ENTREPRENEURSHIP:

Which of the following, explains the term 'Entrepreneur'?

• The person who undertakes the risk in setting up a business, to make a profit.

• The activities involved in setting up and operating a business to make a profit.

• The people who combine resources to set up and operate a business to make a profit.

• The person who brainstorms business ideas.

Entrepreneurship is the process of bringing together all the other factors of production necessary for a business.

• False

• True

An entrepreneur may reduce his risk of loss by

• Securing bank loans

• Sponsoring community projects

• Planning ahead

• Purchasing additional fixed assets

Which of the following can be considered as characteristics of an entrepreneur?

I being determined

II to be able to delegate responsibilities

III dedicated

• I and II only

• I and III only

• III and II only

• I, II and III

One of the functions of the entrepreneur is to determine the resources necessary for the business as well as to acquire the finances.

• False

• True

One of the MAIN functions of an entrepreneur is to

• prepare the accounting records
• advertise the company's product
• ·organize the factors of production
• organize the marketing of the company's product

Which of the following is an example of an entrepreneur?

• Joe rents an office space.
• Roger goes to the bank to get a loan
• Sally occasionally babysits her neighbour's child.
• Donna operates an online bakery from her home

A person who has the ability to seek out and undertake the risk of new business opportunities is referred to as

• a producer
• an inventor
• a shareholder
• an entrepreneur

Entrepreneurship is known as a Factor of Production.

• False

• True

Do you consider yourself the entrepreneur of your life?

• NO

• YES