Ch. 1 Review Quiz: 1.1-1.3

A person who takes the risk of a business venture is

•  not directly affected by his or her decisions
• an entrepreneur
• an employee
•  sure to be successful

Entrepreneurs try to

• identify the needs of the marketplace
•  meet the needs of the marketplace
•  make a profit
•  all of these 

Which of the following is a retailing business?

•  Auto repair shop
• Grocery store
• Gold mine
• Farm

About how many new businesses do not survive beyond four years?

• 1/2
• 1/4
• 90%
• 10%

Entrepreneurs try to meet the needs of the marketplace by supplying a product or service. 

• True
• False

Entrepreneurs and employees are both directly affected by the consequences of the decisions they make. 

• True
• False

Manufacturing businesses produce the products they sell. 

• True
• False

Entrepreneurial businesses include retailing businesses, such as clothing and furniture stores, but do not include service businesses. 

• True
• False

Which of the following is not a characteristic of a successful entrepreneur?

• Determination
• Creativity
• Dependence
• Self Confidence

Researchers have determined that successful entrepreneurs

• want to make their own decisions
•  do not always know what they want
•  like to have someone else make decisions
•  do not need to set goals