Entrepreneur Trivia Quiz

entrepreneurship quiz

Try our quiz to see how much you know about Entrepreneurship:

Online Quiz on Entrepreneurship:

Ques. Project formulation means __ Study.
(a) profitability
(b) liquidity
(c) feasibility
(d) viability

Ans. (c)

Ques. Which of these statements best describes the context for entrepreneurship?
(a) Entrepreneurship takes place in small businesses.
(b) Entrepreneurship takes place in large businesses.
(c) Entrepreneurship takes place in a wide variety of contexts.
(d) Entrepreneurship does not take place in social enterprises.

Ans. (c)

Ques. The process of evaluating the project ideas with a view to select the best and promising idea after eliminating the unprofitable ideas is called __ of the project ideas.
(a) Screening
(b) appraisal
(c) identification
(d) none

Ans. (a)

Ques. Incubation stage deals with
(a) Sample development
(b) Idea development
(c) Prototype Development
(d) None of the above

Ans. (c)

Ques. The entrepreneur who does not change the method of production already introduced is:
(a) Drone entrepreneur
(b) Fabian entrepreneur
(c) classical entrepreneur
(d) none of these

Ans. (a)

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Ques. An entrepreneur is a person who is a:
(a) Risk taker
(b) Initiator
(c) Actor
(d) All of the given options

Ans. (d)

Ques. Individuals influencing an entrepreneur’s career choice and style are known as which of the following?
(a) Moral-support network
(b) Role model
(c) Professional support network
(d) Support system

Ans. (b)

Ques. Who among the following is founder of Facebook?
(a) Shiva Ayyadurai
(b) Evan Williams
(c) Steve Jobs
(d) Mark Zuckerberg

Ans. (d)

Ques. The slogan “innovate or evaporate” was given by __
(a) Robert Owen
(b) Joseph Schumpeter
(c) Richard Cantillon
(d) Philip Kotler

Ans. (d)

Ques. Venture capital is concerned with:
(a) New project having potential for higher profit
(b) New project of high technology
(c) New project having high risk
(d) All the above

Ans. (a)

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Ques. __ technology refers to that technology which is suitable to local, economic, social and cultural conditions.
(a) Indigenous
(b) imported
(c) advanced
(d) appropriate

Ans. (d)

Ques. In regards to the differences between the entrepreneurial and administrative focuses which of the following is correct?
(a) Entrepreneurs focus on slow steady growth and managers’ focus on rapid growth
(b) Entrepreneurs rent or sporadically use resources; managers like to own resources
(c) Entrepreneurs are driven by controlled resources; managers by opportunity
(d) Entrepreneurs tend to use a hierarchical management structure; managers use a more fluid, flat approach

Ans. (b)

Ques. Social attitude is one of the important problems of a __ Entrepreneur
(a) Drone
(b) Business
(c) Women
(d) Adoptive

Ans. (c)

Ques. An entrepreneur considering if what they are doing makes sense is an example of:
(a) A strategic question
(b) A connection task
(c) A reflection task
(d) A comprehension question

Ans. (c)

Ques. __ applied the word entrepreneur to business for the first time.
(a) Robert Owen
(b) Joseph Schumpeter
(c) Richard Cantillon
(d) Max Weber

Ans. (c)

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Ques. Person who works within an organization and having entrepreneurial capabilities is:
(a) entrepreneur
(b) intrapreneur
(c) manager
(d) chief executive

Ans. (b)

Ques. Management tactics purported to maximize innovation for an entrepreneurship include all but which of the following items?
(a) Cutting of losses
(b) Culture
(c) Benchmarking
(d) Customer orientation

Ans. (c)

Ques. __ are activities that must be completed immediately prior to the start of another activity.
(a) critical
(b) preceding
(c) succeeding
(d) concurrent

Ans. (b)

Ques. Entrepreneurial culture and growth orientation consists of all of the following except:
(a) Encouraging employees to generate ideas.
(b) Focusing on opportunities.
(c) The desire to grow at a slow and controlled pace.
(d) Being creative.

Ans. (c)

Ques. Who introduced the term intrapreneur:
(a) Schumpeter
(b) Peter Drucker
(c) David McClelland
(d) Gifford Pinchot

Ans. (d)

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Ques. According to Schumpeter, Is the most important function of a modern entrepreneur.
(a) Innovation
(b) invention
(c) skill
(d) creativity

Ans. (a)

Ques. Establishing a shared vision amongst team members refers to:
(a) Members of the team starting out with an essentially similar set of ideas about what they want to create.
(b) Members of the team sharing moral principles and standards of behaviour.
(c) Members of the team sharing the factors driving them to take part in the venture.
(d) Members of the team sharing profits in an equitable manner.

