Pre-Test Entrepreneurship

Name one famous entrepreneur and describe their contribution to the business world.

• Steve Jobs - He is known for founding Microsoft and has made significant contributions to the computer software industry.

• Mark Zuckerberg - He is known for founding Google and has made significant contributions to the search engine industry.

• Bill Gates - He is known for founding Amazon and has made significant contributions to the e-commerce industry.

• Elon Musk - He is known for founding SpaceX, Tesla, and PayPal, and has made significant contributions to the electric vehicle and space exploration industries.

Differentiate between a product and a service in the context of entrepreneurship.

• A product is only available in physical stores, while a service is only available online.

• A product is only used by businesses, while a service is only used by individuals.

• A product is a tangible item, while a service is an intangible offering.

• A product is an intangible item, while a service is a tangible offering.

List three characteristics that are important for being a successful entrepreneur.

• Conservatism, procrastination, and conformity

• Innovation, resilience, and risk-taking

Explain what mark-up is and how it is calculated in a business.

• Mark-up is the amount added to the selling price of goods to cover overhead and profit. It is calculated by adding the cost price to the selling price.

• Mark-up is the amount added to the cost price of goods to cover overhead and profit. It is calculated by subtracting the cost price from the selling price.

• Mark-up is the amount subtracted from the cost price of goods to cover overhead and profit. It is calculated by adding the cost price to the selling price.

• Mark-up is the amount added to the cost price of goods to cover overhead and profit. It is calculated by multiplying the cost price by the selling price.

Why is it important for entrepreneurs to understand their target market when developing a product or service?

• To waste time and resources on irrelevant market research

• To develop a product or service that is not aligned with customer demand

• To ignore the needs and preferences of their customers

• To tailor their product or service to meet the specific needs and preferences of their customers.

What is entrepreneurship?

• A type of sport

• Cooking delicious meals

• Starting and running a business

Kirk owns a food stall. He offers food and delivery services. Therefore he is a __________.

• seller

• buyer

• debtor

• consumer

Kim ordered food online. She is a _________.

• seller

• buyer

• debtor

• creditor

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

• Producer

• Retailer

• Manufacturer

• Wholesaler

Entrepreneur is the one who starts a new business venture

• True

• False