Entrepreneurship Knowledge Quiz

A vibrant and dynamic illustration of entrepreneurship concepts featuring diverse individuals brainstorming, working together, and innovating in a bright, creative workspace.

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!

25 Questions6 MinutesCreated by InspiringMind42

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

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.

What do you call about a business that are being managed by others for the benefit of the owners?

Entrepreneurship

Intrapreneurship

Enterprise

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

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

Entrepreneurship Knowledge Quiz

Entrepreneurship Knowledge Quiz

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