Entrepreneurship Knowledge Quiz
Entrepreneurship Knowledge Quiz
Test your knowledge about entrepreneurship with our engaging quiz! Whether you're a budding entrepreneur or just interested in the dynamics of business, this quiz covers a range of topics to help you understand the core principles and practices of entrepreneurship.
- Multiple choice questions to challenge your understanding.
- Gain insights into entrepreneurship concepts.
- Perfect for students, teachers, and business enthusiasts!
Entrepreneur comes from the French word "entreprendre" that means to __________.
To undertake
To make money
To support
To provide goods and services
What do you call the art of observing correct practices in managing and operating a self - owned business enterprise by providing goods and services that are valuable to the customers?
Entrepreneurship
Entrepreneur
Entreprise
Entreprendre
What is the difference between small businesses and ordinary small businesses?
Small businesses are owned by entrepreneurs while ordinary small businesses are owned by a business person.
Ordinary small businesses refers to the enterprise that correctly adopts and practices the principles of entrepreneurship while small businesses does not.
Ordinary small businesses include small and medium entreprises.
Ordinary small businesses are owned by one person with a workforce of not more than 20 persons.
What opportunity is it when entrepreneurs' businesses become their instrument for self - expression and self - actualization?
Opportunity to reap impressive benefits
Opportunity to reach their full potential
Opportunity to make a difference
Opportunity to create their own destiny
What is a contingency fund?
It is a cash or other assets reserved to address unforeseen circumstances or losses in a business.
It is the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question
It is a measure of financial resources.
It is the stock of ownership in the company.
What certain drawback is it when the business failure rate is relatively high?
Risk of losing your entire investment
Risk of no income
Long hours and hardwork
High levels of stress
The following are characteristics of a small business except
Independent management
Small capital requirement
Mostly local operation
Imports and exports
The following are potential drawbacks from being an entrepreneur except
Stress
Complete reponsibility
Impressive benefits
Long hours and hard work
Entrepreneurs play a vital role in their local business systems since their work has a significant impact on our nation's economy.
Opportunity to contribute to society and be recognized for your efforts
Opportunity to do what you enjoy and have fun at it
Opportunity to make a difference
Opportunity to reap impressive benefits
Opening and running a business provides no guarantee that an entrepreneur will earn money to survive.
Risk of losing the entire investment
Lower quality of life until the business gets established
Uncertainty of income
High levels of stress
Entrepreneurship is a science of correct practices.
TRUE
FALSE
Entrepreneurship is closely related to creativity.
TRUE
FALSE
Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business.
TRUE
FALSE
Which is true about wealth - oriented and profit - oriented person?
Profit - oriented is when there is abundance in providing the goods and services, while wealth - oriented is when income is the sole concern of the business owner.
Wealth - oriented is when there is abundance in providing the goods and services, while profit - oriented is when income is the sole concern of the business owner.
What is the best reason why does an entrepreneur defines value from the perspective of the buyers and not only form his/her?
The reputation of the business may not go well.
The trust of the clients may gradually be vanished.
Whatever is valuable to you as may not be valuable to the customers.
Entrepreneurship is NOT about the size of the business but rather about its sole ownership
TRUE
FALSE
What do you call about a business that are being managed by others for the benefit of the owners?
Entrepreneurship
Intrapreneurship
Enterprise
Complete the famous quote by an anonymous person: "No _________, no reward."
Risk
Stress
Agony
Problem
Innovation theory of Joseph Schumpeter says that ______________.
Governmental development is the product of structural change of innovation
Innovation is the force that will propel the revolutionary change
Role of the government in an entrepreneurial venture is very important
There are four factors in the production process: land labor, capital and organization
"The Principles of Economics"
Alfred Marshall
Frank Hyneman Knight
Max Weber
Nicholas Kaldor
This person believed that an entrepreneur must be quick to recognize any opportunity that will come to his/her way.
Israel Kirzner
Joseph Schumpeter
Alfred Marshall
John Maynard Keynes
According to Marshall, there are four factors in the production process. What are those?
Land, labor, capital, organization
Capital, consumer, labor, planning
Planning, organization, capital, buyer
Land, labor, organization, planning
It is the business or company that is individually - owned by an entrepreneur.
Capital
Entrepreneurship
Business venture
Enterprise
It connotes a business paradigm which signifies the start of a new business undertaking
Entreprendre that means to undertake
Entreprendre that means to support
Entreprendre that means to make money
Entreprendre that means to create more profit
Nicholas Kaldor gave an emphasis to ______________.
Advancement of technology
Gap - filling businesses
Failure as an important part of entrepreneurship
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