Entrepreneurship Quiz Questions

1. The primary aim of social entrepreneurs is to create personal wealth.

a. True
b. False
2. A social entrepreneur is someone who recognizes a social problem and uses traditional
entrepreneurial principles to organize, create, and manage a venture to make social change.
a. True
b. False
3. Entrepreneurs are typically motivated by a high need for achievement (so-called n-Ach),
rather than a general desire to succeed. This behaviour is associated with moderate risk-taking,
but not gambling or irrational risk-taking.
a. True
b. False
4. Which of these is a potential source of innovation?
a. Copying someone else's idea and developing it further
b. The outcome of a programme of laboratory experiments
c. Listening to 'voice of the customer' to identify needs
d. All of the above
5. While starting a new venture, ________ is the most important for the entrepreneur to make an
assessment.
a.
Market
b. Profit
c. Risk
d. Competitors
6. _____________ works in the setup created by the entrepreneur.
a. Entrepreneur
b. Enterprise
c. Intrapreneur

d. Manager

7. Which of the following is not the characteristic of Joint Stock Company?

a. Ownership of Business
b. Artificial Person
c. Separate Legal Entity
d. Limited Liability
8. EDP is mainly concerned with:
a. First generation entrepreneurs
c. Third generation entrepreneurs

b. Second generation entrepreneurs

d. Women entrepreneurs only

9. _________________ is NOT recognized as a structured approach to help generate ideas.

a. Idea evaluation b. Brainstorming
c. A focus group
d. Environmental scanning
10. In which stage of the product planning and development process would it be appropriate to

give product samples to a panel of potential customers?

a. Idea stage
b. Concept stage
c. Product development stage
d. Commercialization stage
11. _____ is a written document prepared by the entrepreneur that describes all the relevant
internal and external elements and strategies for starting a new venture.
a. Marketing Plan
b. Organizational Plan

c. Financial Plan

d. Business Plan

12. Which one of the following would most be preferred by an entrepreneur as a source of
finance?
a. Bank finance
b. Personal sources
c. Venture finance
d. Alternative finance
13. Which of the following is NOT a characteristic of a marketing plan?
a. It should be flexible
b. It should be long and detailed
c. It should be based on facts and valid assumptions d. It should provide a strategy
14. Capital rising entirely depends on the entrepreneur in which of the following entity?
a. Corporation
b. Sole Proprietorship
c. Partnership
d. All of the above
15. What is the standard definition for a micro-firm?
a. less than 50 employees
b. less than 20 employees
c. less than 10 employees
d. less than 100 employees
16. For the success of business plan the goals should be
a. Limitless
b. Generalized
c. Specific

d. Imaginary

17. A(n) ________ is defined as a form of business that is an association of two or more people
acting as co-owners of a business.
a. proprietorship
b. partnership
c. INC
d. corporation
18. Which of the following is not included in project feasibility study report?
a. Economic analysis
b. Financial analysis
c. Market analysis
d. None of the Above
19. As a company grows, the entrepreneur should focus on his/her:
a. technical ability to complete a task.
b. written communication.
c. management and motivation skills.
d. public speaking.