Entrepreneurship Multiple Choice Quiz
This is a multiple choice quiz. This is a pre-test to find out how much you already know about entrepreneurship. Do not leave any questions blank.
Questions and Answers
- 1.
What type of business are you interested in starting? Where would it be located (which part of the city)? What would be a goal for your business?
- 2.
Type response below
- 3.
Upload your response
- 4.
People who work for someone else
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurs
- D.
Entrepreneurship
Correct Answer
B. EmployeeExplanation
An employee is someone who works for someone else. They are hired by a company or organization to perform specific tasks or roles in exchange for a salary or wages. Unlike entrepreneurs who start their own businesses, employees do not have ownership or control over the company they work for. They typically follow the instructions and guidelines set by their employers and are responsible for completing assigned work within the given timeframe. Employees are an essential part of any organization as they contribute their skills and efforts towards achieving the company's goals and objectives.Rate this question:
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- 5.
Evaluation of your strenghths and weaknesses
- A.
Self Assessment
- B.
Employee
- C.
Entrepreneurship
- D.
Entrepreneur
Correct Answer
A. Self AssessmentExplanation
Self assessment is the correct answer because it is a process of evaluating one's own strengths and weaknesses. It is a tool used by individuals, employees, and entrepreneurs to gain self-awareness and identify areas for improvement. Self assessment helps in setting goals, making career decisions, and developing personal and professional skills. By conducting self assessment, individuals can understand their abilities, interests, and values, which can guide them in making informed choices and achieving success in their chosen path.Rate this question:
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- 6.
People who own, operate, and take risk of a business venture
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurs
- D.
Entrepreneurship
Correct Answer
C. EntrepreneursExplanation
Entrepreneurs are individuals who own, operate, and take risks in business ventures. They are driven by a strong desire to create and innovate, identifying opportunities and taking the initiative to turn them into successful ventures. Unlike employees who work for others, entrepreneurs are self-employed and are responsible for the success or failure of their businesses. They possess a unique set of skills, including leadership, creativity, and a willingness to take calculated risks. Entrepreneurship is the practice of starting and running a business venture, and it requires individuals with a strong entrepreneurial spirit.Rate this question:
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- 7.
The ability to learn a particular kind of job
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurship
- D.
Entrepreneur
Correct Answer
A. AptitudeExplanation
Aptitude refers to the natural ability or talent to learn and excel in a specific kind of job or skill. It is the potential or capacity that an individual possesses to acquire and develop the necessary knowledge, understanding, and proficiency required for a particular occupation or task. Aptitude plays a crucial role in determining an individual's suitability and potential for success in a specific job or career path. It is often assessed through various tests and evaluations to match individuals with the right job roles or to identify areas where they can excel.Rate this question:
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- 8.
Which one is NOT a disadvantage of Entrepreneurship?
- A.
Risky
- B.
Uncertain Income
- C.
You are the boss
- D.
Work long hours
Correct Answer
C. You are the bossExplanation
Being the boss is not a disadvantage of entrepreneurship because it provides the individual with the freedom to make decisions and have control over their own business. While entrepreneurship may involve risks, uncertain income, and long working hours, being the boss allows entrepreneurs to have autonomy, set their own goals, and steer the direction of their business according to their vision and values. This can be seen as an advantage rather than a disadvantage, as it offers the opportunity for personal growth and fulfillment.Rate this question:
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- 9.
Which one is NOT an advantage of Entrepreneurship?
- A.
Can choose a business of interest
- B.
You can be creative
- C.
Make a lot of money
- D.
You will make decisions alone
Correct Answer
D. You will make decisions aloneExplanation
Entrepreneurship offers numerous advantages, such as the ability to choose a business of interest, being able to exercise creativity, and the potential to make a significant amount of money. However, the statement "You will make decisions alone" is not an advantage of entrepreneurship. In fact, one of the challenges of being an entrepreneur is the responsibility of making decisions on your own, without the support or input of a team or colleagues. This can sometimes lead to increased pressure and a higher risk of making mistakes.Rate this question:
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- 10.
What type of entrepreneurial business actually produce the products they sell?
- A.
Manufacturing
- B.
Wholesaling
- C.
Retailing
- D.
Service
Correct Answer
A. ManufacturingExplanation
Manufacturing businesses are the type of entrepreneurial businesses that actually produce the products they sell. These businesses are involved in the process of converting raw materials or components into finished goods through various production methods. They typically have their own production facilities, equipment, and workforce to manufacture and assemble products. Unlike wholesaling or retailing businesses that focus on distribution and selling of products, manufacturing businesses are directly involved in the production process. They play a crucial role in the supply chain by creating and supplying the products that meet consumer demands.Rate this question:
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- 11.
