Small Business Test

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Small Business Test - 24

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is characteristic(s) of an entrepreneur?

A
Entrepreneur must have creative thinking and must be able to analyze problems and situations.

B
He should guard his business secrets from his competitors.

C
He must have clear objectives as to the exact nature of business or the nature of goods

D
All of above

Solution

Some characteristics that an entrepreneur needs to have are:-
1. Mental ability:- to have creative thinking and must be able to analyse situations and problems.
2. Business Secrecy:- he should protect his business secrets from his competitors.
3. Clear objectives:- must have a clear objectives of what to be pursued in the future.
4,. Communication ability:- should poses a good communication ability and skills.
5. Human Relation:- he must maintain good relation with suppliers,customers,employees etc.
Question 2
1 / -0

Key elements(s) of entrepreneurship:
I. Innovation
II. Risk taking
III. Good looking
IV. Vision
V. Social help to needy people
VI. Organization skills

A
I, III, VI

B
I, II, III, VI

C
I, II, III, V, VI

D
I, II, IV, VI

Solution

some of the key elements of entrepreneurship are;-
1.Innovative:- a person needs to be innovative to be an entrepreneur.
2.Risk taking:- a person must be able to undertake risk to be an entrepreneur.
3. Vision:- to be successful or scan the working environment one needs to have vision.
4.Organizing skills:- a person must posses organising skills.
Question 3
1 / -0

Which of the following is characteristic(s) of an entrepreneur

A
Entrepreneur must have creative thinking of art.

B
He should guard his family secrets from his competitors

C
He must have clear objectives as to the exact nature of business or the nature of goods.

D
All of above

Solution

Some characteristics that an entrepreneur needs to have are:-
1. Mental ability:- to have creative thinking and must be able to analyse situations and problems.
2. Business Secrecy:- he should protect his business secrets from his competitors.
3. Clear objectives:- must have a clear objectives of what to be pursued in the future.
4,. Communication ability:- should poses a good communication ability and skills.
5. Human Relation:- he must maintain good relation with suppliers,customers,employees etc.
Question 4
1 / -0

Research indicated that most successful entrepreneurs share certain personal attibutes, including:

A
Leadership

B
Passion

C
Self-confidence

D
All of above

Solution

An entrepreneur in order to be successful should posses some personal characteristics apart from the business idea he poses or the amount of capital he has to invest.
5 important personal traits are identified that an entrepreneur needs to poses. They are:-
Passion to do something.
Motivation/ determination to excel
Creativity to think differently.
Dedication to what they do.
Risk taker
Question 5
1 / -0

Which of the following is characteristics of an entrepreneur?

A
He must maintain good relations with his customers, employees etc

B
He should have good communication skills

C
He should guard his business secrets from his competitors

D
All of above

Solution

Some characteristics that an entrepreneur needs to have are:-
1. Mental ability:- to have creative thinking and must be able to analyse situations and problems.
2. Business Secrecy:- he should protect his business secrets from his competitors.
3. Clear objectives:- must have a clear objectives of what to be pursued in the future.
4,. Communication ability:- should poses a good communication ability and skills.
5. Human Relation:- he must maintain good relation with suppliers,customers,employees etc.
Question 6
1 / -0

According to ___ 'the entrepreneurship is essentially a creative activity or it is an innovative function."

A
Schumpeter

B
Joseph Schumpeter

C
Peter Drucker

D
Dr. Marshal

Solution

In the 20th Century, economist Joseph Schumpeter focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change.
Established ways of doing business has been transformed by creation of new and better ideas. According to him" Entrepreneurship is essentially a creative activity or it is an innovative function"
Question 7
1 / -0

Key element(s) of entrepreneurship: _____________
I. Innovation
II. Risk taking
III. Good looking
IV. Vision
V. Social help to needy people
VI. Organizing skills
Select the correct answer from the options given below:

A
I, III, VI

B
I, II, III, VI

C
I, II, III, V, VI

D
I, II, IV, VI

Solution

some of the key elements of entrepreneurship are;-
1.Innovative:- a person needs to be innovative to be an entrepreneur.
2.Risk taking:- a person must be able to undertake risk to be an entrepreneur.
3. Vision:- to be successful or scan the working environment one needs to have vision.
4.Organizing skills:- a person must posses organising skills.
Question 8
1 / -0

___ has rightly been identified with the individual, as success of enterprise depends upon imagination, vision, innovativeness and risk taking.

A
Salesmanship

B
Entrepreneurship

C
Intrapreneurship

D
Any of above

Solution

Entrepreneurship means setting up a business with some innovative ideas and creative thinking by assuming financial and other risks. The process by which individuals pursue opportunities without regard to resources they currently control. entrepreneurship has rightly been identified with the individual, as success of enterprise depends upon imagination,vision,innovativeness and risk taking.
Question 9
1 / -0

Entrepreneurship is characterized by the following features viz _______.

A
essence of entrepreneurship is the willingness to assume risk arising out of the creation and implementation of new ideas

B
entrepreneurship involves a continuous search for new ideas

C
entrepreneurship is a process, a journey, not the destination; a means, not an end

D
all of the above

Solution

Entrepreneurship is the process of developing some new process, business,ideas from the existing one by applying skills and potentials. It is characterized by the following features:- entrepreneurship is a process, a journey, not the destination; a means, not an end, it involves a continuous search for new ideas and the essence of entrepreneurship is the willingness to assume risk out of the creation and implementation of new ideas.
Question 10
1 / -0

___________should prevail over realism.

A
Optimism

B
Pessimism

C
Optimism or pessimism

D
Optimism and pessimism

Solution

Optimism means being hopeful and confidence about the future or success of something.

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Small Business Test - 24

Result

Small Business Test - 24

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SHARING IS CARING

Question 1

Entrepreneur must have creative thinking and must be able to analyze problems and situations.

He should guard his business secrets from his competitors.

He must have clear objectives as to the exact nature of business or the nature of goods

All of above

Solution

Question 2

I, III, VI

I, II, III, VI

I, II, III, V, VI

I, II, IV, VI

Solution

Question 3

Entrepreneur must have creative thinking of art.

He should guard his family secrets from his competitors

He must have clear objectives as to the exact nature of business or the nature of goods.

All of above

Solution

Question 4

Leadership

Passion

Self-confidence

All of above

Solution

Question 5

He must maintain good relations with his customers, employees etc

He should have good communication skills

He should guard his business secrets from his competitors

All of above

Solution

Question 6

Schumpeter

Joseph Schumpeter

Peter Drucker

Dr. Marshal

Solution

Question 7

I, III, VI

I, II, III, VI

I, II, III, V, VI

I, II, IV, VI

Solution

Question 8

Salesmanship

Entrepreneurship

Intrapreneurship

Any of above

Solution

Question 9

essence of entrepreneurship is the willingness to assume risk arising out of the creation and implementation of new ideas

entrepreneurship involves a continuous search for new ideas

entrepreneurship is a process, a journey, not the destination; a means, not an end

all of the above

Solution

Question 10

Optimism

Pessimism

Optimism or pessimism

Optimism and pessimism

Solution

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