ENTQ1 Question Preview (ID: 54509)


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The process of getting into and operating one’s own business
a) Demand
b) Scarcity
c) Investment
d) Entrepreneurship

The primary reason individuals start a business
a) Scarcity
b) Profit motive
c) Competition
d) Better prices

The amount or quantity of goods or services consumers are willing and able to buy:
a) Demand
b) Supply
c) Equilibrium
d) Scarcity

Scarcity allows businesses to:
a) Increase prices
b) Decrease prices
c) Create jobs
d) Create equilibrium

Equilibrium is:
a) When demand is higher than supply
b) Point at which supply equals demand, neither leaving a surplus or a shortage
c) The money leftover after all the expenses of a business have been deducted from the income.
d) A market that only has one producer, and has no competition.

Entrepreneurs contribute to society in all the following ways EXCEPT:
a) Turning demand into supply.
b) Charging taxes to the government.
c) Providing more jobs.
d) Creating and using improved technology.

When several businesses strive for the same customer dollar.
a) Demand
b) Exporting
c) Monopoly
d) Competition

When a company can charge high prices because consumers have nowhere else to go.
a) Scarcity
b) Monopoly
c) Profit motive
d) Rivalry

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.

All the following are entrepreneurial characteristics, EXCEPT for:
a) Goal-oriented
b) Dependent
c) Responsible
d) Creative

All the following are skills an entrepreneur should have, EXCEPT for:
a) Speed
b) Communication
c) Math
d) Human Relations

Which one is a risk of owning your own business?
a) Being your own boss
b) Being fully responsible
c) Freedom to set your own schedule
d) Contributing to the community

A successful entrepreneur should:
a) Know his financial and non-financial goals before starting a business.
b) Create broad, far-reaching goals that are extremely challenging to meet.
c) Begin any type of business, as long as it pertains to her interests.
d) Always find someone else to operate and manage the business

What type of business gives you the legal rights to market a company’s products in a particular area?
a) Franchise
b) Monopoly
c) Non-profit
d) Private

What is a disadvantage of owning your own business?
a) What is a disadvantage of owning your own business?
b) Doing something you enjoy
c) Control own salary
d) Work long hours

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) Franchise
b) Buy existing business
c) Family business
d) Start own business

All the following are idea-generation methods, EXCEPT for:
a) People watching
b) Read, read, and read some more
c) Attend Trade shows
d) Ignore government agencies

Which idea is NOT good for a home-based business?
a) Selling cosmetics
b) Personal fitness trainer
c) Managing a doctor’s office
d) Outsourcing your skills to others

. All the following are laws to protect ideas and intellectual property, EXCEPT for:
a) Scarcity
b) Patent
c) Copyright
d) Trademark

Government agencies that assist entrepreneurs in starting their own businesses include all the following, EXCEPT:
a) SCORE
b) Chamber of Commerce
c) State Governments
d) SBA

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