Long Quiz

What are the three main types of entrepreneurial ventures?

• Sole proprietorship, partnership, corporation

• Merchandising, manufacturing, service

• Small, medium, large enterprises

• Importing, exporting, trading

What defines the distinction between an entrepreneur and an ordinary businessperson?

• Business location

• Capital investment

• Innovation or creativity

• Number of employees

In a manufacturing process, what does the 'input' refer to?

• The finished product

• The raw materials, manpower, machines, and design

• The transformation process

• Customer feedback

What are the four M's of production?

• Manpower, Method, Machine, Materials

• Marketing, Manufacturing, Merchandising, Management

• Money, Management, Manufacturing, Marketing

• Manpower, Machines, Money, Materials

What is the role of a supplier in an entrepreneurial venture?

• To distribute products to customers

• To provide raw materials and essential resources

• To finance the business operations

• To oversee customer service

Why is innovation easily noticeable in manufacturing businesses?

• They deal with large numbers of customers.

• They transform raw materials into finished goods

• They operate only on a large scale

• They rely on technology for production

Why must entrepreneurs carefully select raw materials?

• To ensure a lower selling price

• To meet legal requirements

• To guarantee high-quality finished products

• To match competitor standards

What does a business plan primarily serve?

• To increase business expenses

• To help entrepreneurs plan and strategize

• To replace financial records

• To legally register the business

Which is NOT a characteristic of a heterogeneous product?

• Unique appearance

• Easily distinguishable

• Consistent across all units

• Differing features

Why is forecasting revenues important?

• It allows businesses to predict profit and expenses

• It ensures businesses never face losses

• It prevents competition

• It determines legal compliance