Question 1

Which financial statement shows a company's revenues and expenses over a specific period?

Accepted Answer

Income statement

Answer

Cash flow statement

Answer

Balance sheet

Answer

Statement of retained earnings

Question 2

What is a key characteristic of a successful entrepreneur?

Accepted Answer

Risk-taking

Answer

Settling for less

Answer

Procrastination

Answer

Avoiding challenges

Question 3

Which term describes a business that is owned and operated by a single individual?

Accepted Answer

Sole proprietorship

Answer

Corporation

Answer

Cooperative

Answer

Partnership

Question 4

What is a business plan primarily used for?

Accepted Answer

To outline business goals and strategies

Answer

To hire employees

Answer

To create a social media profile

Answer

To keep track of personal expenses

Question 5

What does the term 'bootstrap' mean in entrepreneurship?

Accepted Answer

Starting a business with little or no external funding

Answer

Using a bank loan for all expenses

Answer

Seeking venture capital from investors

Answer

Hiring a large team right away

Question 6

What is the purpose of market research in a business?

Accepted Answer

To understand customer needs and preferences

Answer

To create a logo

Answer

To increase employee salaries

Answer

To reduce production costs

Question 7

What is a target market?

Accepted Answer

A specific group of consumers a business aims to reach

Answer

Only the competitors of the business

Answer

The employees of the business

Answer

All potential customers worldwide

Question 8

What is an elevator pitch?

Accepted Answer

A brief explanation of a business idea

Answer

A detailed business plan

Answer

A marketing strategy

Answer

A financial report

Question 9

What is the role of a mentor in entrepreneurship?

Accepted Answer

To provide guidance and advice based on experience

Answer

To work for free forever

Answer

To compete against the entrepreneur

Answer

To make all business decisions

Question 10

What does it mean to pivot in a business context?

Accepted Answer

To change direction or strategy in response to market feedback

Answer

To expand the workforce significantly

Answer

To ignore customer feedback

Answer

To increase product prices

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