Entrepreneurship and the Economy Quiz

What is the definition of an entrepreneur?

• A person who works for a wage

• A person who takes a risk to start and operate a business

• A person who only invests in businesses

• A person who manages a non-profit organization

Which of the following is NOT a classical factor of production?

• Enterprise

• Capital

• Labor

• Land

What is enterprise in the context of entrepreneurship?

• The ability to take risks and create goods or services

• The financial resources needed for a business

• The physical location of a business

• The ability to manage a business

Which type of entrepreneur works from home?

• Cyber entrepreneur

• Corporate venturer

• Home-based entrepreneur

• Traditional entrepreneur

What distinguishes a non-profit entrepreneur from a traditional entrepreneur?

• Non-profit entrepreneurs do not hire employees

• Non-profit entrepreneurs do not take risks

• Non-profit entrepreneurs cannot make profits

• Non-profit entrepreneurs operate online

What is a characteristic of serial entrepreneurs?

• They start multiple businesses but do not manage them

• They operate businesses for a long time

• They focus solely on online businesses

• They only work in non-profit sectors

Which of the following is an example of a cyber entrepreneur?

• A freelance writer

• A corporate manager

• A restaurant owner

• An eBay seller

What role do entrepreneurs play in the economy?

• They reduce competition

• They create new products and jobs

• They only focus on non-profit activities

• They manage government programs

Which of the following is an example of a traditional entrepreneur?

• A corporate venturer

• A restaurant owner like Ernie

• An online retailer

• A novelist

What is one of the main contributions of entrepreneurship to society?

• Decreased innovation

• Job creation

• Increased government regulation

• Reduction of consumer choices