Entrepreneurship And Small Business Management Unit 1 Quiz

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  • 1/12 Questions

    An individual who undertakes the creation, organization and ownership of a business is called (an):

    • Investor
    • Business broke
    • Role model
    • Entrepreneur
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About This Quiz

This quiz assesses key concepts in Entrepreneurship and Small Business Management, including roles of entrepreneurs, export processes, profit calculations, franchise operations, market demographics, and freight forwarding. It's designed to enhance understanding and application of business management principles.

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  • 2. 

    Selling and shipping products to another country is called:

    • Importing

    • Trade barriers

    • Trade missions

    • Exporting

    Correct Answer
    A. Exporting
    Explanation
    Exporting refers to the act of selling and shipping products to another country. This involves sending goods or services produced within one country to be sold in another country's market. Exporting allows businesses to expand their customer base and reach international markets, thereby increasing their sales and profits. It is an essential part of international trade and helps in fostering economic growth and development.

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  • 3. 

    Money left over after all expenses of running a business have been deducted from income revenue is:

    • Investment

    • Profit

    • Capital

    • Enterprise

    Correct Answer
    A. Profit
    Explanation
    Profit refers to the money that is left over after deducting all expenses from the income revenue of a business. It is the financial gain that a business earns and is an indicator of its success and profitability. Profit is an essential aspect of running a business as it allows for growth, reinvestment, and distribution to shareholders. It is different from investment, which refers to the allocation of funds into assets or projects, and capital, which refers to the financial resources available to a business. Enterprise, on the other hand, refers to the organization and management of a business.

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  • 4. 

    The seller of a franchise is called a:

    • Partner

    • Competitor

    • Entrepreneur

    • Franchiser

    Correct Answer
    A. Franchiser
    Explanation
    A franchiser is the correct answer because they are the seller of a franchise. A franchise is a business model where the franchiser grants the rights to another party (the franchisee) to operate a business using their brand, products, and systems. The franchiser typically provides support, training, and ongoing assistance to the franchisee in exchange for fees or royalties. Therefore, the term "franchiser" accurately describes the seller in this context.

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  • 5. 

    To identify consumer markets, you have to be aware of:

    • Services

    • Demographc changes

    • Technology

    • Investors

    Correct Answer
    A. Demographc changes
    Explanation
    To identify consumer markets, being aware of demographic changes is crucial. Demographic changes refer to shifts in the characteristics of a population, such as age, gender, income, and ethnicity. These changes can significantly impact consumer behavior and preferences. By understanding demographic trends, businesses can tailor their marketing strategies and product offerings to effectively target specific consumer segments. For example, an aging population may require products and services that cater to their specific needs, while a younger demographic may be more interested in technology-driven products. Therefore, being aware of demographic changes is essential for businesses to successfully identify and tap into consumer markets.

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  • 6. 

    The point at which consumers buy all of a product that is supplied is called:

    • Equilibrium

    • Profit

    • Capital

    • Investment

    Correct Answer
    A. Equilibrium
    Explanation
    Equilibrium refers to the point where the quantity of a product demanded by consumers matches the quantity supplied by producers. At this point, there is no excess supply or demand, resulting in a stable market condition. It represents a balance between the buyers and sellers, where the market price is set and all available units of the product are sold. Therefore, equilibrium is the appropriate term to describe the point at which consumers buy all of a product that is supplied.

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  • 7. 

    A partnership created by two or more companies for a specific purpose over a set period of time is called a(n):

    • Franchise

    • Joint venture

    • Investment

    • Strategic alliance

    Correct Answer
    A. Joint venture
    Explanation
    A joint venture refers to a partnership formed by two or more companies for a specific purpose and a defined period of time. In a joint venture, the participating companies collaborate and pool their resources to achieve a common goal. This arrangement allows the companies to share risks, costs, and expertise while maintaining their individual identities. Unlike a franchise, which involves one company granting another the right to operate under its brand, a joint venture involves a temporary collaboration between multiple companies. It is different from an investment, which typically involves one company providing funds to another without actively participating in its operations. A strategic alliance is a broader term that encompasses various forms of partnerships, including joint ventures.

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  • 8. 

    A company that handles overseas shipments for a fee is called a(n):

    • Business broker

    • Franchiser

    • Freight forwarder

    • Joint venture

    Correct Answer
    A. Freight forwarder
    Explanation
    A company that handles overseas shipments for a fee is called a freight forwarder. Freight forwarders are responsible for coordinating and organizing the transportation of goods from one country to another. They handle the logistics, documentation, and customs clearance associated with international shipments. Unlike business brokers, franchisers, or joint ventures, freight forwarders specialize specifically in the transportation of goods across borders.

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  • 9. 

    The amount of money one puts into a business is called a(n):

    • Market

    • Investment

    • Profit

    • Capital

    Correct Answer
    A. Investment
    Explanation
    The amount of money one puts into a business is commonly referred to as an investment. This term implies that the money is being used to generate future returns or profits. It signifies the act of allocating funds with the expectation of gaining a financial return or benefit from the business venture. The other options provided (market, profit, capital) do not specifically refer to the act of putting money into a business, making them incorrect choices.

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  • 10. 

    One of the risks of being in business for yourself is:

    • Being your own boss

    • Competition

    • Uncertain income

    • Loss of prestige

    Correct Answer
    A. Uncertain income
    Explanation
    Being in business for yourself comes with the risk of uncertain income. Unlike a regular job with a fixed salary, entrepreneurs often face fluctuations in their earnings. This uncertainty can arise due to various factors such as market conditions, customer demand, and the success of their business ventures. The lack of a stable and predictable income can make financial planning and budgeting challenging, adding an additional layer of risk to being self-employed.

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  • 11. 

    If a small change in the price of an item causes a significant change in the quantity demanded, we say that the demand for the item is:

    • Inelastic

    • Scarce

    • High

    • Elastic

    Correct Answer
    A. Elastic
    Explanation
    If a small change in the price of an item causes a significant change in the quantity demanded, we say that the demand for the item is elastic. This means that consumers are highly responsive to changes in price, and a small increase in price will result in a large decrease in quantity demanded, and vice versa. Elastic demand indicates that the demand for the item is sensitive to price changes, and consumers are likely to switch to alternatives if the price increases.

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  • 12. 

    The _ _ _ _ _ _ _ _ is a large computer network that links smaller computer networks worldwide.

    Correct Answer
    Internet
    internet
    INTERNET
    Explanation
    The correct answer is "Internet,internet,INTERNET" because it accurately identifies the large computer network that connects smaller networks globally. The Internet is a global system of interconnected computer networks that enables communication and the sharing of information across the world. It is written in different cases (capitalized or not) depending on the context, but all variations refer to the same network.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 27, 2009
    Quiz Created by
    Sandra Taylor
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