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Entrepreneurship Quizzes & Trivia

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Questions and Answers
  • 1. 

      Which statement is not true of entrepreneurs?

    • A.

      They apply innovative ideas.

    • B.

      They generally stick to the processes already in use.

    • C.

      They take risks

    • D.

      They are agents of adjustment.

    Correct Answer
    B. They generally stick to the processes already in use.
    Explanation
    Entrepreneurs are known for their ability to apply innovative ideas, take risks, and act as agents of adjustment. However, it is not true that they generally stick to the processes already in use. In fact, entrepreneurs often challenge the status quo and seek new ways of doing things. They are willing to break away from traditional methods and explore new approaches in order to create value and drive success in their ventures.

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  • 2. 

      Someone working within an existing business to introduce innovation and change.

    • A.

      Entrepreneur

    • B.

      Intrapreneur

    • C.

      Enterprise

    • D.

      Social Entrepreneur

    Correct Answer
    B. Intrapreneur
    Explanation
    An intrapreneur is someone who works within an existing business to introduce innovation and change. Unlike an entrepreneur who starts their own business, an intrapreneur operates within the confines of an established organization. They take on the role of an entrepreneur by identifying new opportunities, developing new products or services, and implementing new strategies to drive growth and success for the company. Intrapreneurs are often given the freedom and resources to experiment and take risks, similar to entrepreneurs, but they do so within the framework of the existing business.

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  • 3. 

      All of the following are characteristics of small businesses EXCEPT

    • A.

      Small businesses are independently owned, operated, and financed

    • B.

      Small businesses have fewer than 100 employees.

    • C.

      Small businesses emphasize new or innovative practices

    • D.

      Small businesses have little impact on industry

    Correct Answer
    C. Small businesses emphasize new or innovative practices
    Explanation
    Small businesses are known for their ability to adapt quickly to changes and innovate in order to stay competitive. They often have limited resources and face stiff competition, so they need to be creative and find new ways to attract customers and differentiate themselves from larger competitors. Therefore, the statement "Small businesses emphasize new or innovative practices" is a characteristic of small businesses and not an exception.

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  • 4. 

      Which of the following is NOT on of the three areas in which the importance of entrepreneurship can be shown?

    • A.

      Innovation

    • B.

      Number of new start-ups

    • C.

      Job creation and employment

    • D.

      Bureaucracy

    Correct Answer
    D. Bureaucracy
    Explanation
    Bureaucracy is not one of the three areas in which the importance of entrepreneurship can be shown. While innovation, the number of new start-ups, and job creation and employment are all aspects that highlight the significance of entrepreneurship, bureaucracy does not directly contribute to this. Bureaucracy refers to the administrative and procedural complexities that can hinder entrepreneurial activities, rather than showcasing their importance.

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  • 5. 

      Positive external trends or changes that provide unique and distinct possibilities for innovating and creating value are called _____________.

    • A.

      Strengths

    • B.

      Opportunities

    • C.

      Weaknesses

    • D.

      Threats

    Correct Answer
    B. Opportunities
    Explanation
    Opportunities refer to positive external trends or changes that provide unique and distinct possibilities for innovating and creating value. This means that opportunities are external factors that can be leveraged to create new products, services, or business models that can lead to growth and success.

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  • 6. 

      The three main responsibilities involved with managing an entrepreneurial venture once its up and running include all of the following EXCEPT

    • A.

      Managing processes

    • B.

      Managing people

    • C.

      Managing bureaucracy

    • D.

      Managing growth

    Correct Answer
    D. Managing growth
    Explanation
    The three main responsibilities involved with managing an entrepreneurial venture once it's up and running include managing processes, managing people, and managing bureaucracy. However, managing growth is not one of these responsibilities. This is because managing growth is actually a crucial responsibility for managing an entrepreneurial venture. As the venture grows, it becomes important to ensure that the growth is sustainable and that the business can adapt to the changing needs and demands of the market. Therefore, managing growth is an essential responsibility for the success of an entrepreneurial venture.

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  • 7. 

     Which of the following is NOT a critical success factor for succeeding in today's economy? 

    • A.

      The ability to be creative

    • B.

      The ability to resist change

    • C.

      Vision and leadership

    • D.

