Quiz 1

1. A person who organizes and manages any enterprise with considerable initiative and risk.
 Steve Jobs
 Jean-Baptiste Say
 Entrepreneur
 Entrepreneurship

2. The character of being a risk-taker, innovative, and joyful are traits of an entrepreneur listed by
the International Labour Organization.
 True if Risk-Taker and innovative only
 False if Joyful and Innovative only
 True if Risk-taker and Joyful only

3. What kind of characteristics of an entrepreneur shows determination, hard work, and

persistence?
 Self-confidence
 Originality
 Task-oriented
 Future-oriented

4. What word is described by the foregoing quotation: “You`ve got to find what you love… your
work is going to fill a large part of your life, and the only way to be truly satisfied is to do what
you believe is great work. And the only way to do great work is to love what you do. “
 Love
 Dedication
 Passion
 Great love

5. What are the two common characteristics of an entrepreneur according to the 20 th-century
authors?
 Leadership and Originality
 Creativity and Self-confidence
 Innovation and Opportunistic
 Risk-taking and wisdom

6. Entrepreneurship is a constant process that is dependent on:

 Creativity, innovation and sales
 Taking care of consumers
 Determination, retailing and profit

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  Creativity, innovation and application in the business arena

7. The function of an entrepreneur?

 The entrepreneur takes “calculated” risks
 The entrepreneur makes plans only
 An entrepreneur thinks the world is horrible, unfair and cruel and goes around thinking of how
to make it a better one.

8. The ability to discover creative solutions to opportunities and problems in order to enhance
people`s lives is called:
 Entrepreneurship
 Creativity
 Innovation
 None of the choices

9. It is invented as a tool for exchanging goods or services, making trading easier and more
acceptable.
 Barter
 Money
 Value
 Exchange

10. Starting a part-time business is a popular gateway to entrepreneurship.

 True
 False
 None of the choices

11. Entrepreneurship is neither a science nor an art. It is a Practice. Means:

 Knowledge and practice are ends in itself.
 Knowledge and usage of the process paves way to a successful business
 A and b
 None of the choices

12. A person who creates a new product to sell and takes on all of the risks and responsibilities
involved is known as:
a. Entrepreneur
b. Entrepreneurship
c. Business man
d. None of the choices

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 13. Mr. Park Bo-gum starts a new business enterprise, a service station. The business is an example
of:
a. An existing concept/existing business
b. An existing concept/ new business
c. New concept/existing business

14. Which one is TRUE about entrepreneurship?

a. There are no known risks
b. The owners have huge capital funds
c. There are risks and rewards involved.

15. Experts:
a. Anyone can be taught to be an entrepreneur
b. Believe that entrepreneurship can be taught only to someone who is under the age of 18
c. Believe that entrepreneurship can be taught only to someone who is over the age of 18
d. Disagree on whether entrepreneurship can be taught.

16. Local “wet” market, vegetable and fruit stalls, and beauty salons are examples of what type of
entrepreneurship:
a. Corporate
b. Social
c. Small business
d. Large company

17. Entrepreneurs are best as:

A. Managers
B. Planners
C. Doers

18. Entrepreneurship can be best described as:

a. A process that requires setting up a business
b. Taking a significant risk in a business context
c. Having a strong vision
d. A process of involving innovation, new products or services and value creation

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