Discover Your Business Acumen: Take the Entrepreneurship Trivia Quiz

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| By Mrsruffin
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Mrsruffin
Community Contributor
Quizzes Created: 3 | Total Attempts: 104,250
Questions: 15 | Viewed: 101,356

1.

A person who works for someone else:

Answer: Employee
Explanation:
An employee is a person who works for someone else. They are typically hired by a company or organization to perform specific tasks or roles in exchange for a salary or wages. Unlike entrepreneurs who start their own businesses or work for themselves, employees work under the direction and supervision of their employers. They are responsible for carrying out their assigned duties and responsibilities as outlined by their employer.
2.

What is evaluation of your strengths and weaknesses?

Answer: Self Assessment
Explanation:
Self Assessment refers to the evaluation of one's own strengths and weaknesses. It involves reflecting on personal qualities, skills, and abilities to identify areas of improvement and areas of expertise. This process helps individuals gain self-awareness and make informed decisions about their personal and professional development. Self Assessment is commonly used in various contexts, such as career planning, performance appraisals, and personal growth. It is a valuable tool for individuals to understand themselves better and enhance their overall effectiveness and success.
3.

People who own, operate, and take risk of a business venture:

Answer: Entrepreneurs
Explanation:
Entrepreneurs are individuals who own, operate, and take the risk of a business venture. They are responsible for starting and managing their own businesses, often with innovative ideas and a willingness to take on financial risks. Unlike employees who work for a salary or wage, entrepreneurs are driven by the desire to create and grow their own businesses. Entrepreneurship refers to the process of starting and running a business, and aptitude refers to a person's natural ability or talent in a particular area.
4.

The ability to learn a particular job:

Answer: Aptitude
Explanation:
Aptitude refers to the natural ability or talent that an individual possesses to learn and excel in a particular job or field. It is the inherent capacity to acquire the necessary skills and knowledge required for a specific role. This ability can be developed and enhanced through training and experience. Therefore, aptitude is the correct answer as it directly relates to the capability of learning a particular job.
5.

What type of entrepreneurial business actually produce the products they sell?

Answer: Manufacturing
Explanation:
Manufacturing is the correct answer because entrepreneurial businesses that engage in manufacturing actually produce the products they sell. This involves the process of converting raw materials into finished goods through various production methods and techniques. These businesses typically have their own production facilities and equipment to create their products, which are then sold to wholesalers, retailers, or directly to consumers. Unlike wholesaling, retailing, or service-based businesses, manufacturing businesses are involved in the physical production and assembly of goods.
6.

What entrepreneurial business sells products to other businesses rather than the final customer?

Answer: Wholesaling
Explanation:
Wholesaling is the correct answer because it refers to the type of entrepreneurial business that sells products to other businesses or retailers, rather than directly to the final customer. Wholesalers typically purchase goods in bulk from manufacturers and sell them in smaller quantities to retailers, who then sell the products to the end consumers. This intermediary role makes wholesaling an essential part of the supply chain, facilitating the distribution of goods between producers and retailers.
7.

What type of entrepreneurial business sells products directly to the people who use or consume them?

Answer: Retailing
Explanation:
Retailing is the correct answer because this type of entrepreneurial business involves selling products directly to the people who use or consume them. Retailers purchase goods from manufacturers or wholesalers and sell them to individual customers through physical stores, online platforms, or other channels. They play a crucial role in the distribution chain by providing convenient access to products for consumers.
8.

What type of entrepreneurial business sells service instead of a product?

Answer: Service
Explanation:
The correct answer is Service because a business that sells services focuses on providing intangible offerings, such as consulting, repair, or professional expertise, rather than physical products. This type of entrepreneurial business relies on the skills and knowledge of its employees to deliver value to customers.
9.

What is an office memorandum?

Answer: A short written form of business communication.
Explanation:
An office memorandum is a short written form of business communication. It is a document used within an organization to convey important information, instructions, or announcements to employees. Unlike a letter or a message between individuals, an office memorandum is specifically designed for internal communication within a company or department. It is concise and typically includes specific details and directives relevant to the business context.
10.

If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?

Answer: Total sales-expenses
Explanation:
The calculation of profit is determined by subtracting the total expenses from the total sales. This calculation gives the business owner an understanding of the amount of money they have earned after deducting all the expenses incurred in generating those sales.
11.

What type of economy allows the government to determine what, how, and whom products and services are produced?

Answer: Command
Explanation:
A command economy allows the government to have complete control over what, how, and whom products and services are produced. In this type of economy, the government makes all the decisions regarding production, allocation of resources, and distribution of goods and services. This means that the government determines what goods and services are produced, how they are produced, and who receives them. This system is often associated with centrally planned economies, where the government sets production targets, prices, and wages.
12.

This economy is about personal choice. Individuals decide what, how, and for whom products and services are produced.

Answer: Market
Explanation:
In a market economy, individuals have the freedom to make choices about what to produce, how to produce it, and for whom to produce it. This means that individuals can decide what products and services they want to offer, how they want to produce them, and who they want to sell them to. This system is based on the principle of supply and demand, where prices are determined by the interactions of buyers and sellers in the market. In contrast, a command economy is characterized by central planning and government control over production and distribution.
13.

What is a fixed cost?

Answer: The cost that remains the same.
Explanation:
A fixed cost is a cost that remains constant regardless of the level of production or sales. It does not fluctuate with changes in output or sales volume. This type of cost is incurred regardless of whether any units are produced or sold. Examples of fixed costs include rent, insurance premiums, and salaries of employees who are not directly involved in production.
14.

What is the variable cost?

Answer: Cost that goes up and down.
Explanation:
Variable cost refers to the cost that changes in direct proportion to the level of production or sales. It includes expenses such as raw materials, direct labor, and utilities, which vary depending on the quantity of goods or services produced. Unlike fixed costs that remain constant regardless of production levels, variable costs fluctuate as production increases or decreases. Therefore, the answer "Cost that goes up and down" accurately describes the nature of variable costs.
15.

What is the opportunity cost?

Answer: Choosing the best alternative.
Explanation:
Opportunity cost refers to the value of the next best alternative that is given up when making a decision. In this context, choosing the best alternative implies that the decision-maker is considering the potential benefits and drawbacks of each option and selecting the one that offers the greatest overall advantage. This suggests that the opportunity cost is the value associated with the alternatives that were not chosen, as they may have had potential benefits or advantages that were forfeited in favor of the selected option.
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