BDI3C Entreprenurship Quiz #1

1.
1. (K) What do the following acronyms stand for?
a) NAFTA: _______________ Hint: an agreement that outlines which goods and services can travel easily between countries and which ones will have a tariff or tax included b) GNP: _________________ Hint: The total of all the goods and services produced in Canada in one year
Explanation
NAFTA stands for North American Free Trade Agreement, which is an agreement that outlines which goods and services can travel easily between countries and which ones will have a tariff or tax included. GNP stands for Gross National Product, which is the total of all the goods and services produced in Canada in one year.

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4
2.

(K) Most Ventures fit into one or more of the following the following categories. Check all that apply.
- A.
  
  For-Profit/Not-for-Profit
- B.
  
  Sole Proprietorship
- C.
  
  Large Scale/Small Scale
- D.
  
  Physical/Virtual
- E.
  
  Corporation
- F.
  
  Service Production/Goods Production
Correct Answer(s)
A. For-Profit/Not-for-Profit
C. Large Scale/Small Scale
D. Physical/Virtual
F. Service Production/Goods Production

Explanation
The correct answer is For-Profit/Not-for-Profit, Large Scale/Small Scale, Physical/Virtual, Service Production/Goods Production. This is because most ventures can be categorized as either for-profit or not-for-profit, depending on their primary goal of making money or serving a social cause. Ventures can also be classified based on their scale, whether they are large-scale operations or small-scale businesses. Additionally, ventures can be categorized based on their physical presence or virtual nature, depending on whether they have a physical location or operate solely online. Finally, ventures can be classified based on the type of production they engage in, whether they produce goods or provide services.

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3.

(K) What does entrepreneurship mean?
4.

(K) Entrepreneurship that occurs within an organization is known as:
- A.
  
  Intrapreneurship
- B.
  
  Enterprising person
- C.
  
  Demographics
- D.
  
  Motivation
Correct Answer
A. Intrapreneurship

Explanation
Intrapreneurship refers to the entrepreneurial activities that take place within an existing organization. It involves employees who exhibit an entrepreneurial mindset and take initiative to innovate, create new products or services, and drive change within the company. Intrapreneurship encourages employees to think and act like entrepreneurs, taking risks and seizing opportunities to generate value and drive growth for the organization. This term is used to distinguish entrepreneurship within an organization from entrepreneurship in the traditional sense, which involves starting a new business or venture.

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5.

(K) Was Terry for was an enterprising person?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Terry Fox displayed all the characteristics of an entrepreneur but was really an enterprising person. He did not run his marathon for personal profi but rather for the common good.

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6.

(T) Describe Terry Fox's vision. How did he communicate it to others?
7.

(A) Identify at least 4 types of challenges that young entrepreneurs face that are different from adult entrepreneurs?
8.

(K) According to the definition, an agent of change is someone who intentionally or unintentionally causes.... (Check all that apply)
- A.
  
  Social change
- B.
  
  Cultural change
- C.
  
  Behavioral change
- D.
  
  Physical change
- E.
  
  Technological change
- F.
  
  All of the above
Correct Answer(s)
A. Social change
B. Cultural change
C. Behavioral change

Explanation
An agent of change is someone who intentionally or unintentionally causes social, cultural, and behavioral change. This means that they have the power to influence and bring about shifts in society, culture, and individual behavior. It does not include physical or technological change, as these refer to changes in the physical environment or advancements in technology rather than changes in social or cultural aspects. Therefore, the correct answer is social change, cultural change, and behavioral change.

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9.

(K) An _______________ employee is someone who may not be willing or able to take personal financial risks and views job security as important and change jobs frequently to improve career growth.

Correct Answer(s)
enterprising

Explanation
An enterprising employee is someone who is willing to take risks and is motivated by career growth. This type of employee is not concerned about job security and is more likely to stay with one company for a longer period of time. They are proactive, innovative, and constantly seeking new opportunities for advancement.

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4
10.

(K) When setting Goals, you should always follow the SMART principle. SMART stands for:
- A.
  
  Simple, Measurable, Achievable, Realistic, Timely
- B.
  
  Simple, Meaningful, Accessible, Reliable, Topical
- C.
  
  Simple, Made-to-order, Agile, Random, Tenacious
- D.
  
  Staged, Meaningful, Abridged, Realistic, Timely
- E.
  
  Simple, Manageable, Asymmetrical, Reliable, Timely
Correct Answer
A. Simple, Measurable, Achievable, Realistic, Timely

Explanation
The correct answer is Simple, Measurable, Achievable, Realistic, Timely

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11.

(T) Think about the Entrepreneur you researched and profiled. 1) Clearly identify any two (2) entrepreneurial characteristics (not skills) that your successful entrepreneur has learned or developed. 2) Use an example directly from your entrepreneur's life experience to illustrate each characteristic above.

Bdi3c Entreprenurship Quiz #1

(K) What do the following acronyms stand for?

a) NAFTA: _ Hint: an agreement that outlines which goods and services can travel easily between countries and which ones will have a tariff or tax included b) GNP: ___ Hint: The total of all the goods and services produced in Canada in one year

(K) Most Ventures fit into one or more of the following the following categories. Check all that apply.

(K) What does entrepreneurship mean?

(K) Entrepreneurship that occurs within an organization is known as:

(K) Was Terry for was an enterprising person?

(T) Describe Terry Fox's vision. How did he communicate it to others?

(A) Identify at least 4 types of challenges that young entrepreneurs face that are different from adult entrepreneurs?

(K) According to the definition, an agent of change is someone who intentionally or unintentionally causes.... (Check all that apply)

(K) An _______________ employee is someone who may not be willing or able to take personal financial risks and views job security as important and change jobs frequently to improve career growth.

(K) When setting Goals, you should always follow the SMART principle. SMART stands for: