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ENTQ1
Test Description: ENTQ1
Instructions: Answer all questions to get your test result.
1) The process of getting into and operating one’s own business
A
Investment
B
Entrepreneurship
C
Scarcity
D
Demand
2) The primary reason individuals start a business
A
Profit motive
B
Scarcity
C
Competition
D
Better prices
3) The amount or quantity of goods or services consumers are willing and able to buy:
A
Demand
B
Scarcity
C
Equilibrium
D
Supply
4) Scarcity allows businesses to:
A
Decrease prices
B
Create jobs
C
Create equilibrium
D
Increase prices
5) Equilibrium is:
A
The money leftover after all the expenses of a business have been deducted from the income.
B
A market that only has one producer, and has no competition.
C
When demand is higher than supply
D
Point at which supply equals demand, neither leaving a surplus or a shortage
6) Entrepreneurs contribute to society in all the following ways EXCEPT:
A
Creating and using improved technology.
B
Turning demand into supply.
C
Providing more jobs.
D
Charging taxes to the government.
7) When several businesses strive for the same customer dollar.
A
Demand
B
Competition
C
Exporting
D
Monopoly
8) When a company can charge high prices because consumers have nowhere else to go.
A
Monopoly
B
Profit motive
C
Rivalry
D
Scarcity
9) Government’s role in business encompasses all the following EXCEPT:
A
Provides subsidies to select groups.
B
Collects retail sales and other taxes on goods.
C
Is a large purchaser of goods and services.
D
Determines supply and demand.
10) All the following are entrepreneurial characteristics, EXCEPT for:
A
Responsible
B
Dependent
C
Creative
D
Goal-oriented
11) All the following are skills an entrepreneur should have, EXCEPT for:
A
Math
B
Communication
C
Speed
D
Human Relations
12) Which one is a risk of owning your own business?
A
Freedom to set your own schedule
B
Contributing to the community
C
Being fully responsible
D
Being your own boss
13) A successful entrepreneur should:
A
Begin any type of business, as long as it pertains to her interests.
B
Know his financial and non-financial goals before starting a business.
C
Always find someone else to operate and manage the business
D
Create broad, far-reaching goals that are extremely challenging to meet.
14) What type of business gives you the legal rights to market a company’s products in a particular area?
A
Franchise
B
Private
C
Monopoly
D
Non-profit
15) What is a disadvantage of owning your own business?
A
Doing something you enjoy
B
Work long hours
C
What is a disadvantage of owning your own business?
D
Control own salary
16) You want to start a business. Which type of business is right for you, if you want to be independent and make all decisions about everything, keep all the profits, and allows you to hire all-new employees?
A
Family business
B
Start own business
C
Franchise
D
Buy existing business
17) All the following are idea-generation methods, EXCEPT for:
A
Ignore government agencies
B
Read, read, and read some more
C
Attend Trade shows
D
People watching
18) Which idea is NOT good for a home-based business?
A
Outsourcing your skills to others
B
Selling cosmetics
C
Managing a doctor’s office
D
Personal fitness trainer
19) . All the following are laws to protect ideas and intellectual property, EXCEPT for:
A
Copyright
B
Trademark
C
Scarcity
D
Patent
20) Government agencies that assist entrepreneurs in starting their own businesses include all the following, EXCEPT:
A
SBA
B
State Governments
C
Chamber of Commerce
D
SCORE
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