Ans. (d)

Ques. __ is the drive to achieve a goal.
(a) Motivation
(b) Need for Achievement
(c) Competency
(d) None of These

Ans. (b)

Ques. An entrepreneurial team is:
(a) a group of people who work within a corporation to launch new products.
(b) a group of people who join together to develop and market a new product.
(c) a group from the Small Business Administration which consults with small business owners.
(d) a group of managers who get together to find solutions to problems.

Ans. (b)

Ques. __ is the difference between the actual sales and break even sales.
(a) margin of safety
(b) fixed cost
(c) contribution
(d) profit

Ans. (a)

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Ques. A __ Is an organization designed and success of entrepreneurial companies through an array of business support resources and services.
(a) Business incubators
(b) Industrial estates
(c) DIC
(d) None of these

Ans. (a)

Ques. Which statement is not true of entrepreneurs?
(a) They change the way businesses convert inputs into outputs
(b) They generally stick to the processes already in use.
(c) They take risks
(d) They apply innovative ideas

Ans. (b)

Ques. The initial capital that is required to obtain loans from the financial institutions is called __
(a) Seed capital
(b) incentive
(c) subsidy
(d) none of these

Ans. (a)

Ques. Which of the following risks is borne by the entrepreneur?
(a) Financial risks.
(b) Personal risks.
(c) Psychological risks.
(d) All of these

Ans. (d)

Ques. The capacity to develop new ideas, concepts and processes is known as :
(a) Innovation
(b) invention
(c) skill
(d) creativity

Ans. (d)

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Ques. What is the finance required to start a business is called.
(a) Project
(b) Income
(c) Capital
(d) Resource

Ans. (c)

Ques. Why is the notion of ‘vision’ important in entrepreneurship?
(a) Without it there is no driving force or sense of direction.
(b) People need a sense of fantasy in order to create ambitious ventures.
(c) Investors prefer to invest in visionaries.
(d) Having a vision helps to create a paradigm shift.

Ans. (a)

Ques. Shortest possible time to complete an activity is __
(a) pessimistic time
(b) optimistic time
(c) most likely time
(d) none of these

Ans. (b)

Ques. Entrepreneurial Opportunities are defined as:
(a) situations in which new goods, services, raw materials and organizing methods can be sold at greater than their production cost.
(b) new market entry through entrepreneur action.
(c) the entrepreneur’s mental processes in deciding whether or not to act on a potential opportunity.
(d) a feasibility assessment.

Ans. (d)

Ques. The goals motivating entrepreneurial activity can include which of the following options:
(a) To improve the social welfare of people, e.g. in terms of their health.
(b) To improve the wealth of the entrepreneurs.
(c) To maintain influence amongst powerful local figures.
(d) All of the above.

Ans. (a)

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Ques. __ refers to any investment opportunity which is to be exploited for profit.
(a) product
(b) project
(c) share
(d) none of these

Ans. (b)

Ques. Innovative entrepreneur ensures:
(a) Static equilibrium
(b) Dynamic equilibrium
(c) Static disequilibrium
(d) Dynamic disequilibrium

Ans. (b)

Ques. __ Skill refers to the ability to understand problems from visible symptoms.
(a) diagnostic
(b) conceptual
(c) technical
(d) human relation

Ans. (a)

Ques. What are the two key issues that arise when you create an effective entrepreneurial team from scratch?
(a) Team mentality and team synergy
(b) Team numbers and team quality
(c) Team composition and team roles
(d) Team experience and team education

Ans. (c)

Ques. Raising capital from multiple sources is known as __
(a) venture capital
(b) layered financing
(c) deferred credit
(d) lease financing

Ans. (b)

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Ques. Which of the following risks is borne by the entrepreneur:
(a) Financial risks
(b) personal risks
(c) psychological risks
(d) all of these

Ans. (d)

Ques. __ entrepreneurs neither introduce new changes nor adopt new methods innovated by others.
(a) Technical
(b) Fabian
(c) induced
(d) Business

Ans. (b)

Ques. Ability to use techniques ,procedures and tools of a specific field is called __
(a) diagnostic
(b) conceptual
(c) technical
(d) human relation

Ans. (c)

Ques. __ Skill refers to the ability to conceive new ideas and products.
(a) diagnostic
(b) conceptual
(c) technical
(d) human relation

Ans. (b)

Ques. __ the process of collection, compilation and analysis of economic data for the purpose of finding out possible opportunities for investment.
(a) project screening
(b) project appraisal
(c) project identification
(d) none

Ans. (c)

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Ques. Which of the following is a psychological factor affecting entrepreneurial growth:
(a) Legitimacy of entrepreneurship
(b) social status
(c) need for achievement
(d) none of these

Ans. (c)

Ques. SWOT stands for strength, weakness, opportunity, and __
(a) Treat
(b) threat
(c) tort
(d) none