What type of entrepreneurial business sells products to people other than the final customer?
- A.
Manufacturing
- B.
Wholesaling
- C.
Retailing
- D.
Service
Correct Answer
B. WholesalingExplanation
Wholesaling is the correct answer because it refers to the type of entrepreneurial business that sells products to people other than the final customer. Wholesalers typically purchase goods in large quantities from manufacturers and sell them to retailers or other businesses, who then sell the products to the final customers. This intermediary role allows wholesalers to distribute goods efficiently and provide a convenient supply chain for retailers and businesses.Rate this question:
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- 12.
What type of entrepreneurial business sells products directly to the people who use or consume them?
- A.
Manufacturing
- B.
Wholesaling
- C.
Retailing
- D.
Service
Correct Answer
C. RetailingExplanation
Retailing is the correct answer because it refers to the type of entrepreneurial business that sells products directly to the people who use or consume them. Retailers purchase goods from manufacturers or wholesalers and then sell them to individual customers. They typically operate physical stores, online platforms, or a combination of both to reach their target market. Retailers play a crucial role in the distribution of goods and provide convenience and accessibility to consumers.Rate this question:
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- 13.
What type of entrepreneurial business sells service instead of a product?
- A.
Manufaturing
- B.
Wholesaling
- C.
Retailing
- D.
Service
Correct Answer
D. ServiceExplanation
An entrepreneurial business that sells services instead of products is commonly referred to as a service business. Unlike manufacturing, wholesaling, or retailing, a service business focuses on providing intangible services to customers. These services can range from professional consulting, healthcare, education, hospitality, or any other service-based industry. In contrast to selling physical products, service businesses primarily sell expertise, skills, or labor to fulfill the needs and demands of their clients.Rate this question:
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- 14.
What is an office memorandum?
- A.
Message from one person to another
- B.
Short written form of business communication
- C.
Short speech
- D.
Letter
Correct Answer
B. Short written form of business communicationExplanation
An office memorandum is a short written form of business communication. It is a concise document that is used within an organization to convey important information, instructions, or announcements to employees or colleagues. Unlike a letter or a message, an office memorandum is specifically designed for internal communication and is usually used for formal or official purposes. It serves as a quick and efficient way to share information within the workplace and ensure that everyone is on the same page.Rate this question:
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- 15.
If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?
- A.
Sales-months in a year
- B.
Sales-expenses
- C.
Total sales-expenses
- D.
Monthly sales* expenses
Correct Answer
C. Total sales-expensesExplanation
The calculation of profit is determined by subtracting total expenses from total sales. This calculation takes into account all the money generated from sales and deducts the expenses incurred in running the business. It provides a measure of the financial gain or loss made by the business after considering all costs.Rate this question:
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- 16.
Which one is NOT a step in the problem solving method?
- A.
Define the problem
- B.
Gather information
- C.
Identify solutions
- D.
Ignore the problem
Correct Answer
D. Ignore the problemExplanation
Ignoring the problem is not a step in the problem-solving method because it goes against the very purpose of problem-solving, which is to find a solution. The other three steps - defining the problem, gathering information, and identifying solutions - are all essential in the problem-solving process. Ignoring the problem would only lead to further complications and prevent any progress towards finding a resolution. Therefore, it is not a valid step in the problem-solving method.Rate this question:
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- 17.
What type of economy allows the goverment to determine what, how, and whom products and services are produced?
- A.
Command
- B.
Market
Correct Answer
A. CommandExplanation
Command economy is a type of economy in which the government has the authority to make decisions regarding what goods and services are produced, how they are produced, and for whom they are produced. In a command economy, the government controls all aspects of production and distribution, including setting prices and determining the allocation of resources. This type of economy is characterized by centralized planning and control, with little to no involvement of individual consumers or businesses in decision-making processes.Rate this question:
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- 18.
This economy is about personal choice. Individuals decide what, how, and for whom products and services are produced.
- A.
Market
- B.
Command
Correct Answer
A. MarketExplanation
In a market economy, individuals have the freedom to make their own choices regarding what goods and services they want to produce, how they want to produce them, and for whom they want to produce them. This means that the allocation of resources and production decisions are determined by the interactions of buyers and sellers in the marketplace, rather than being controlled by a central authority or government.Rate this question:
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- 19.
What is a fixed cost?
- A.
Cost that go up and down
- B.
Cost that remain the same
- C.
Measure the disadvantages of production
- D.
