Name Date Class Deo ea ee war akg True/False Directions: Place a T for True or F for False in the Answers column to show whether each of the following statements i true o false, Answers 1. Entrepreneurs try to meet the needs of the marketplace by supplying a service or product. 1,_T. 2. Entrepreneurs and employees are both directly affected by the consequences of the 2._F decisions they make, 3. Manufacturing businesses produce the products they sell 4, Entrepreneurial businesses include retailing businesses, such as clothing and furniture 4._F stores, but do not include service businesses. 5. A travel agency is a retailing business because it sells airline and train tickets. 5._F 6. Entrepreneurs constantly change American business and contribute to the overall good 6. of the nation. 7. Although there have been many important entrepreneurs since the twentieth century, none existed before 1900. 8. The Model T automobile, developed by entrepreneur Henry Ford, was sold ata price 8 most Americans could afford, 9. Small businesses contribute billions of dollars to the United States economy every year. 9._T_ 10, Small companies cannot take as many risks as large companies, so small companies are 10,_F less likely to be innovative Multiple Choice Directions: For each item below, select the choice that best completes the sentence. Print the letter identifying your choice in the Answers column, 1. A person who owns, operates, and takes the risk of a business venture is (a) not directly 1. _€ affected by his ot her decisions, (b) an employee, (¢) an entrepreneur, (d) sure to be successful 2. A person who works for someone else Is (a) an entrepreneur, (b) an employee, (c) taking the risk of business venture, (d) the one who receives the profits of the business Entrepreneurs try to (a) identify the needs of the marketplace, (b) meet the needs of the marketplace, (c) make a profit, (A) all of these. 4. Manufacturing businesses (a) produce the products they sell, (b) sell products directly to consumers, (c) sell services, (d) take resources out of the ground, 5. Which of the following is a retailing business? (a) Auto repair shop, (b) Grocery store, (6) Gold mine, (@) Farm 3. 6. During the colonial years in America, entrepreneurs were (a) bankers, (b) auto manufacturers, (c) oil refiners, (d) real estate investors, 7. In United States history, entrepreneurs have (a) changed American business by developing unneeded products, (b) invented machines that decreased productivity, (c) been an important part of the American economy, (d) helped the American economy stay unchanged. 8. John D. Rockefeller was a nineteenth-century entrepreneur who (a) invented a 8. machine to harvest crops, (b) controlled almost ail oil distribution in the United States, (©) transformed marshland into farm land, (d) cofounded an aircraft company. ‘9. What innovative entrepreneur was the first to provide employees with paid sick and vacation leave? (a) Rose Knox, (b) Henry Ford, (c) Olive Beech, (d) Clarence Birdseye. 10. In the United States today, small companies (a) can be more creative than large 10._d companies, (b) have innovative ideas that lead to technological change, (©) contribute billions of dollars every year to the United States economy, (d) all of these. Copyright © South-Western Educational Pubishing Chapter 1 « Should You Become an Entrepreneur? 1