ENTREP 9 QUARTER 1 EXAM

What is the definition of 'economy'?

• The state of being employed or having a job

• A system organizing the production and consumption of goods and services

• The practice of starting new organizations in response to opportunities

• A business owned and operated independently by the owner

What does entrepreneurship involve?

• Starting new organizations, particularly businesses

• Organizing government employment programs

• Distributing income evenly among the population

• Importing foreign goods for national consumption

Which of the following is considered a small business?

• A multinational company

• A government-owned enterprise

• A business independently owned and operated by the owner

• A stock market corporation

What term refers to any activity providing products or services with the goal of making a profit?

• Employment

• Enterprise

• Economy

• Cooperation

What is 'employment'?

• A system of goods and services

• The state of having a job for which you are paid

• The act of developing new products

• The expansion of a small business into a corporation

What is the term for the quality of being honest and having strong moral principles?

• Innovation

• Integrity

• Passion

• Opportunity

Which of the following refers to introducing something new?

• Obstacle

• Integrity

• Innovation

• Risk

What characteristic describes a successful entrepreneur's ability to persevere in the face of difficulty?

• Persistence

• Opportunity

• Competitiveness

• Risk-taking

Which personal entrepreneurial characteristic cluster involves systematic planning and monitoring?

• Power Cluster

• Achievement Cluster

• Planning Cluster

• Goal-Setting

What trait allows an entrepreneur to motivate others and communicate ideas effectively?

• Strong leadership qualities

• Self-discipline

• Risk-taking

• Sales ability