Entrepreneurship Study Guide Exam Questions and Answers
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Entrepreneurship
Entrepreneurship Study Guide Exam Questions and Answers
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Entrepreneurship Study Guide Exam Questions and Answers Which of the following is correct about your entrepreneurship course? Answer: You have a final business plan assignment due in unit 7 but will a certain number of slides each unit. Which of the foll owing is correct about your entrepreneurship course? Answer: You have a final business plan assignment due in unit 7 but will a certain number of slides each unit. How are your grades determined in this course? Answer: Each assignment has a certain number of points. The higher the point value offered, the more it affects your grade What is Courage? Answer: A willingness to take risks in spite of possible losses What is Creativity? Answer: Inventing new ways of doing things; thinking outside the box. What is Curiosity? Answer: The desire to learn and ask q uestions. What is Determination? Answer: Refusing to quit in spite of obstacles. What is Discipline? Answer: The ability to stay focused and follow a schedule to meet deadlines What is Empathy? Answer: Empathy: Being sensitive to the thoughts and feeling s of others. What is Enthusiasm? Answer: Being passionate about something; the ability to see problems as opportunities. What is Flexibility? Answer: The ability to adapt to new situations; a willingness to change. What is Honesty? Answer: A commitment to being truthful and sincere with others . What is Patience? Answer: Recognizing that most goals are not reached overnight. What is Responsibility? Answer: Being accountable for your decisions and actions ; not passing the buck. What is Business Skill? Answer: Understanding how to create and manage a business. What is communication skill? Answer: The ability to listen well, write well, and speak well. What is a computer skill? Answer: The ability to use technological tools effectiv ely. What is Decision -Making and Problem -Solving Skills? Answer: Knowing how to apply logic, information, and past experiences to new decisions What is Mathematical Skill? Answer: Using math to create budgets, keep accurate records , and analyze financial statements What is Organizational Skill? Answer: The knack of keeping tasks and information in order; the ability to plan well and manage your time. What is People Skills? Answer: The ability to persuade and motivate people ; knowing both how to be a leader and work in a tea A small, non -manufacturing business is defined as having fewer than how many employees? Answer: 100 Which of the following is true about American entrepreneurs? Answer: -They are all ages. -They work hard. -Many work from home Which of the following is generally NOT a personal characteristic of a successful entrepreneur? Answer: Cautiousness An entrepreneur... Answer: is responsible for his or her business success By definition, an entrepreneur... Answer: risks more than an employee Which of the following is NOT a risk of being an entrepreneur? Answer: getting fired A "green" company.... Answer: aims at protecting the environment Which of the following best describes opportunity cost? Answer: Th ey are the potential benefits or gains that you give up by choosing one thing over another. Which of the following is true regarding how prices can be determined? Answer: -The price of a good is typically determined when supply and demand meet. -If a go od becomes very popular, the price for it may increase. -If a good is in high demand but the supply of it is limited, the price will likely be high Which of the following is true regarding demand? Answer: Consumers typically want to see prices lower and will buy more at lower prices When attending a Russian business meeting, what might you expect? Answer: The Russian attendee will likely bet late to test your patience Americans attending a business meeting in China should expect... Answer: -to offer a gift. -to have their gift rejected up to three times before being accepted. - to continue to offer their gift even if it is rejected Which of the following is INCORRECT regarding business cards in Japan? Answer: business cards are not very important in Japanese business culture. What is true in Middle -Eastern countries? Answer: The left hand is considered unclean. When doing business in Spain, you might want to... Answer: anticipate potential delays beca use of missed deadlines. When doing business with the British, don't be surprised if they start tapping their nose in a meeting. It means... Answer: what is about to be discussed is confidential A local economy is best described as... Answer: The flow of goods and services within a community Consumers buy more of a product when: Answer: the price is low (duh) Entrepreneurs can benefit their local economies by: Answer: -Opening an account at a local bank, credit union, or other financial institution - Paying local taxes that benefit schools and other public services -Supplying goods and services to local consumers Global trade provides opportunities for entrepreneurs (true or false) Answer: true
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