      Total quality culture

    Correct Answer
    B. The ability to resist change
    Explanation
    The ability to resist change is not a critical success factor for succeeding in today's economy. In today's rapidly changing and competitive business environment, organizations need to be adaptable and open to change in order to stay relevant and meet the evolving needs of customers. Resisting change can hinder innovation, growth, and the ability to respond to market trends and disruptions. Therefore, embracing change and being willing to adapt and evolve is essential for success in today's economy.

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  • 8. 

      A(n) ____________ is an investment vehicle that is the first public registration and sale of a company's stock. 

    • A.

      Venture capital

    • B.

      Angel investor

    • C.

      Initial public offering

    • D.

      Business incubator

    Correct Answer
    C. Initial public offering
    Explanation
    An initial public offering (IPO) refers to the first public registration and sale of a company's stock. It is a process through which a private company becomes a publicly traded company by offering its shares to the general public on a stock exchange. This allows the company to raise capital from a wide range of investors and provides liquidity to its existing shareholders. IPOs are often used by companies to fund their growth, expand their operations, pay off debts, or allow early investors and employees to sell their shares.

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  • 9. 

       All of the following are recognized as potential sources of entrepreneurial ideas EXCEPT: 

    • A.

      Personal interests or hobbies

    • B.

      Work experiences, skills, and abilities

    • C.

      Familiar and unfamiliar products and services

    • D.

      All of the selections are recognized as potential sources of entrepreneurial ideas

    Correct Answer
    B. Work experiences, skills, and abilities
    Explanation
    Work experiences, skills, and abilities are recognized as potential sources of entrepreneurial ideas. This is because individuals often identify entrepreneurial opportunities based on their past work experiences, skills, and abilities. They may recognize a gap in the market or a problem that they can solve based on their expertise. Therefore, this option is not an exception and should be included as a potential source of entrepreneurial ideas.

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  • 10. 

       Which of the following is NOT recognized an important component to organizational vision? 

    • A.

      The vision should be built on a foundation of the organization's core values and beliefs

    • B.

      The vision should elaborate a purpose for the organization

    • C.

      The vision should include a brief summary of what the organization does

    • D.

      The vision should specify detailed and short-term goals

    Correct Answer
    C. The vision should include a brief summary of what the organization does
    Explanation
    The correct answer is "The vision should specify detailed and short-term goals." This is because the vision statement is meant to provide a broad and inspiring overview of the organization's future direction, rather than specific and short-term goals. The vision should focus on the organization's purpose, core values, and beliefs, as well as provide a sense of direction and inspiration for its stakeholders.

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  • 11. 

        Which of the following is NOT recognized as a major area that should be included in a business plan? 

    • A.

      Executive summary

    • B.

      Corporate culture differences

    • C.

      Analysis of the opportunity

    • D.

      Analysis of the context

    Correct Answer
    D. Analysis of the context
    Explanation
    The analysis of the context is recognized as a major area that should be included in a business plan. This involves evaluating the external factors that may impact the business, such as market trends, competition, and regulatory environment. By understanding the context in which the business operates, the plan can be tailored to address potential challenges and take advantage of opportunities.

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  • 12. 

     Which of the following is NOT an important characteristic when writing a business plan?    

    • A.

      Clear, realistic financial projections

    • B.

      Detailed market research

    • C.

      Brief summary since the investor is more interested in the details in the business plan.

    • D.

      Proof of vision

    Correct Answer
    D. Proof of vision
    Explanation
    Proof of vision is not an important characteristic when writing a business plan. While having a clear vision is important for the success of a business, it is not a characteristic that needs to be explicitly included in a business plan. A business plan should focus on providing clear, realistic financial projections, detailed market research, and a brief summary of the business, as these are more relevant and necessary for investors to make informed decisions.

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  • 13. 

     A(n) _____________ is a form of business organization in which two or more business owners share the management and risk of the business. 

    • A.

      Sole proprietorship

    • B.

      General partnership

    • C.

      Corporation

    • D.

      Limited liability company

    Correct Answer
    B. General partnership
    Explanation
    A general partnership is a form of business organization where two or more business owners come together to share the management and risk of the business. In a general partnership, each partner contributes capital, shares profits and losses, and has equal authority in decision-making. This type of business structure offers shared responsibility and liability among partners, allowing them to pool their resources and expertise to operate the business.

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  • 14. 

     A(n) ___________ is a legal business entity that is separate from its owners and managers

    • A.

