Question 1

How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs?

Accepted Answer

When entrepreneurs use resources efficiently to satisfy consumer needs, they are able to offer high-quality products or services at a lower cost than their competitors. This, in turn, attracts more consumers to their business and generates higher profits. The public rewards these entrepreneurs by choosing to purchase their products or services and thus contributing to their financial success.

Question 2

Entrepreneurship options include ________.

Accepted Answer

Entrepreneurship options are virtually limitless, meaning there are countless opportunities for individuals to start their own businesses or pursue their own ventures in a variety of industries and sectors. While some may choose to focus on for-profit ventures, there are also many opportunities to create and lead not-for-profit organizations, pursue green business options, or develop new technology and inventions. As such, the best choice is A, as it reflects the broad range of possibilities available to aspiring entrepreneurs.

Question 3

A(n) ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Accepted Answer

A franchise is a legal and commercial relationship where the owner of a trademark or brand allows another party to use it in business, typically involving a franchisor and franchisee.

Question 4

All of the following are components of control over compensation except ________.

Accepted Answer

The answer of All of the following are components of...

Question 5

Which of the following would be part of a product-uniqueness strategy?

Accepted Answer

A product-uniqueness strategy is all about offering a one-of-a-kind product or service that sets a company apart from its competitors. This could be done by offering unique features or benefits that other companies don't offer. Options A, C, and D are all related to cost-cutting measures and don't necessarily help a company differentiate itself or offer a unique product or service. Therefore, the best choice is B, offering a one-of-a-kind product or service.

Question 6

Gregory Dee's definition of social entrepreneurship states, "Social entrepreneurs play the role of change agents in the social sector by ________."

Accepted Answer

Gregory Dee's definition of social entrepreneurship emphasizes the role of social entrepreneurs as change agents who adopt a mission to create and sustain social value. This indicates that social entrepreneurs are concerned with the social impact of their activities and strive to create positive change in society.

Question 7

Jumpstarting your imagination about entrepreneurial opportunity can be done by asking yourself and others questions like ________.

Accepted Answer

Asking yourself and others questions like what they want, how it would look, what it would do, and what problems they have can help stimulate ideas for entrepreneurial opportunities. Therefore, all of the above options are beneficial in jumpstarting one's imagination.

Question 8

Which of the following could be considered an acquisition?

Accepted Answer

Buying a business from a retiring owner is considered an acquisition, as it involves purchasing an existing business entity.

Question 9

Based on the idea of cost and benefits, which of the following activities is most beneficial?

Accepted Answer

Seeing a speaker you admire and want to mentor you would likely have the most long-term benefits such as gaining knowledge, inspiration, and potential networking opportunities. The other options may provide entertainment or socializing benefits, but do not offer the same potential for personal growth and development.

Question 10

According to the text, which of the following is not a cost of becoming an entrepreneur?

Accepted Answer

The text mentions contribution to society as a potential benefit of becoming an entrepreneur, not a cost. The other options (B, C, D, and E) are all listed as potential costs of entrepreneurship.

Question 11

Which of the following is not an economic question listed in the text?

Accepted Answer

The answer of Which of the following is not an...

Question 12

Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Accepted Answer

Schumpeter's definition of entrepreneurship includes the introduction of new products, new methods of production, new markets, new sources of supply, and the reorganization of an industry. However, finding a new market for a new product is not explicitly mentioned as part of his definition; rather, it's the introduction of new products or finding new markets, not specifically the combination of both.

Question 13

Jeffry Timmons' view on the qualities of opportunity includes all of the following except ________.

Accepted Answer

The statement says "all of the following except," therefore, the correct answer is the one that is not a quality of opportunity. Hence, the answer is D, "None of the above."

Question 14

Which of the following is not a tangible product?

Accepted Answer

Computer repair is a service, not a tangible product.

Question 15

Which of the following is not a way to identify business opportunity as discussed in the text?

Accepted Answer

While seeing what is wrong may lead one to recognize a potential business opportunity, it does not necessarily provide a way to fix it, which is the key factor in identifying a viable business opportunity. Therefore, E is not a way to identify a business opportunity as discussed in the text.

Question 16

Management expert Peter Drucker pointed out that, for a business to be considered entrepreneurial, it should exploit changes in the world. Which of the following areas have changes that entrepreneurs could exploit?

Accepted Answer

All of the above areas have changes that entrepreneurs could exploit. Technology changes rapidly and can create opportunities for entrepreneurs to innovate and disrupt traditional industries. Political changes can create new markets or deregulation that benefits certain industries. Socio-economic changes such as demographic shifts, changes in consumer preferences, and economic growth can also create business opportunities. Therefore, entrepreneurs need to be aware of changes in all these areas and exploit them for their business ventures.

Question 17

Which of the following could not be considered opportunity costs?

Accepted Answer

Opportunity costs must involve a trade-off between two choices. Entertainment is not necessarily a trade-off for any specific choice, but rather a general category of activities that may or may not have a specific trade-off involved. Therefore, it cannot be considered an opportunity cost in and of itself. A, B, and C can all be considered opportunity costs because they represent resources that must be traded off in order to pursue one choice over another.

Question 18

The text defines profit as ________.

Accepted Answer

According to the text, profit is defined as "a positive gain from operations after all expenses are subtracted." This means that profit is the amount remaining after subtracting all expenses, including fixed and variable costs, from the revenue earned by a business.

Question 19

Which of the following is a typical characteristic of microenterprises?

Accepted Answer

A microenterprise is a very small business that usually employs five or fewer employees. This differs from small businesses, which can have up to 500 employees. Microenterprises are often started by individuals or families and may be based in the home, allowing their owners to follow a desired pattern of living. They typically do not require large amounts of outside financial support and may have lower annual growth rates than larger businesses.

Question 20

Which of the following represents a "change" associated with the "five roots of opportunity" explored in the text?

Accepted Answer

The green movement and society's new concern with recycling represents a societal change, which is one of the "five roots of opportunity" as it reflects a shift in consumer behavior and values.

Quiz 1: Entrepreneurs Recognize Opportunities