Ans. (b)

Ques. Which one of the following is the main problem for the entrepreneur in the beginning stages of creating a new venture?
(a) Lack of experience
(b) Limited resources
(c) Lack of education
(d) None of the given options

Ans. (a)

Ques. Which of the following provides services and advices to start up firms:
(a) Business incubators
(b) Industrial estates
(c) DIC
(d) None of these

Ans. (a)

Ques. The skill to handle people and to influence their behaviour is known as __
(a) diagnostic
(b) conceptual
(c) technical
(d) human relation

Ans. (d)

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Ques. __  is the work of entrepreneurs.
(a) invention
(b) innovation
(c) both
(d) none

Ans. (b)

Ques. __ skills are necessary for an entrepreneur to deal with many people.
(a) communication
(b) decision-making
(c) project development
(d) management

Ans. (a)

Ques. Which of these is a social barrier to entrepreneurship
(a) low status
(b) custom of people
(c) both
(d) none

Ans. (c)

Ques. A bonus or financial aid which is given by a government to an industry to help it compete with others in markets is known as __
(a)subsidy
(b) Concession
(c) Bounties
(d) None of these

Ans. (c)

Ques. __ skill helps an entrepreneur to establish an enterprise.
(a) communication
(b) decision-making
(c)project development
(d) management

Ans. (c)

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Ques. __ is a post investment decision report.
(a) feasibility report
(b) interim report
(c) project report
(d) progress report

Ans. (c)

Ques. Which of these statements best describes the context for entrepreneurship:
(a) Entrepreneurship takes place in small businesses
(b) Entrepreneurship does not take place in social enterprises
(c) Entrepreneurship takes place in a wide variety of contexts
(d) Entrepreneurship takes place in large businesses

Ans. (c)

Ques. Which of these is not a criteria for choosing the right incubator?
(a) success rates
(b) quality
(c) site
(d) space

Ans. (c)

Ques. If an entrepreneur has an internal locus of control, this means that he/she:
(a) has a high need for achievement
(b) believes that success or failure depends on his/her own actions.
(c) feels comfortable in an unstructured situation
(d) believes fate is a powerful force

Ans. (b)

Ques. Which of these is not a environmental barrier to entrepreneurship
(a) lack of skilled labour
(b) custom of people
(c) lack of fund
(d) lack of infrastructure

Ans. (b)

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Ques. An entrepreneur is a person who is a:
(a) Risk taker
(b) Initiator
(c) Actor
(d) All of the given options

Ans. (d)

Ques. __ entrepreneurs are extremely task oriented.
(a) Technical
(b) Fabian
(c) induced
(d) Business

Ans. (a)

Ques. Which of the following is an internal factor that influences entrepreneurs?
(a) Technological Capacity
(b) Social environment
(c) Political environment
(d) Economic condition

Ans. (a)

Ques. All these are characteristics of an entrepreneurial environment except:
(a) there is short term horizons.
(b) new ideas are encouraged.
(c) the organization operates on frontiers of technology.
(d) it uses a multidiscipline teamwork approach.

Ans. (a)

Ques. The entrepreneur who is committed to the entrepreneurial effort because it makes good business sense is classed as a/an ____
(a) inventor
(b) opportunist
(c) hacker
(d) craftsman

Ans. (b)

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Ques. Which among the following aspects affects an entrepreneur’s perception of feasibility?
(a) Locus of control
(b) Learning style
(c) Perceived desirability
(d) Self-efficacy

Ans. (c)

What is entrepreneurship?

This word has a very broad definition. It is the creation, extraction, or change of value in the business environment. It involves risk beyond normal business risks. It may also involve values outside of money, such as the desire to do something different. The following are some characteristics of entrepreneurship. If you are thinking about starting your own business, here are a few things to keep in mind. You might want to ask yourself if entrepreneurship is right for you.

An entrepreneurial mindset includes an ability to accept risk. This is necessary because the outcomes of new ideas are often uncertain. This requires a wide range of technical skills, including productive ability, oral and written communication, network building, and writing. The skills required for business management include forecasting and negotiation, as well as self-reliance. A good entrepreneur will be able to apply their knowledge of business to a variety of different industries, as well as to the world of social problems.

Many entrepreneurs have become incredibly creative and have become influential figures in society. This can include everything from sending people to Mars to building a house to supporting a neighborhood clean-up. It is an ideal way to contribute to a community, increase profits, and make a difference. And if you are not an entrepreneur, you can start your own business to improve your lifestyle. And the great thing about being an entrepreneur is that you can make a positive impact in the world, regardless of your age or background.

About the author

Vishal Arora

MBA from one of the best universities, Vishal is our marketing guy with experience of 10+ years. He always inspires and empowers to explore more about in-depth topics in marketing, sales and entrepreneurship.