Entrepreneurship Practice Test

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________ are those that company owners can do something about

controllable risk

Which of these is market saturation?

a market condition in which the volume of a product or service has exceeded the demand in an economy

Which of these describes an entrepreneur?

an individual who starts & organizes a business while taking on high risks to do so

_____ are any obstacles preventing a startup from entering a market space.

barriers to entry

The suggestion of creating a _______ helps entrepreneurs with their tolerance for the unknown?

business plan

Which of these is a document stating a business´s goals & strategies for achieving them?

business plan

The possibility that a venture will have less profitability than anticipated or fail altogether is called ________.

business risk

Which of these is a business startup that is expected to produce profits & is accompanied by the risk or loss of failure?

business venture

________ occur(s) when the probability of risk can be approximated.

Insurable risk

_________ are risks from nature that can adversely affect organizations.

natural risks

The 3 main qualities of a risk assessment are that it is data-driven, recorded, and ______.

performed regularly

Entrepreneurs can ____ to help alleviate stress?

practice making tough decisions & plan for the future

habits

psychographic segmentation

hobbies

psychographic segmentation

the possibility of loss assumed by a company without a potential return is called ________.

pure risk

Venture capitalists are investors who provide startup funding to entrepreneurs, typically in exchange for what?

shares, or part ownership of the company

_______ are those that company owners cannot do anything about.

uncontrollable risks

Risk that cannot be insured against because its probability of occurrence is too difficult to estimate is known as _________.

uninsurable risk

Mina is struggling with the entrepreneurial challenge of managing people. What suggestion could help her deal with this problem?

using teams to encourage diverse perspectives & problem-solving skills

Which of these are the four main decision strategies available after severity has been estimated?

1. Reduce it 2.Avoid it 3.Transfer it 4.Accept it

Which of these are examples of a competitive advantage?

1.Patenting a trendy new type of shoe that no other company currently offers 2.selling a cost-effective truck in bulk to distribution companies at a faster rate than anyone else

When trying to establish a new company, it can be difficult for an entrepreneur to secure startup funding. Which of these are possible sources of funding?

1.loans 2.self-funding

A small business has ____ or fewer employees?

15

_______ result(s) from changes in market conditions as a whole.

Economic risks

Taking steps to reduce the consequences of risk is known as _______________.

Risk Mitigation

A(n) _______ is an analysis of potential risks & their relative probabilities of affecting an organization.

Risk assesment

___________ is the possibility of loss assumed by a company that also holds the possibility of a potential return

Speculative risk

age

demographic segmentation

race

demographic segmentation

increased competition

economic risk

product obsolescence

economic risk

Which of these is the ability & willingness to solve a specific problem by developing & managing a business venture?

entrepreneurship

state

geographic segmentation

zip code

geographic segmentation

Standard of living is a level of material comfort a society enjoys as measured by ____?

goods & services

employee injury

human risk

shoplifting

human risk

Risks caused through human actions, including those of customer, employees, or others outside an organization, are known as ________

human risks

changes in climate

natural risk

flooding

natural risk


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