AnswersHSA 26-27 EconomicsEconomic Policy: Influential Theories

Entrepreneurship Answers

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goalproblemloss

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goal
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problem
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loss
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What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.
3

An entrepreneur is someone who

A
starts and runs a business.
B
is an employee of a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
4

What is one way for an entrepreneur to decrease risk?

b
by mimicking popular products
b
by maintaining personal flexibility
b
by creating a strong business strategy
b
by developing reliable sources for materials
5

What must an entrepreneur assume when starting a business?

t
that the correct location guarantees success
t
that every product has a customer who wants it
t
that clever market strategies may still fail to sell a product
t
that raising funds is the most difficult step in starting a business
6

Read the graph.

Question illustration
A
A company selling telephones most likely has only a 40 percent chance of surviving for at least four years.
B
A company offering physical therapy most likely has only an 80 percent chance of surviving for at least two years.
C
A company offering cleaning services most likely has only a 50 percent chance of surviving for at least eight years.
D
A company selling diabetes supplies has only a 60 percent chance of surviving for at least three years.
7

Read the graph.

Question illustration
A
Fewer new businesses were started in 2010 than in other years.
B
The opening of new businesses peaked between 2007 and 2008.
C
More new businesses were started in 2006 than in 2005.
D
The number of new businesses remained constant between 2006 and 2009.
8

An entrepreneur’s first business fails, but their second attempt at the business is succeeding. You can assume that

A
they learned from their mistakes.
B
they are willing to take fewer risks.
C
their products or services were unneeded.
D
they were unwilling to take financial responsibility.
9

What must an entrepreneur do after creating a business plan?

A
open the business
B
finance the business
C
file the right paperwork
D
identify an opportunity
10

An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
11

How are Bill Gates and Henry Ford similar? Check all that apply.

A
They both streamlined factory production.
B
They both became wealthy and successful.
C
They both helped better the lifestyles of others.
D
They both developed products that filled a human need or needs.
E
They both founded a company when they were very young.
12

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
13

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to spend time training employees.
C
They need to have sufficient income to pay loans.
D
They have to contribute both to the market and society.
14

What led to Henry Ford’s success as an entrepreneur?

A
His personal wealth.
B
His innovative production methods.
C
His commitment to improving labor laws.
D
His desire to pay high wages.
15

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
16

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
have sufficient confidence to succeed.
B
be willing to take personal responsibility.
C
have enough determination to work alone.
D
dedicate as many hours as needed to the work.
17

To be successful, an entrepreneur must be willing to invest money, considerable effort, and.

Answer not available
18

Which characteristic of being an entrepreneur could be seen as both a benefit and a drawback?

A
job security.
B
personal fulfillment.
C
financial risk.
D
a flexible working environment.
19

What is one purpose of writing a business plan before entering the market?

A
to prove that the new company will be successful
B
to show that the enterprise is realistically based
C
to have a useful tool when applying for funding
D
to differentiate the new company from the competition
20

What is one way for an entrepreneur to decrease risk?

A
by mimicking popular products
B
by maintaining personal flexibility
C
by creating a strong business strategy
D
by developing reliable sources for materials

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