ENTREPRENEURSHIP FINAL EXAM
Quiz by Bernice Broussard
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50 questions
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- Q1Barbara Will had a great recipe for sweet bell pepper sauce. Her friend Lynne Wilson convinced her that they should go into business together and sell the sauce. They now ship J.T.'s Red Sauce to stores in 35 states. Will and Wilson are examples ofentrepreneursintrapreneursmanagersemployees30s
- Q2Which of the following is not an example of an entrepreneur?Donna Cook started a cleaning service 10 years ago.Diane Molberg started By Request, a successful home bakery business.Gwen Morgan manages The Secret Garden, a business owned by her sister.Elmer Olsen created Bayfield Apple Jam and distributes the jam nationally.30s
- Q3Team members who have the right set of skills needed to get the job done are demonstrating________________.entrepreneurshipaptitudeself-assessmentcompetency30s
- Q4Jackson Hewitt Tax Service is an example of which type of business?service businessretailing businesswholesaling businessmanufacturing business30s
- Q5The plant where Goodyear tires are made is an example of which type of business?manufacturing businessservice businesswholesaling businessretailing business30s
- Q6According to the Small Business Administration;s Office of Advocacy, how many new businesses survive for at lest two years?25 percent67 percent10 percent44 percent30s
- Q7Which of the following is not an advantage of entrepreneurship?Entrepreneurs can make large sums of money.Entrepreneurs take all the risks involved with starting a business.Entrepreneurs can be creativeEntrepreneurs are their own bosses30s
- Q8Which step of the problem-solving process involves performing research and interviewing customers, suppliers, and employees?Define the problemGather informationEvaluate alternativesIdentify various solutions30s
- Q9An example of a non economic want isfriendshipcarshousingclothing30s
- Q10Which of the following is not an example of service?car washteleisionlawn carecable TV installation30s
- Q11If a product has inelastic demand, a price increase will causeconsumers to buy lesslittle or no change in the demand for the itemcompetitors to enter the marketconsumers to buy more30s
- Q12What determines the type of economic system a country has?the demands of the peoplethe political beliefs of the country's rulerthe way the basic economic questions are answeredthe resources of the country30s
- Q13Which of the following is not a role of entrepreneurs in the U.S. economy?determine how to allocate natural resourcesserve as agents for changeprovide capital investment and job creationsupply goods and services to meet consumer nees and wants30s
- Q14Another name for eonomic resources isfactors of productiongoods and servicescommand and marketsupply and demand30s
- Q15The four basic principles of the U.S. economic system areprivate property, limited choice, profit, competitionprivate property, freedom of choice, profit, competitiontaxed property, freedom of choice, profit, competitionprivate property, freedom of choice, loss, competition30s