Chapter 1

Question 1

An organization that provides products or services, usually to make money.

Answer 1

Business

Question 2

A person who works in a business owned by someone else.

Answer 2

Employee

Question 3

Someone who creates and runs a business is called an…

Answer 3

Entrepreneur

Question 4

To think or act like an entrepreneur means to be…

Answer 4

Entrepreneurial

Question 5

Work programs that provide practical, on-the-job training in a business setting.

Answer 5

Internship

Question 6

Another word for internship, usually used for technical or trade skills taught.

Answer 6

Apprenticeship

Question 7

• Making your own rules.
• Doing work you enjoy.
• Creating greater wealth.
• Helping your community.

Answer 7

Rewards of being an Entrepreneur

Question 8

• Potential business failure.
• Unexpected obstacles.
• Financial insecurity.
• Long hours and Hard work.

Answer 8

Risks of being an Entrepreneur

Question 9

The process of being an entrepreneur.

Answer 9

Entrepreneurship

Question 10

One that adopts business practices aimed at protecting or improving the environment.

Answer 10

Green Company

Question 11

Self-assessment

Answer 11

evaluating your strengths and weaknesses.

Question 12

A natural ability to do a particular type of work or activity well.

Answer 12

Aptitude

Question 13

A way of viewing or thinking about something that affects how you feel about it.

Answer 13

Attitude

Question 14

3 characteristics of an Entrepreneur

Answer 14

• Courage
• Creativity
• Curiosity
• Determination
• Discipline
• Empathy
• Enthusiasm
• Flexibility
• Honesty
• Patience
• Responsibility

Question 15

An ability that is learned through training and practice.

Answer 15

Skill

Question 16

Name 4 skills entrepreneurs need:

Answer 16

• Business skills
• Communication skills
• Computer skills
• Decision-Making and Problem-Solving skills
• Mathematical skills
• Organizational skills
• People skills

Question 17

When employees have opportunities to be creative and try out new ideas, almost like being an entrepreneur within the company.

Answer 17

Intrapreneurship

Question 18

“Picture” of what you want the future to be.

Answer 18

Vision

Question 19

An entrepreneur
a. has the final say in business decisions.
b. may not employ anyone else.
c. is responsible for the success or failure of his or her
business.
d. all of the above.

Answer 19

D

Question 20

Which of the following is not a risk for an entrepreneur?

 a. potential business failure
 b. financial stability
 c. financial insecurity
 d. long hour and hard work

Answer 20

B

Question 21

How many business owners have home-based businesses?

 a. about 75%
 b. about 50%
 c. about 25%
 d. fewer than 10%

Answer 21

B

Question 22

A natural ability to do a particular type of work or activity well is called

 a. a skill
 b. an attitude
 c. an aptitude
 d. self-esteem

Answer 22

C

Question 23

When a business encourages employees to be creative within the company, the practice is called

 a. entrepreneurship
 b. creating a vision
 c. implementing a mission
 d. intrapreneurship

Answer 23

D

Question 24

What is a dot-com company?
     a. a small company
     b. a company that runs most or all of its business from the 
         internet
     c. implementing a mission
     d. intrapreneurship

Answer 24

B

Question 25

What is possibly the biggest reward of becoming an entrepreneur? a. empowerment b. fame c. money d. none of the above

Answer 25

A

Question 26

A common standard that defines a non-manufacturing business as small is a. having fewer than 500 employees b. having fewer than 250 employees c. having fewer than 100 employees d. having fewer than 50 employees

Answer 26

C

Question 27

As an entrepreneur, the amount of time you spend working is typically a. constant - 35-40 hours a week, just like an employee b. a little less than for an employee c. more than for an employee, particularly during initial startup d. significantly less than for an employee - around 20 hours a week

Answer 27

C

Question 28

As an entrepreneur, the amount of money you receive from your company a. is constant, like a paycheck for any other employee b. is typically less than for an employee c. is typically more than for an employee d. may go up or down, depending on the business

Answer 28

D

Question 29

What percentage of business owners use their own money to start the business? a. more than 75% b. more than 60% but less than 75% c. more than 40% but less than 60% d. less than 40%

Answer 29

B

Question 30

An experienced person who volunteers to provide free guidance, tutoring, and suggestions to younger individuals is called a(n) a. mentor b. intrapreneur c. entrepreneur d. employee

Answer 30

A