Entrepreneurship Knowledge Quiz
Entrepreneurship Knowledge Quiz
Test your understanding of entrepreneurship and small business concepts with our engaging quiz! This quiz will cover fundamental questions about entrepreneurship principles, innovation theories, and the characteristics that differentiate successful entrepreneurs from ordinary small business owners.
- Learn about key entrepreneurial theories
- Explore misconceptions related to entrepreneurship
- Discover important entrepreneurial traits and skills
'Entreprendre' is a French word that means ________.
To be successful
To take risks
To undertake
To survive
___________ is a business or company that is individually - owned by an entrepreneur.
Enterprise
Entrepreneur
Corporate
None of these
Ordinary small businesses refers to enterprises that correctly adopts and practices the principles of entrepreneurship
True
False
The following are characteristics of a small business except for one:
Mostly local operation
Small capital requirement
Imports and exports
Independent management
What is entrepreneurship?
It is the art of observing correct practices in managing and operating a self - owned wealth - creating business enterprise by providing goods and services that are valuable to the customers.
It connotes a business paradigm which signifies the start of a new business paradigm.
It is someone who strongly advocates and correctly practices the concepts and principles of entrepreneurship.
It refers to a particular field of practice.
How does small business differ from ordinary small business?
Small business refers to a business that correctly adopts the principles of entrepreneurship while ordinary small business pertains to a business enterprise managed and operated by an owner who is not an advocate of entrepreneurship.
Ordinary small business is owned by one person with a limited workforce of not more than 20 persons while a small business has a larger number of workforce.
Ordinary small businesses includes SMEs and NGOs while small businesses can be found almost everywhere and anywhere.
There is no significant difference between the two.
Why is entrepreneurship an art and not a science?
Entrepreneurship is an art and not science because entrepreneurship continuously grows, develops, improves , and expands.
Entrepreneurship is an art because there is a constant changes which denotes movement and innovation.
Both are incorrect.
Both are correct.
Which of the following is true about 'Entrepreneurship is a wealth - creating venture'?
Wealth does equate profit.
Profit is one of the indicator of wealth.
Wealth is created when the value of the business had increased abundantly and the life of its owner has improved considerably.
All of these.
Wealth is lost when customers buy a service or product for the first time and do not patronize them for a second time but instead they look for the same products and services from other sellers.
True
False
Joseph Schumpeter's innovation theory on entrepreneurship tells us that ____.
Innovation will stir the entrepreneurial activity, and encourage competition
The four factors in production (land, labor, capital and organization) of goods and services must go with the active participation of the organization for a certain economic development
There is no need for a revolutionary change in the circular flow of economy
Uncertainty is an important factor in the production of goods and services
Proponent of Keynesian Theory
John Maynard Keynes
Joseph Schumpeter
Alfred Marshall
Max Weber
Proponent of Risk and Uncertainty - Bearing Theory
Nicholas Kaldor
Frank Hyneman Knight
Henry Leibenstein
Israel Kirzner
Theories express absolute truths about events or phenomena.
True
False
An entrepreneur opens a business with a motive/ aspiration _____.
Of becoming successful
Of making it as his/ her source of livelihood
Of earning profit
The owner of an ordinary small business views ________ as an unhealthy element in the business environment and tries to avoid it. He/ She is very uncomfortable in working in this kind of environment and strongly discourages it in the business community.
Risk
Problem
Innovation
Competition
How does an entrepreneur reacts to the changes in the evironment?
He/ She reacts positively thinking that it will bring or lead to new ideas for entrepreneurial opportunities.
He/ She reacts negatively thinking that it may bring trouble in the business.
He/ She will react either positively or negatively based on a certain situation.
The owner of an ordinary small business considers risk as something that is inherent, something that may prepare the business for improvements.
True
False
In terms of development and growth he/ she relies upon chance or luck in maintaining the status quo of his/ her business.
Owner of an ordinary small business
Entrepreneur
Supplier
Regular clientles
Which two are included in the misconceptions on entrepreneurship?
Entrepreneurship applies only to small businesses
Entrepreneurship applies only to manufacturing businesses.
Entrepreneurship can be applied both in bad and good economy.
Entrepreneurship applies mostly with people who educational background is impressive.
Entrepreneurship makes the following contributions to the lives of the Filipinos except for one:
It provides guidelines in their wealth - creating ventures.
It helps improve their financial status but not their social life, entrepreneurs would need to make personal sacrifices leaving no time for their families.
It helps broaden their creativity.
It helps make their lives happy, fruitful, and successful.
The _____________ of people is/ are rich source of entrepreneurial ideas.
Interests
Hobbies
Preferences
All of these
Ten entrepreneurial traits are grouped into how many clusters?
3
4
6
7
Planning cluster basically supports the achievement cluster. Does this mean that there is a hierarchy among the clusters?
No. They are both of the same level of importance.
Yes. Someone can still become successful even without the traits in planning cluster.
Someone that is definitely aggressive in taking risks tend to ______.
Calculate, evaluate and analyze the situation before taking the leap
Be satisfied in his/ her regular clientele
Take any kind of risk without any fear
Cognitive skills are skills that are related to _______.
Mental ability
Interpersonal relations
Technicals
Technological advancement
Where do entrepreneurs primarily seek a strong basis to make sound decision?
Specific and relevant data
Other people's judgement
Sales report
What entrepreneurial trait that says "quit" and "surrender" isn't included in the vocabulary of a successful entrepreneur?
Persistent
Opportunity - seeker
Risk - taker
Committed
Lack of interest means lack of commitment.
True
False
_________ are considered as the personal abilities to do things well.
Traits
Skills
Competence
Hardwork
Many people bank so much on their money in opening their own businesses thinking that it is the primary key to becoming an entrepreneur. This perception and practice is definitely wrong that it caused downfall and closure to some small businesses. Then, what do you think must be considered firstly towards becoming an entrepreneur?
Required character traits, skills, and competencies
Linkages in the community
Positive image
Hard work and competitiveness
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