Entrepreneurship Day 1 Quiz

Welcome to your Entrepreneurship Day 1 Quiz

20 Questions, 15 MCQ's and 5 Fill-in's.

December 26, 2024

1. Which term refers to a legally binding agreement between two or more parties that creates, modifies, or terminates a legal relationship?

a) Transaction

b) Contract

c) Drawings

d) Debit Note

2. What do liabilities refer to in business?

a) Financial obligations of the business

b) Resources owned by the business

c) Payments to shareholders

d) Fixed assets of the business

3. What type of assets are machinery, land, vehicles, and equipment examples of?

a) Current assets

b) Fixed assets

c) Liquid assets

d) Informational assets

4. What do barriers to entrepreneurship hinder?

a) Development of innovation

b) Growth of multinational corporations

c) Development of entrepreneurship

d) Expansion of government agencies

5. What is the importance of studying entrepreneurship for individuals?

a) Promotes political stability

b) Enhances interpersonal relationships

c) Allows individuals to take control of their own lives

d) Increases competitiveness in the industry

6. Which term refers to the process of managing the flow of goods and services from suppliers to customers?

a) Corporate Social Responsibility

b) Supply Chain Management

c) Dividends

d) Taxes

7. What quality allows entrepreneurs to identify and seize opportunities?

a) Persistence

b) Emotional stability

c) Opportunity seeking

d) Goal setting

8. How do entrepreneurs contribute to economic growth in terms of GDP?

a) By creating new industries and businesses

b) By creating new products and services

c) By investing in research and development

d) By exporting products and services

9. What role does entrepreneurship play in innovation?

a) It leads to the creation of new industries

b) It leads to the creation of new products and services

c) It promotes political stability

d) It improves the image of the community

10. Which term refers to the gradual reduction in the value of fixed assets through usage in the production process?

a) Depreciation

b) Dividends

c) Salary

d) Wage

11. What quality allows entrepreneurs to overcome challenges and setbacks?

a) Perseverance

b) Leadership skills

c) Tolerance

d) Unique skills

12. Which type of entrepreneur is characterized by being forced into business due to circumstances beyond their control?

a) Innovative entrepreneur

b) Imitative entrepreneur

c) Push (Necessity) entrepreneur

d) Pull (Motivated) entrepreneur

13. What distinguishes an entrepreneur from a manager?

a) Entrepreneurship focuses on long-term profits, while management focuses on short-term goals.

b) Entrepreneurs bear all risks, while managers do not shoulder any serious risk.

c) Entrepreneurs are employed to run the business, while managers are the owners of the company.

d) Entrepreneurs are motivated by power and rewards, while managers are motivated by achievement.

14. Which stage of the entrepreneurial process involves identifying oneself as a potential entrepreneur?

a) Generation of ideas

b) Evaluating the idea

c) Business planning

d) Self-entrepreneurial identification

15. What distinguishes an intrapreneur from an entrepreneur?

a) Intrapreneurs work within existing company structures, while entrepreneurs start their own businesses.

b) Intrapreneurs bear all risks associated with business operations, while entrepreneurs do not shoulder any serious risk.

c) Intrapreneurs focus on long-term profits, while entrepreneurs focus on short-term goals.

d) Intrapreneurs are motivated by financial rewards, while entrepreneurs are motivated by passion.

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