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ENTS1 Review
Test Description: ENTS1 Review - Entrepreneurship
Instructions: Answer all questions to get your test result.
1) An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
A
Entrepreneur
B
Entrepreneurship
C
Intrapreneurship
D
Intrapreneur
2) A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.
A
Entrepreneurship
B
Entrepreneur
C
Intrapreneur
D
Intrapreneurship
3) The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
A
Intrapreneurship
B
Entrepreneur
C
Entrepreneurship
D
Intrapreneur
4) One of the four factors of production
A
Entrepreneurship
B
Intrapreneur
C
Entrepreneur
D
Intrapreneurship
5) Capital Formation, Innovation, Increased Standard of Living, Large Scale Employment Opportunities
A
Risks of Entrepreneurship
B
Economic Benefits of Entrepreneurship
C
Characteristics of Entrepreneurs
D
Characteristics of Intrapreneurs
6) Financial Loss - Failure
A
Risks of Entrepreneurship
B
Characteristics of Entrepreneurs
C
Economic Benefits of Entrepreneurship
D
Characteristics of Intrapreneurs
7) Courage, Creativity, Curiosity, Discipline, Empathy, Enthusiasm, Passion Flexibility (Choose the best answer)
A
Characteristics of Employees
B
Characteristics of Entrepreneurs
C
Characteristics of Intrapreneurs
D
Characteristics of both Entrepreneurs and Intrapreneurs
8) Failure is sometimes the only way to learn.
A
True
B
False
C
Wrong Answer
9) The risky process of creating a new venture
A
Entrepreneur
B
Employment
C
Entrepreneurship
D
Intrapreneur
10) Collective Buying Power
A
Advantages of Buying an Existing Business
B
Advantages of Starting a New Business
C
Advantages of Starting a Partnership
D
Advantages of Purchasing a Franchise
11) Brand Awareness and Usually Less Risk
A
Advantages of Buying an Existing Business or Franchise
B
Advantages of Starting a New Business
C
Advantages of Starting a Partnership
12) Most Creative Freedom and Independence
A
Advantages of Buying an Existing Business or Franchise
B
Advantages of Starting a New Business
C
Advantages of Buying an Existing Business
D
Advantages of Starting a Partnership
13) Combined Resources and Shared Burden
A
Advantages of Buying an Existing Business
B
Advantages of Starting a Partnership
C
Advantages of Buying an Existing Business or Franchise
D
Advantages of Starting a New Business
14) Significant Changes May be Needed
A
Disadvantages of Starting a Partnership
B
Disadvantages of Buying an Existing Business or Franchise
C
Disadvantage of Buying an Existing Business
D
Disadvantages of Starting a New Business
15) Inconsistent Cash Flow, Time Commitment, Competition and Failure (Choose Best Answer)
A
Disadvantages of Starting a Partnership
B
Disadvantage of Buying an Existing Business
C
Disadvantages of Buying an Existing Business or Franchise
D
Disadvantages of Starting a New Business
16) Shared Profits, Disagreements Slower Decision Making
A
Disadvantage of Buying an Existing Business
B
Disadvantages of Buying an Existing Business or Franchise
C
Disadvantages of Starting a Partnership
D
Disadvantages of Starting a New Business
17) Limited Creativity and High Initial Investment Required
A
Disadvantages of Buying an Existing Business or Franchise
B
Disadvantages of Starting a Partnership
C
Disadvantage of Buying an Existing Business
D
Disadvantages of Starting a New Business
18) A cooperative effort of the private sector, the educational community and federal, state and local governments to enhance economic development by providing small businesses with management and technical assistance
A
Small Business Administration
B
Service Corps of Retired Executives
C
Small Business Development Centers
D
Governor's Office of Economic Development
19) The only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
A
Service Corps of Retired Executives
B
Small Business Administration
C
Small Business Development Centers
D
Governor's Office of Economic Development
20) Focused on economic opportunity for entrepreneurs, companies, and all Utahans.
A
Governor's Office of Economic Development
B
Small Business Development Centers
C
Service Corps of Retired Executives
D
Small Business Administration
*select an answer for all questions
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