Entrepreneurship Day 2 and 3 Quiz

Welcome to your Entrepreneurship Day 2 and 3 Quiz

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

April 29, 2025

1. What is a characteristic of small businesses regarding their ownership structure?

a) Publicly traded

b) Government-owned

c) Closely held

d) Privately held

2. Which factor is typically used to measure the size of small businesses?

a) Number of employees

b) Annual sales volume

c) Extensive fixed assets

d) All of the above

3. Which type of small business activity involves providing specialized expertise or skills?

a) Manufacturing

b) Retailing

c) Professional service

d) Wholesaling

4. What role does optimism play in enhancing creativity?

a) It fosters a positive mindset and resilience.

b) It leads to conformity to social norms.

c) It inhibits risk-taking.

d) It encourages negative self-talk.

5. Which stage of the creativity process involves building on the initial idea and testing its viability?

a) Preparation

b) Incubation

c) Illumination

d) Verification/Implementation

6. What is innovation?

a) The process of increasing profits

b) The implementation of a new or significantly improved product, service, or process that creates value

c) The process of hiring new employees

d) The act of following established practices

7. What are internal sources of innovation?

a) Changes in perception

b) New knowledge or technology

c) Unexpected occurrences

d) Industry and market changes

8. Which of the following is a characteristic of innovators?

a) Lack of self-discipline

b) Resistance to change

c) Persistence in pursuing goals

d) Dependence on external motivation

9. What is the importance of motivation in a business?

a) It increases competition among employees

b) It prevents employees from seeking alternative employment opportunities

c) It reduces productivity

d) It leads to expensive court lawsuits

10. Which of the following is a principle of good business ethics?

a) Deception and dishonesty

b) Conflict of interest

c) Transparency and honesty

d) Exploitation of workers

11. What is the purpose of negotiation?

a) To maintain conflicts

b) To avoid reaching agreements

c) To reach a joint agreement about differing needs or ideas

d) To impose one party's will on the other

12. What is the significance of business ethics?

a) It promotes corruption

b) It increases labor turnover

c) It avoids expensive court lawsuits

d) It leads to poor quality products

13. Which of the following is NOT a type of negotiation?

a) Day to day negotiation at workplace

b) Legal negotiation

c) Political negotiation

d) Commercial negotiation

14. What is a code of ethics?

a) A set of rules to promote corruption

b) Guidelines for acceptable behavior in an organization

c) Instructions for misleading advertisements

d) Strategies for exploiting workers

15. Which of the following is NOT a limitation of business ethics?

a) Absence of one agreed moral code

b) Pursuit of profits as a major objective

c) High employee turnover

d) Limited resources

16. What is a business idea?

a) A random thought

b) An identified situation that can be turned into a profitable business

c) A daydream

d) An impossible fantasy

17. What are indicators of a viable business idea/opportunity?

a) High expenses

b) Low demand

c) Rate of Return on Investment (ROI)

d) Lack of resources

18. Which of the following is NOT a source of business ideas/opportunities?

a) Attending trade fairs

b) Reading industry publications

c) Avoiding discussions with entrepreneurs

d) Observing the market critically

19. Which step in evaluating a business opportunity focuses on production or operations?

a) Objective analysis

b) Market feasibility

c) Technical feasibility

d) Financial feasibility

20. What is the first step in starting a business?

a) Choosing a location

b) Forecasting sales

c) Deciding on the type of business

d) Hiring employees

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