
Test 1 - Practise Quiz
Authored by Silindile Mkize
Business
University
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is entrepreneurship?
a) A process that creates changes in the economic system through individual innovations in the market.
b) A process of government intervention in the market.
c) A process that maintains the status quo in the economic system.
d) A process that eliminates competition in the market.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is an entrepreneur?
a) A person who works for a company.
b) A person who invests in the stock market.
c) A person who sees opportunities in the market, gathers resources, and creates and grows a business through innovation.
d) A person who avoids taking risks in the business world.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What role does an entrepreneur play in a business?
a) They delegate all tasks to employees.
b) They avoid taking any risks associated with the business.
c) They bear the risk of the business and seek profit through innovation and meeting market needs.
d) They solely rely on external funding for business operations.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is an entrepreneur rewarded for their efforts?
a) By receiving a fixed salary.
b) By avoiding risks associated with the business.
c) By gaining recognition in the industry.
d) By earning profits if the business succeeds.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
. Which of the following statements best describes the relationship between entrepreneurship and innovation?
a) Entrepreneurship stifles innovation in the market.
b) Innovation is unrelated to entrepreneurship.
c) Entrepreneurship relies on innovation to create and grow businesses.
d) Innovation is only relevant in established businesses, not in entrepreneurship.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What distinguishes an entrepreneur from other business professionals?
a) Their reluctance to take risks.
b) Their focus solely on profit maximization.
c) Their ability to recognize market opportunities and innovate.
d) Their preference for working within established frameworks rather than creating new ones.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a crucial aspect of identifying an opportunity in entrepreneurship?
a) Finding a hobby.
b) Identifying a real business opportunity.
c) Following trends blindly.
d) Replicating existing businesses.
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