Unit 1 Lesson 3 Quiz: Managing Entrepreneurial Risk

What is a key trait successful entrepreneurs have when managing risk?

• Ignoring future uncertainties

• Being rigid and sticking to the original plan

• Being flexible and adaptable

• Relying solely on luck

Which of the following best describes ethics?

• A) Legal principles set by a government

• B) A set of moral principles governing actions and decisions

• C) Financial strategies for business success

• D) Guidelines specific to one individual

What is the Golden Rule in business ethics?

• Always act for personal gain

• Do unto others as you would have them do unto you

• Follow all laws strictly

• Maximize profits at all costs

Which of the following is NOT considered intellectual property?

• Copyright

• Patent

• Trademark

• Business Ethics

What is a business plan primarily used for?

• Avoiding taxes

• Gaining customer loyalty

• Identifying and navigating risks in business

• Settling employee disputes

A conflict of interest occurs when personal and professional obligations interfere with each other.

• True

• False

Transparency in business means keeping all business activities secret to avoid legal problems.

• True

• False

Fair use allows limited use of copyrighted work without permission from the copyright holder.

• True

• False

Public domain refers to creative works that are free to use because the copyright has expired.

• True

• False

A well-written code of ethics should be vague to apply to every situation.

• True

• False