Entrepreneurship Final
What are the 6 characteristics of Successful Entrepreneurs
Perseverance, Action-oriented, communicative, innovative, self-confidence, Specific knowledge,
What does SMART goal stand for
Specific, Measurable, Attainable, Realistic, and Timely
Entrepreneurs typically accept the risks associated with starting a new business in exchange for a. the ability to work longer hours b. none of the above c. the possibility of greater profits d. the possibility of defaulting on loans
c
Which of the following is NOT a characteristic of a successful entrepreneur? a. perseverance b. innovative thinking c. dependence d. self-confidence
c
Which of these BEST describes the economic system practiced throughout most of the history of the United States? a. fascism b. socialism c. capitalism d. communism
c
An advantage of entrepreneurship is that owners make all decisions by themselves. Meaning, the final responsibility falls on them.
false
Opportunity cost is the cost of the last alternative
false
The demand curve for a market economy shows that as the price of a good or service rises, individuals are willing to consume more of the good or service
false
The value of the next-best economic alternative is the tradeoff cost
false
marginal benefit
measures the advantages of producing one additional unit of good or service
When a market is dominated by a small number of businesses that gain the majority of total sales revenue
oligopoly
A disadvantage of enterepreneurship is that entrepreneurs a. may not have a regular income b. must implement creative ideas c. control their own destinies d. none of these
a
In the United States today, small companies a. can be more creative than large companies b. have innovating ideas that lead to technological change c. contribute billions of dollars every year to the U.S. economy d. all of these
a
Special meetings where companies of the same industry or related industry display their products are a. trade shows b. entrepreneurial conventions c. job fairs d. poor places to learn about opportunities
a
The demand curve shows that the quantity consumed a. increases as price decreases b. increases as price increases c. decreases as price decreases d. is not affected by price
a
Which of the following is most likely to operate within a market structure of pure competition? a. a wheat farm b. a shoe company c. an office supply store d. an automobile manufacturer
a
Which of the following are examples of nonfinancial goals? (Check all that apply) a. serving a community need b. how quickly you will pay off debts c. doing something you like d. enjoying personal independence
a, c, d
A self-assessment is an evaluation of your a. hobbies and interests b. strengths and weaknesses c. past job experience d. ability to act quickly
b
Possibilities from existing conditions are a. ideas b. opportunities c. dreams d. goals
b
Which of these statements BEST explains why entrepreneurs are important to the economy as a whole? a. they follow the economy's most common business practices and traditions b. they maintain the status quo in the economy by minimizing their profits c. they create new jobs and generate innovative ideas within the economy This answer is correct. d. they create ways for individuals in the economy to become wealthy without risk
c
As the price of a good or service decreases, _ are willing to purchase more
consumers
About how many new businesses do not survive beyond four years? a. about 10 percent b. almost 90 percent c. nearly one-quarter d. about half
d
All of the following can help you determine if a business opportunity is realistic EXCEPT a. the rate of business failure b. the market for that type of business c. the background needed to run that type of business d. the interest rates for loans at different banks
d
Entrepreneurs try to a. meet the needs of the marketplace b. make a profit c. identify the needs of the marketplace d. all of these
d
Entrepreneurship is sometimes considered to be a separate factor of production because it provides a. the land necessary to begin production b. the capital necessary to begin production c. the natural resources needed to bring about production d. the organizational ability needed to bring about production
d
Good communication is important in the problem-solving process because to solve problems, you will likely need to a. interact with others b. request information and express your ideas c. listen to suggestions from others d. all of these
d
Major factors in a firm's success include a. having adequate capital b. providing a product or service that meets customer needs c. the owner's reason for starting the firm in the first place d. all of these
d
Before starting a business, it is important to identify the kinds of entrepreneurial opportunities that match your aptitues and interests.
true
Entrepreneurship involves risk, which is both an advantage and a disadvantage.
true
Fixed costs must be paid even if a company has no sales
true