Entrepreneurship Quiz: Questions And Answers

18 Questions | By Mrsruffin | Last updated: May 9, 2022 | Total Attempts: 58579

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An amazing Entrepreneurship quiz is here for you with questions and answers. Entrepreneurship is the pride of creating something. It's something that is going to make a difference in others' life. Well, it's built upon the knowledge of many things, but first of all, you have to be clear about the concepts of entrepreneurship. This is a quiz to find out how much you already know about entrepreneurship. Let's go!

Questions and Answers

1.

What is evaluation of your strengths and weaknesses?
- A.
  
  Self Assessment
- B.
  
  Employee
- C.
  
  Entrepreneurship
- D.
  
  Entrepreneur
2.

People who own, operate, and take risk of a business venture:
- A.
  
  Aptitude
- B.
  
  Employee
- C.
  
  Entrepreneurs
- D.
  
  Entrepreneurship
3.

The ability to learn a particular job:
- A.
  
  Aptitude
- B.
  
  Employee
- C.
  
  Entrepreneurship
- D.
  
  Entrepreneur
4.

Which is NOT a disadvantage of Entrepreneurship?
- A.
  
  Risky
- B.
  
  Uncertain Income
- C.
  
  You are the boss
- D.
  
  Work long hours
5.

Which is NOT an advantage of Entrepreneurship?
- A.
  
  Can choose a business of interest.
- B.
  
  You can be creative.
- C.
  
  Make a lot of money.
- D.
  
  You will make decisions alone.
6.

What type of entrepreneurial business actually produce the products they sell?
- A.
  
  Manufacturing
- B.
  
  Wholesaling
- C.
  
  Retailing
- D.
  
  Service
7.

What type of entrepreneurial business sells products to people other than the final customer?
- A.
  
  Manufacturing
- B.
  
  Wholesaling
- C.
  
  Retailing
- D.
  
  Service
8.

What type of entrepreneurial business sells products directly to the people who use or consume them?
- A.
  
  Manufacturing
- B.
  
  Wholesaling
- C.
  
  Retailing
- D.
  
  Service
9.

What type of entrepreneurial business sells service instead of a product?
- A.
  
  Manufacturing
- B.
  
  Wholesaling
- C.
  
  Retailing
- D.
  
  Service
10.

What is an office memorandum?
- A.
  
  Message from one person to another.
- B.
  
  A short written form of business communication.
- C.
  
  Short speech
- D.
  
  Letter
11.

If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?
- A.
  
  Sales-months in a year
- B.
  
  Sales-expenses
- C.
  
  Total sales-expenses
- D.
  
  Monthly sales* expenses
12.

Which one is NOT a step in the problem-solving method?
- A.
  
  Define the problem
- B.
  
  Gather information
- C.
  
  Identify solutions
- D.
  
  Ignore the problem
13.

What is a fixed cost?
- A.
  
  The cost that goes up and down.
- B.
  
  The cost that remains the same.
- C.
  
  Measure the disadvantages of production.
- D.
  
  Measure advantages of production.
14.

A person who works for someone else:
- A.
  
  Aptitude
- B.
  
  Employee
- C.
  
  Entrepreneurs
- D.
  
  Entrepreneurship
15.

What type of economy allows the government to determine what, how, and whom products and services are produced?
- A.
  
  Command
- B.
  
  Market
- C.
  
  Both
- D.
  
  None
16.

This economy is about personal choice. Individuals decide what, how, and for whom products and services are produced.
- A.
  
  Market
- B.
  
  Command
- C.
  
  Both
- D.
  
  None
17.

What is the variable cost?
- A.
  
  Cost that goes up and down.
- B.
  
  Cost that remains the same.
- C.
  
  Measures the disadvantages of production.
- D.
  
  Measures advantages of production.
18.

What is the opportunity cost?
- A.
  
  Going with your first option.
- B.
  
  Going with the easiest option.
- C.
  
  Choosing the best alternative.
- D.
  
  All of these