ENTS1 Review Question Preview (ID: 54965)


ENTS1 Review - Entrepreneurship. TEACHERS: click here for quick copy question ID numbers.

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) Small Business Development Centers
c) Service Corps of Retired Executives
d) Governor's Office of Economic Development

Limited Creativity and High Initial Investment Required
a) Disadvantage of Buying an Existing Business
b) Disadvantages of Starting a New Business
c) Disadvantages of Starting a Partnership
d) Disadvantages of Buying an Existing Business or Franchise

Shared Profits, Disagreements Slower Decision Making
a) Disadvantage of Buying an Existing Business
b) Disadvantages of Starting a New Business
c) Disadvantages of Starting a Partnership
d) Disadvantages of Buying an Existing Business or Franchise

Inconsistent Cash Flow, Time Commitment, Competition and Failure (Choose Best Answer)
a) Disadvantage of Buying an Existing Business
b) Disadvantages of Starting a New Business
c) Disadvantages of Starting a Partnership
d) Disadvantages of Buying an Existing Business or Franchise

Significant Changes May be Needed
a) Disadvantage of Buying an Existing Business
b) Disadvantages of Starting a New Business
c) Disadvantages of Starting a Partnership
d) Disadvantages of Buying an Existing Business or Franchise

Combined Resources and Shared Burden
a) Advantages of Buying an Existing Business
b) Advantages of Starting a New Business
c) Advantages of Starting a Partnership
d) Advantages of Buying an Existing Business or Franchise

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

Brand Awareness and Usually Less Risk
a) Advantages of Starting a New Business
b) Advantages of Starting a Partnership
c) Advantages of Buying an Existing Business or Franchise
d)

Most Creative Freedom and Independence
a) Advantages of Buying an Existing Business
b) Advantages of Starting a New Business
c) Advantages of Starting a Partnership
d) Advantages of Buying an Existing Business or Franchise

The risky process of creating a new venture
a) Entrepreneurship
b) Entrepreneur
c) Intrapreneur
d) Employment

Failure is sometimes the only way to learn.
a) True
b) False
c) Wrong Answer
d)

Courage, Creativity, Curiosity, Discipline, Empathy, Enthusiasm, Passion Flexibility (Choose the best answer)
a) Characteristics of Entrepreneurs
b) Characteristics of Intrapreneurs
c) Characteristics of both Entrepreneurs and Intrapreneurs
d) Characteristics of Employees

Financial Loss - Failure
a) Economic Benefits of Entrepreneurship
b) Risks of Entrepreneurship
c) Characteristics of Entrepreneurs
d) Characteristics of Intrapreneurs

One of the four factors of production
a) Entrepreneur
b) Entrepreneurship
c) Intrapreneur
d) Intrapreneurship

Capital Formation, Innovation, Increased Standard of Living, Large Scale Employment Opportunities
a) Economic Benefits of Entrepreneurship
b) Risks of Entrepreneurship
c) Characteristics of Entrepreneurs
d) Characteristics of Intrapreneurs

The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
a) Entrepreneur
b) Entrepreneurship
c) Intrapreneur
d) Intrapreneurship

An individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
a) Entrepreneur
b) Entrepreneurship
c) Intrapreneur
d) Intrapreneurship

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) Entrepreneur
b) Entrepreneurship
c) Intrapreneur
d) Intrapreneurship

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) Small Business Administration
b) Small Business Development Centers
c) Service Corps of Retired Executives
d) Governor's Office of Economic Development

Focused on economic opportunity for entrepreneurs, companies, and all Utahans.
a) Small Business Administration
b) Small Business Development Centers
c) Service Corps of Retired Executives
d) Governor's Office of Economic Development

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