AnswersFL-2106020-MJ Civics Advanced BFederal Budget

The Role of Entrepreneurs Answers

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Which scenario best describes a social entrepreneur?

A
Kameen plans to open a coffee shop inside the local laundromat.
B
Jamal has a great idea for a cheaper way to send packages overnight.
C
Callie uses her business skills to help address poverty in her community.
D
Dyonne’s automotive repair shop sends thank-you notes to customers.
2
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Hakeem developed an idea for a phone app that matches local artists with businesses interested in purchasing artwork for their buildings and properties. Hakeem receives a small percentage from the profits of each local artist who completes a job found through the app.

A
He provides the raw materials for artists working in his community.
B
He produces artistic goods for businesses in his community.
C
He acts as a consumer by buying art from local artists in his community.
D
He earns money connecting consumers and producers in his community.
3

Read the quotation from Dag Hammarskjöld, the former secretary-general of the United Nations."Never measure the height of a mountain, until you have reached the top. Then you will see how low it was.”

Question illustration
A
Entrepreneurs should stop working on a project if there are too many challenges.
B
Entrepreneurs look at how hard a task will be before deciding whether to do it.
C
Entrepreneurs work hard to overcome challenges in order to reach their goals.
D
Entrepreneurs often find that something is easier to accomplish than they thought.
4

Review the photo.Danica’s community experienced a strong storm that caused many people to lose electricity for several weeks. As a result, they were not able to keep food fresh in their refrigerators and freezers. Danica decided to collect donations so she could purchase fresh food from farmers in nearby areas and deliver it to the people in her community who needed it. Her entrepreneurship was featured on the local news, which brought in a lot more donations.

Question illustration
A
making a lot of money
B
addressing a social issue
C
becoming independent
D
providing employment
5

What is the definition of innovation?

A
a resource that is not found in nature
B
a new idea, device, or method of doing something
C
the people who make and sell goods and services
D
natural resources found in the world
6

Which statement best describes the profit of a business?

A
the amount of money paid by customers for a product
B
the amount of money funders provide to start a company
C
the amount of money earned after all production costs have been covered
D
the amount of money needed to manufacture a product and bring it to market
7

In Ana Sofía’s neighborhood, a lot of people take public transportation to go their jobs very early in the morning. There are no places open early enough for people who want coffee and a snack as they head to work. For this reason, Ana Sofía started a business providing food-and-beverage trucks at bus stops around town. Her business has grown from three trucks to ten trucks over a period of only two years.

A
providing raw materials to other entrepreneurs
B
providing goods to consumers at a lower cost
C
introducing an unknown new product to the world
D
supplying a service to meet consumer needs
8

Mariana invented an exciting new device to help visually impaired people read. The cost of bringing this device to the marketplace was $200,000 in land (natural resources), $400,000 in capital (money, buildings, equipment), and $200,000 in labor (employees). In the company’s first year, Mariana sold $2 million worth of the devices.

A
$800,000
B
$1,200,000
C
$2,000,000
D
$2,800,000
9

Huong has worked as a reporter for a local news magazine for 10 years. Lately, she has seen many people laid off from their jobs at the magazine, and she is worried about her own job. She decides to start her own local news website and has new ideas for how to reach out to her community.

A
She wants to compete with her peers and achieve success.
B
She wants to help solve an important social issue in her community.
C
She wants to earn more money than she does in her current job.
D
She wants to have more control over the future of her career.
10

Read the quotation by American inventor Thomas Edison."Genius is 1% inspiration, and 99% perspiration.”

A
Entrepreneurs rarely have moments of inspiration.
B
Labor is more important to entrepreneurs than innovative ideas.
C
The most important thing for entrepreneurs is to have good ideas.
D
The ideas of entrepreneurs only succeed with hard work.
11

What quality is commonly found among entrepreneurs?

A
cautiousness
B
persistence
C
lack of imagination
D
fear of failure
12

Which phrase best describes the entrepreneurial quality of self-discipline.

A
making all business decisions without advice from others
B
waiting to start a business until it is guaranteed to be successful
C
working regularly and steadily to improve the business
D
refusing to adjust a business plan even when it leads to problems
13

Review the photograph.

Question illustration
A
They want to earn a large amount of money.
B
They want to learn how to sell a product.
C
They want to find out who makes the best lemonade.
D
They want to earn money while serving their community.
14

Read the quotation from Paul Allen, cofounder of Microsoft."In my experience, each failure contains the seeds of your next success—if you are willing to learn from it.”

A
Entrepreneurs have a hard time learning from their failures.
B
Entrepreneurs are successful because they avoid risk-taking.
C
Entrepreneurs should not spend time thinking about their failures.
D
Entrepreneurs face challenges that they figure out how to overcome.
15

Which statement best explains the role of entrepreneurs in a market economy?

A
They consume products provided by innovators.
B
They take existing businesses and make them more profitable.
C
They avoid the risks that cause businesses to fail.
D
They produce innovative goods to meet consumer needs and wants.

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