for a loan or a grant. B) Lack of a good advertising campaign. C) Lack of a trademark for the company logo. D) Failure to pay taxes for the new business. Show Answer Correct Answer: B) Lack of a good advertising campaign. 7. 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. 8. 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. 9. What is NOT a skill of an entrepreneur? A) Problem-Solving. B) Communication. C) Motivational. D) Caring. Show Answer Correct Answer: D) Caring. 10. 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. 11. 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) Start up rate. B) Over head rate. C) Clash flow rate. D) Burn rate. Show Answer Correct Answer: D) Burn rate. 12. Which of the following statements is most likely to have a negative effect on domestic small-business growth: A) Involuntary tax reductions. B) Restrictive loan policies. C) Low interest rates. D) Slow inflation. Show Answer Correct Answer: B) Restrictive loan policies. 13. Who can be an entrepreneur? A) Only the wealthy. B) People over 40 year old. C) People who go to college. D) Anyone. Show Answer Correct Answer: D) Anyone. 14. How long did it take to make a Model T car without the Assembly Line? A) 12 Hours. B) 12 Minutes. C) 12 Seconds. D) 12 Days. Show Answer Correct Answer: A) 12 Hours. 15. 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. 16. 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) Inquisitive. B) Goal-Oriented. C) Independent. D) Self-Confident. Show Answer Correct Answer: A) Inquisitive. 17. Who started Under Amour? A) Jerry Yang. B) Kevin Plank. C) George Williams. D) David Filo. Show Answer Correct Answer: B) Kevin Plank. 18. When an entrepreneur decides on a marketing strategy that emphasizes how inexpensive their product is when compared to other competing products: A) Non-sales competition. B) Sales competition. C) Price competition. D) Non-price competition. Show Answer Correct Answer: C) Price competition. 19. What is a target customer? A) The ideal customers a business should try to attract. B) The customers marketed to by competitors. C) The possible customers for a business. D) The customers a business should avoid. Show Answer Correct Answer: A) The ideal customers a business should try to attract. 20. Which component of a business plan presents all the processes involved in producing and delivering products and services to customers? A) Operational plan. B) Organizational plan. C) Marketing plan. D) Financial Plan. Show Answer Correct Answer: A) Operational plan. ← PreviousNext →Related QuizzesEntrepreneurship QuizzesEntrepreneurs Quiz 1Entrepreneurs 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