Entrepreneurship Review 10-4-18

Which of these roles is the highest ranking person in a company? (Select the best answer.)

CEO

Identify which of the following is an advantage of self-employment. (Select the best answer.)

Independent decision making

Which of these is a characteristic of successful entrepreneurs? (Select the best answer.)

Optimism

Which of the following types of skills will help you keep appointments and show up on time? (Select the best answer.)

Organizational skills

Which of the following is a characteristic of a successful entrepreneur? (Select the best answer.)

Passion

Researching the potential demand, pricing, and competition for a product can help you to achieve ___________ from investors and customers. (Select the best answer.)

Respect

Which of the following is an advantage of self-employment? (Select the best answer.)

Setting your own hours

What are the two most important things that you must have in order to become an entrepreneur? (Select the best answer.)

A business idea and passion

Capitalism is also known as what? (Select the best answer.)

A free enterprise system

Which of these is a sign of a weak economy? (Select the best answer.)

A high unemployment rate

Which of the following is a service-based business? (Select the best answer.)

A house cleaning company

Which type of entrepreneur starts a business or organization that is meant to improve society in some way? (Select the best answer.)

A social entrepreneur

Shania operates a small event-planning business and specializes in organizing corporate events. Her business is new but although she has planned a small number of successful events, her calendar has many openings that she needs to fill. Shania realizes she needs to book more events if she wants to improve her net profit. She knows that she needs to meet more people in her community in order to do so. Which of the following identifies the best possible low-cost solution to the problem? (Select the best answer.)

Attend local networking events organized by the local Chamber of Commerce.

Which of these is an example of an entrepreneur? (Select the best answer.)

Carl grows organic fruits and vegetables and sells them to the local grocery market.

If you buy a product or service, you are a/an ___________. (Select the best answer.)

Consumer

What do networking skills help you to do? (Select the best answer.)

Develop and maintain relationships with people

Which of the following businesses are likely to use units of time as its unit of sale? (Select the best answer.)

Dog walking

Which of the following is another word for a business or company? (Select the best answer.)

Enterprise

Which of the following statements could be considered an indicator that a person does NOT have personal potential for entrepreneurship? (Select the best answer.)

I like being told what to do instead of coming up with my own solutions.

How can optimism help you as an entrepreneur? (Select the best answer.)

It helps you stay positive through difficulties and obstacles.

Why is competition important in our economy? (Select the best answer.)

It keeps prices fair for consumers.

Which of the following is a disadvantage of self-employment? (Select the best answer.)

Legal issues and paperwork

Which type of skills can help you determine what your customers want? (Select the best answer.)

Listening skills

Which of the following is a disadvantage of entrepreneurship? (Select the best answer.)

Long hours

What does the CFO of a company do? (Select the best answer.)

Manage the financial health of the company

Match the example with the type of entrepreneurial skill being used.

Math skills - Nate adds up the hours worked and calculates the amount earned by each of his employees. Writing Skills -Vlad makes a flyer that describes his company's products. Organizational Skills -Maria fills all orders for her unique bracelets within one week. Developing Respect -Darrick researches his competitors to find out how much they charge for pet sitting, to make sure he can tell customers that his rates are reasonable.

Which of the following is an advantage that teen entrepreneurs may be more likely than adults to have? (Select the best answer.)

Media attention

Which of the following best explains a good business idea? (Select the best answer.)

New and unique, so nobody else is doing what you are doing

An economy is created by interactions between which two groups of people? (Select the best answer.)

Producers and consumers

The capitalist system in the U.S. assumes that businesses exist with what motive? (Select the best answer.)

To make a profit

Which of these is NOT necessarily a characteristic of successful entrepreneurs? (Select the best answer.)

Wealth

Which one of these examples shows strong potential as an entrepreneur? (Select the best answer.)

When Jermaine faces an unexpected challenge, he doesn't give up until he finds a solution.