Question 6(Multiple Choice Worth 5 points)
(01.02 LC)
The ability to see problems from multiple angles and use high-level thinking to find effective solutions describes which characteristics of an entrepreneurial mindset?
A Critical thinking and problem-solving skills
B Ethical practices and social responsibility
C Grit and growth mindset
D Self-reliance and initiative
Question 7(Multiple Choice Worth 5 points)
(01.05 LC)
How do small businesses impact global economic development?
A They account for the majority of businesses worldwide, especially in developing countries.
B They decrease tax revenue in their local economies.
C They decrease competition in their local communities.
D They reduce the money spent on goods and services produced in developed economies.
Question 8(Multiple Choice Worth 5 points)
(01.04 MC)
Which of the following is an example of something you would protect with a trademark?
A An oil painting
B The design for a vehicle
C The formula for a medication
D The logo for a brand
Question 9(Multiple Choice Worth 5 points)
(01.03 LC)
Which of the following describes how intrapreneurship can benefit aspiring entrepreneurs?
A It can create an innovative workforce.
B It can provide creative solutions.
C It can provide entrepreneurial experience.
D It can regulate new opportunities.
Question 10(Multiple Choice Worth 5 points)
(01.05 MC)
When the importation of produce from several countries is banned, citizens are unable get fruits and vegetables not grown in their own country. Which type of scarcity is this an example of?
A Demand-induced
B Shortage
C Structural
D Supply-induced
Question 11(Multiple Choice Worth 5 points)
(01.03 LC)
A business that is privately owned with fewer employees and less revenue than large businesses is called
A a franchise
B a small business
C entrepreneurship
D entrepreneurship
Question 12(Multiple Choice Worth 5 points)
(01.01 LC)
What is one reason people choose to become entrepreneurs?
A They are too creative to be limited by a corporate environment.
B They have conventional and unimaginative ideas.
C They want a predictable lifestyle with a nine-to-five workday.
D They want to avoid challenges.
Question 13(Multiple Choice Worth 5 points)
(01.04 LC)
Which of the following best describes personal ethics?
A Actions or behaviors considered unacceptable in day-to-day business operations
B One's moral principles applied to business issues and actions
C One's personal beliefs about what is right and wrong
D The application of moral principles
Question 14(Multiple Choice Worth 5 points)
(01.04 LC)
Unethical business practices can result in
A boosting customer confidence
B building credibility
C Increasing morale
D losing credibility
Question 15(Multiple Choice Worth 5 points)
(01.04 LC)
Which of the following is an example of personal ethics?
A Confidentiality
B Honestly
C Time management
D Transparency
Question 16(Multiple Choice Worth 5 points)
(01.05 MC)
Which of the following is an example of an advantage of the profit motive?
A A business lowering its employees' pay to reduce expenses
B A business using a lower-quality product to reduce costs
C A manufacturer reducing safety standards to save money
D Two companies lowering prices to compete with each other
Question 17(Multiple Choice Worth 5 points)
(01.05 LC)
Which of the following is an example of an industrial good?
A Bicycle
B Furniture
C Haircut
D Wood
Question 18(Multiple Choice Worth 5 points)
(01.05 MC)
Which of the following examples best represents how an entrepreneur can contribute to society through mentorship?
A Creating a foundation that provides access to agricultural markets for farmers in developing countries
B Offering an apprenticeship to students who are interested in starting a business
C Sponsoring a youth baseball team in return for displaying the business's logo on the jerseys
D Teaching free financial literacy classes through a community-based organization
Question 19(Multiple Choice Worth 5 points)
(01.03 MC)
Daphne is on the innovation team at the company she works for. They recently designed and launched a medical device that is expected to surpass anything else on the market. Which type of entrepreneurship is involved?
A Buyer
B Imitator
C Large company
D Scalable startup