Measure advantages of production
Correct Answer
B. Cost that remain the sameExplanation
A fixed cost is a cost that remains the same regardless of the level of production or sales. It is not affected by changes in the volume of output or sales revenue. Fixed costs are incurred regardless of whether a company produces anything or generates any revenue. Examples of fixed costs include rent, salaries, insurance premiums, and property taxes. These costs are considered to be constant and do not vary with the level of production or sales activity.Rate this question:
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- 20.
What is a variable cost?
- A.
Cost that go up and down
- B.
Cost that remain the same
- C.
Measures the disadvantages of production
- D.
Measures advantages of production
Correct Answer
A. Cost that go up and downExplanation
A variable cost is a cost that fluctuates based on the level of production or sales. It goes up and down depending on the volume of output or activity. This cost is directly related to the quantity of goods or services produced, meaning that as production increases, variable costs increase, and as production decreases, variable costs decrease. Unlike fixed costs, which remain constant regardless of the level of production, variable costs are not fixed and can vary in proportion to the level of output.Rate this question:
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- 21.
What is opportunity cost?
- A.
Going with your first option
- B.
Going with the easiest option
- C.
Choosing the best alternative
Correct Answer
C. Choosing the best alternativeExplanation
Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. In this context, choosing the best alternative implies that one is considering and evaluating all available options and selecting the option that provides the highest value or benefit. By doing so, one is acknowledging that there are trade-offs involved and that selecting the best alternative may require sacrificing the benefits or opportunities offered by other options.Rate this question:
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- 22.
Chemicals, fabrics, and foods are examples of (BLANK) businesses.
Correct Answer
Manufacturing, ManufactureExplanation
Chemicals, fabrics, and foods are all products that are created through the process of manufacturing. Manufacturing involves the transformation of raw materials into finished goods, often using machinery and labor. Therefore, these industries can be classified as manufacturing businesses. The term "manufacture" is synonymous with manufacturing and refers to the production of goods on a large scale.Rate this question:
- 23.
Shopping malls, Krogers, and Best Buy are examples of a (BLANK) business.
Correct Answer
Retail, RetailingExplanation
Shopping malls, Krogers, and Best Buy are examples of a retail business. Retail refers to the sale of goods or services directly to consumers, typically in physical stores or through online platforms. These establishments offer a wide range of products to the general public, catering to their various needs and preferences. Retail businesses play a crucial role in the economy by providing a convenient and accessible way for consumers to purchase goods and services.Rate this question:
- 24.
People who work for someone else
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurs
- D.
Entrepreneurship
Correct Answer
B. EmployeeExplanation
The term "employee" refers to individuals who work for someone else. They are hired by a company or organization to perform specific tasks or roles in exchange for a salary or wages. Unlike entrepreneurs who start their own businesses, employees work under the direction and supervision of an employer. This term is relevant in the context of aptitude and entrepreneurship as it represents a distinct category of workers who contribute to the functioning and success of businesses and organizations.Rate this question:
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- 25.
People who work for someone else
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurs
- D.
Entrepreneurship
Correct Answer
B. EmployeeExplanation
An employee refers to individuals who work for someone else. They are typically hired by a company or organization to perform specific tasks or roles in exchange for a salary or wages. Unlike entrepreneurs, who start and run their own businesses, employees are not responsible for the overall management and decision-making of the organization. Instead, they work under the guidance and supervision of their employers, following instructions and contributing their skills and expertise to the success of the company.Rate this question:
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- 26.
People who work for someone else
- A.
Aptitude
- B.
Employee
- C.
Entrepreneurs
- D.
Entrepreneurship
Correct Answer
B. EmployeeExplanation
The term "employee" refers to people who work for someone else. In the context of the given options, "aptitude" refers to a person's natural ability or skill, "entrepreneurs" are individuals who start and manage their own businesses, and "entrepreneurship" refers to the activity of setting up and running a business. Therefore, the correct answer is "employee" because it represents individuals who are employed by someone else rather than being self-employed or running their own business.Rate this question:
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- 27.
Select the ones you like
- A.
Option1
- B.
Option2
- C.
Option3
- D.
Option4
Correct Answer
A. Option1Explanation
The given question asks the test-taker to select the options they like. Since there are no specific criteria or context provided, the answer can vary based on personal preference. Therefore, any option chosen by the test-taker can be considered correct.Rate this question:
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- 28.
Which one do you like?
- A.
Option 1
- B.
Option 2
- C.
Option 3
- D.
Option 4
Correct Answer
A. Option 1 -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Aug 22, 2023Quiz Edited by
ProProfs Editorial Team -
Sep 28, 2018Quiz Created by
Chaitram Persaud
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