      Sole proprietorship

    • B.

      General partnership

    • C.

      Corporation

    • D.

      Limited liability company

    Correct Answer
    D. Limited liability company
    Explanation
    A limited liability company is a legal business entity that is separate from its owners and managers. This means that the owners and managers of a limited liability company are not personally liable for the company's debts or legal obligations. This separation of liability provides protection for the owners' personal assets and allows for the company to exist as its own legal entity.

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  • 15. 

     Which of the following restructuring actions involves laying off employees from their jobs?

    • A.

      Reengineering

    • B.

      Downsizing

    • C.

      Bankruptcy

    • D.

      Expanding

    Correct Answer
    B. Downsizing
    Explanation
    Downsizing involves the process of reducing the number of employees in a company by laying them off from their jobs. This restructuring action is typically taken to cut costs, streamline operations, or adapt to changes in the market. It is a strategic move by organizations to improve efficiency and profitability by reducing the workforce.

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  • 16. 

      A business that operates as though it has all the customary parts of an ongoing business, when in fact it may consist of only the entrepreneur and a file of contacts is called a:

    • A.

      New market

    • B.

      Fortune 500 company.

    • C.

      Virtual organization

    • D.

      Micro-enterprise

    Correct Answer
    C. Virtual organization
    Explanation
    A virtual organization is a business that appears to have all the typical components of a regular business, but in reality, it may only consist of the entrepreneur and a database of contacts. This type of organization utilizes technology and outsourcing to function effectively without the need for physical infrastructure or a large workforce. It allows the entrepreneur to operate on a global scale and take advantage of various resources and expertise without the need for significant capital investment.

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  • 17. 

      If someone starts a new business that is a service station, this is an example of a(n):

    • A.

      New concept/new business

    • B.

      Existing concept/new business

    • C.

      Existing concept/existing business

    • D.

      New concept/existing business

    Correct Answer
    B. Existing concept/new business
    Explanation
    The given correct answer, "Existing concept/new business," suggests that the service station business is not a completely new concept, as service stations already exist. However, the specific business being started is new, indicating that it is a new venture within an existing concept. This implies that the person is entering the market with a new service station business, which may offer unique features or cater to a specific target audience, while still operating within the existing concept of service stations.

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  • 18. 

      Which of the following is a common entrepreneurial trait? 

    • A.

      Viewing changes as threatening

    • B.

      A need for structured environments

    • C.

      A high need for achievement

    • D.

      All of the above

    Correct Answer
    C. A high need for achievement
    Explanation
    A high need for achievement is a common entrepreneurial trait because entrepreneurs are often driven by a strong desire to succeed and accomplish their goals. They are motivated by the challenge of overcoming obstacles and achieving their desired outcomes. This need for achievement pushes them to take risks, pursue opportunities, and constantly strive for excellence in their endeavors. Entrepreneurs are typically highly ambitious individuals who are not satisfied with mediocrity and constantly seek to challenge themselves and achieve more.

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  • 19. 

      When an entrepreneur explores his/her skills, abilities, and interests as a means of identifying the kind of business to enter, that process is known as the:  

    • A.

      Serendipity approach.

    • B.

      "inside-out" approach

    • C.

      Rational approach

    • D.

      All of the above

    Correct Answer
    B. "inside-out" approach
    Explanation
    The "inside-out" approach refers to the process where an entrepreneur looks within themselves to identify their skills, abilities, and interests in order to determine the type of business they should enter. This approach focuses on self-reflection and self-awareness, allowing the entrepreneur to align their personal qualities with their business venture. It emphasizes the importance of understanding oneself before making decisions about the business.

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  • 20. 

     One advantage of buying an existing business as opposed to starting a new business is: 

    • A.

      There is less risk.

    • B.

      There is less time and effort is required.

    • C.

      There is a possibility of buying at a bargain price

    • D.

      All of the above

    Correct Answer
    D. All of the above
    Explanation
    Buying an existing business instead of starting a new one has several advantages. Firstly, there is less risk involved as the business already has a proven track record and customer base. Secondly, it requires less time and effort as the infrastructure, equipment, and processes are already in place. Lastly, there is a possibility of buying the business at a bargain price, especially if the current owner is motivated to sell quickly. Therefore, all of the above advantages make buying an existing business a favorable option.

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