Entrepreneurship- Unit 1: What is Entrepreneurship?

How did Daymond John show adaptability, which led to his success? Select all that apply.

0.25 of 1 He asked friends for help when needed. He submitted his work to multiple publishers.

How is innovation a positive feature of capitalism?

0.67 of 1 It promotes creativity. It drives competition.

Which of the following is a description of the truth-in-advertising regulation?

All communication about products must be truthfully stated.

Which of the following scenarios illustrates a negative consequence of government regulations?

An employer may have to downsize the business.

How might a situation in which there is no existing competition for a product or service still lead to innovation?

An entrepreneur can take advantage of an opening to create an innovative product or service.

Lesson 2

Artists and Techies as ... Entrepreneurs?

How are starting a new business and buying an existing business similar?

Both involve some risk.

Theresa is building an app that motivates companies to donate to charity by tracking the tax savings from doing so. When Brooks, who also has an app for tracking charitable contributions, hears of this, what is most likely to happen?

Brooks will continue to work on his app to try to make it better than Theresa's.

Which statement correctly describes how capitalism positively impacts small businesses?

Capitalism creates an environment of supply and demand.

Lesson 1

Do you have what it takes?

How is a startup different from other small businesses?

It has plans to grow quickly.

Why is Jasmine Crowe's app, Goodr, successful?

It helps people who are hungry and helps companies by providing a tax write-off and savings on trash pickup.

Lesson 4

Mind Your Business!

Lesson 3

Risky Business Is Business as Usual (to an Entrepreneur)

Which describes how J. K. Rowling became successful?

She persevered to see her vision through to the end.

Helen runs a small printing company. She knows that one of her printers uses a rare type of ink that is hard to find. What situation will Helen likely experience?

She will have to pay more for this ink than other, more common types of ink.

Which are reasons for the success of Lin-Manuel Miranda and Daymond John? Select all that apply.

Their creations appealed to many people. They created something unique.

How did the people of the Unites States' Western frontier have characteristics similar to today's innovative entrepreneurs in the United States and California? Select all that apply.

They created solutions to problems. They took a big risk.

How are small businesses different from big businesses?

They have fewer employees.

Read the sentence. Small businesses can have a greater impact on the economy than other types of businesses because they account for _[blank]_ of American businesses. Which percentage completes the sentence?

XXX 47%

Which best describes what JK Rowling created?

a much-loved fantasy book series

Which word describes the ability to adjust to different ways or conditions?

adaptability

Rita owns a frozen yogurt shop. She spends $500 per month on ingredients to make the yogurt. How should she price her yogurt?

at a price where she makes more than $500 monthly profit

Which are characteristics of an entrepreneur? Select all that apply.

competitiveness risk-taking vision

Read the sentence. Reformers help shape _[blank]_. Which best completes the sentence?

federal, state, and local regulations

To whom does Jasmine Crowe's app Goodr provide services? Select all that apply.

nonprofits that give food to the hungry the homeless and hungry companies that have extra food to give away

Which scenario illustrates a risk-taking activity?

starting a small business for profit

Read the sentence. Successful entrepreneurs like Daymond John and Lin-Manuel Miranda often have to _[blank]_ in order to succeed. Which best completes the sentence?

take big risks

Which statement is a definition of confidence?

the belief or trust in self or something

Which is the definition of competitiveness?

the property of having a strong desire for success and achievement

Which is a common factor used in calculating gross domestic product (GDP)?

consumer spending

Shefali owns a business that manufactures auto parts, located in a small town in Ohio. How does Shefali's business most likely contribute to the town's economy?

employing local workers

Read the sentence. Small businesses and entrepreneurs contribute to the economy by employing almost _[blank]_ American workers. Which term best completes the sentence?

half of

Which statement defines perseverance?

the steadfastness and commitment in achieving a goal

What minimum number of employees requires a business to offer health insurance, according to federal regulations?

50

How might scarcity affect a small business?

If a small business provides a scarce resource, it can charge more for the resource.

How can health insurance regulations negatively impact a small business?

It may prevent a small business from hiring more employees.

Which entrepreneur created a musical that featured hip-hop and R&B songs about American history?

Lin-Manuel Miranda

A company floods the American market with millions of pairs of red tube socks. On average, there are only 200,000 red tube sock sales per year in the United States. What is likely to happen? Select all that apply.

Some red tube socks will remain unsold. The price of red tube socks will decrease.

Which may be an advantage of buying an existing business? Select all that apply.

The business may have existing staff. There may be less financial risk. The business may already profitable.

Match each entrepreneur with the correct product or service.

Jasmine Crowe: Goodr Larry Page and Sergey Brin: Google Anne Wojcicki: 23andMe

Kiran owns a T-shirt shop in a beach community. For many years, he owned the only T-shirt shop in the area. Recently, several other T-shirt shops have opened next to Kiran's shop. What is likely to happen?

Kiran's sales will decrease.

Which entrepreneurial trait do Lin-Manuel Miranda and Daymond John have in common?

They were willing to take a risk.

Why do the United States and California lead in entrepreneurship and innovation?

Westward expansion forced people to innovate to solve problems.

Which describes how competition fueled technological innovation?

XXX Bill Gates knew Apple's operating system was better, so he designed his system much differently.

Who shapes state, local, and federal regulatory environments for new businesses?

XXX advocates

Read the sentence. Entrepreneurs construct a _[blank]_ statement as a way to imagine their future plans for the business. Which word completes the sentence?

XXX dream try vision

Read the sentence. Because of the presence of many _[blank]_, California is a leader in entrepreneurship and innovation. Which best completes the sentence?

XXX hardships

What is a direct consequence of a small business using deceptive advertising practices?

XXX paying higher business taxes

Which example illustrates a state regulation?

XXX providing raises and bonuses to employees

Read the sentence. Both large and small businesses contribute to the _[blank]_ by exporting goods. Which term best completes the sentence?

global economy

Which of the following are benefits of capitalism on small businesses? Select all that apply.

0.67 of 1 innovation competition

Which are disadvantages of owning a small business? Select all that apply.

0.67 of 1 working long work hours taking a financial risk

Juan plans to open a technology company that will need access to people with lots of training and fresh ideas. Why is California a good place for this entrepreneur to find the innovative employees he needs?

It has technology-focused businesses and universities.

How did 23andMe offer an innovative product?

It offered a way to do a simple genetic test at home.

Which words are characteristics of entrepreneurs? Select all that apply.

adaptable perseverance confidence

Read the sentence. Because it used a different _[blank]_, Google was different and better than other search engines. Which best completes the sentence?

algorithm

Which trait do entrepreneurs in tech need to have to encourage others to believe in their ideas?

confidence

Which is a way that an entrepreneur might contribute to the local economy?

selling an innovative product

Read the sentence. Jasmine Crowe and Anne Wojcicki found success because they used technology to _[blank]_. Which best completes the sentence?

solve problems

Which trait is shared by both Anne Wojcicki and Jasmine Crowe?

the vision to help people live better lives

In which ways do both small businesses and big businesses impact the economy? Select all that apply.

2 of 3 Both provide jobs in the community. Both provide revenue for community needs by paying taxes.

Which is an example of a sales tax that can affect online purchases?

A customer must pay the sales tax rate from his/her state.

Lesson 5

To Regulate or Not to Regulate

What is an advocate?

a person who supports a position or point of view

Which of the following is a local regulation that impacts a small business?

obtaining a business license

Which statement defines discipline?

the ability to stick to rules of their own free will